Press Release Description

Global Military IoT Market to Witness a Steady CAGR of Around 9.63% During 2024-30

The Global Military IoT Market is anticipated to grow at a CAGR of around 9.63% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report.

The Internet of Things (IoT) in the military helps in the coordination & communication between different vehicles and personnel involved in military exercises. With this network of connections, the army can know more about its geography and make informed decisions about the battlefield. Introducing IoT capabilities into various military hardware and equipment also provides insights as to how the hardware is operating, the environment around it as well as troops’ locations and movements. This process of generating information allows the defense forces to improve their efficiency with activities, the management of stores, and operational readiness by applying preventive maintenance and tracking assets.

Another significant way that IoT contributes to military force enhancement is through the use of drones and sensors installed on the military infrastructure that offer complex surveillance improvement solutions for intelligence collection and threat assessment. With the evolution of fully digitized systems in the military domain, questions of security and privacy become increasingly important as cyber-attacks against national infrastructure and data become possible. Hence, defense ministries are putting their capital into the purchase of effective cybersecurity tools to guarantee the continuity of network performance and the safety of hardware and data. These ventures do play a crucial role in ensuring the market gains in the forecast period, further states the research report, “Global Military IoT Market Analysis, 2024.”

Global Military IoT Market

Segmentation Analysis

Hardware Segment Holds the Largest Market Share

Based on the component, the market is further bifurcated into, Hardware, Software, and Services. Hardware has held the largest market share in recent years in the Global Military IoT Market and is expected to maintain this trend again during 2024-30. Its main reason is the growing budget for developing technologically innovative devices such as sensors, UAVs, wearables, health-check equipment, robots, biometrics, armor, and weapons, and their implementation in various defense departments to ensure synergy when sharing sufficient information for real-time decision-making.

These hardware components help soldiers understand and recognize relevant information cases on the battlefield to make informed decisions. Therefore, hardware is expected to gain substantial growth in the overall military IoT industry during the forecast period. This growth is largely due to the continued adoption of the Internet of Things and artificial intelligence technologies to drive IT applications within the defense industry that help soldiers communicate with one another in real-time through satellite communication devices.

North America Leads the Military IoT Industry

The Military IoT Market in North America holds the highest market share globally. This is primarily because of the increased uptake of IoT in the defense industry across the various nations in the region and primarily for security purposes. Moreover, recent developments in warfare where warfare is technology-driven further foster the dominance. The growing number of relatively well-established and technologically advanced market participants; as well as the increasing need for more flexible IT environments; allows North America to continue to grow significantly in the forthcoming years.

Furthermore, analysis established that the Asia-Pacific region is expected to show the fastest revenue growth during the forecasted period of 2024–30. This is particularly due to the increasing investments in defense made by India and China as they seek to strengthen their military might. This is particularly the case for China where it has embarked on major development of military programs regarding planes, tanks, and navy. In addition, the rapidly increasing adoption of cloud computing technology, the increase in situational awareness and risk assessment, and the rise of cyber risk are projected to augment the size & volume of the Asia-Pacific Military IoT Market in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Northrop Grumman Corporation, Honeywell International, Inc., InfiSIM Ltd, Psiborg Technologies Pvt Ltd, DXC Technology Company, Palantir Technologies Inc., RAFAEL Advanced Defense Systems Ltd., Lockheed Martin Corporation, L3Harris Technologies, Inc., Elbit Systems Ltd, Hanwha Group, General Atomics, Teledyne FLIR LLC, AT&T Inc., AeroVironment, Inc., BAE Systems, and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across various regions?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

Place an order
Only market data will be provided in the excel spreadsheet.

USD 3,700
USD 2,960

The report will be delivered in PDF format without printing rights. It is advised for a single user.

USD 4,850
USD 3,880

The report will be delivered in PDF format with printing rights. It is advised for up to five users.

USD 6,000
USD 4,800

The report will be delivered in PDF format with printing rights and excel sheet. It is advised for companies where multiple users would like to access the report from multiple locations

USD 7,500
USD 5,250

Need Assistance?

WRITE AN EMAIL

[email protected]
100% Safe & Secure

Strongest encryption on the website to make your purchase safe and secure