The Military IoT gaining robust transition over the past few years due to the increasing adoption of IoT in the military to evaluate and create value and surging use of sensors on aircraft, weapon systems, and burgeoning use of IoT-based systems to upsurge employee productivity, lower operating costs. Moreover, snowballing government expenditure in the military and surging investments in information technology and proliferation in the use of smart devices, electronic equipment connected are fueling the growth of the market in the forecast period.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “Global Military IoT Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 8% during 2021-26. Based on Technology, the Wi-Fi segment acquired a significant market share in 2019. The burgeoning use of devices such as desktops, smartphones, digital cameras, surging use of Wi-Fi for military IoT systems by the companies and new innovations in software applications are contributing to the growth of the market.
“Global Military IoT Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Military IoT providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Europe Acquired Significant Market Share
Europe acquired a significant market share in the Global Military IoT market in 2019. The growth of the region is accredited to some of the factors such as upsurge in the unmanned platform, significant advancement in sensor technology and increasing expenditure by the government in the adoption of IoT in the military. Moreover, the surging use of GPS and satellite communication in order to provide real-time information which further enables to plan operations and take optimal decisions. Hence, this is anticipated to bolster the growth of the Military IoT Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Military IoT Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share 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., Harris Corporation, IBM Corporation, Thales Group, SAP SE, FLIR Systems Inc. etc.