The Global Military IoT Market is projected to grow at a CAGR of 8% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The anticipated market expansion owes to the rapidly increasing efforts of many countries worldwide toward enhancing their defense capabilities by utilizing advanced technologies in various applications like training & simulation, health monitoring, real-time fleet management, inventory management, equipment maintenance, etc. Additionally, the swiftly expanding network of wireless systems, mounting digitalization of data storage & processing, and improved computing infrastructures shall also drive the global market through 2026.
Furthermore, the market growth shall also surge decently by aspects like rapidly expanding administration of remote systems, efficient computerized capacities & management, the rapid development of new programming applications & examinations, coupled with increasing adoption of AI in operations associated with gathering critical data in investigating missions, further states the research report, “Global Military IoT Market Analysis, 2021.”
Massive Funding on Hardware Components to drive the Global Market through 2026
Based on the Component, Hardware dominated the Global Military IoT Market with the largest share in recent years and is anticipated to prevail in the same trend during the forecast period. It owes to the rising defense expenditure in the IT sector, i.e., positively influencing the adoption of IoT solutions to gather military intelligence in advance. These expenses are primarily due to a soaring demand to establish robust & reliable cloud computing infrastructure in various defense departments for real-time exchange of information.
It can be done using internet connection & systems like sensors, vehicles, UAVs, robots, human-wearable devices, munitions, biometrics, armor, weapons, other smart technology, etc., deployed across different domains in the military. Since hardware components allow the military to attain full situational awareness & control over various battle zones & conflict areas, it, in turn, is propelling the demand for IoT in the military & driving the global market through 2026.
North America, the Early Adopter of Advanced Technologies, to Continue Dominating the Military IoT Market through 2026
North America is the early adopter of advanced technologies like IoT across its different verticals, including the defense sector. This adoption is majorly due to rising geopolitical tensions across countries, coupled with the burgeoning need to strengthen the defense sector by utilizing innovations like Global Positioning Systems (GPS) & satellite correspondence to exchange real-time data among military personnel.
Besides, the regional market expansion also owes to massive military consumption & rapid development in IoT frameworks by both private & government organizations, i.e., likely to generate significant growth opportunities for the leading market players during the forecast period, reveals MarkNtel Advisors in their research report, "Global Military IoT Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Military IoT Market are Northrop Grumman Corporation, Honeywell International Inc., BAE Systems, FreeWave Technologies, Inc., Lockheed Martin Corporation, Forescout Technologies, Inc., AT&T Inc., L3Harris Corporation, IBM Corporation, Thales Group, SAP SE, FLIR Systems Inc.
Key Questions Answered in the Study