Overview:
As a part of the Industry 4.0, artificial intelligence or AI has been playing pivotal role since long. The technology is doing pervasive work in the 3D technology section. The defense industry has extended its hands to ensure a sound collaboration between AI and defense can work in favor of the latter. The global AI in military market is treading paths ahead with a 14.35% CAGR during the forecast period (2019-2024). Market Research Future (MRFR) has given a strong claim saying that the possibility for the market attaining worth more than the predicted one by the end of 2024 is quite high.
Arms race between China and the US, simplification launched by 3D technology, ability to identify fault, and technological progression to stay a step ahead in the defense market are factors that have been triggering growth in revenue for the AI in military market.
Competitive Landscape: AI in Military Market
Major players to impact the global AI in military market are IBM (US), Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), Northrop Grumman Corporation (US), BAE Systems (UK), NVIDIA Corporation (US), General Dynamics Corporation (US), Leidos (US), Harris Corporation (US), Boeing (US), SAIC (US), SparkCognition (US), SoarTech (US), and Charles River Analytics Inc. (US). These companies have taken several strategic steps to improve their market position and, in the process, widened growth possibilities for the global AI in military market.
Segmentation: AI in Military Market
The global AI in military market has been segmented by MRFR in their latest report on the basis of offering, platform, application, and technology.
Based on the offering, the AI in military market comprises hardware, software, and services. In 2018, the software segment had the largest market share and it could achieve the highest CAGR over the review period. Its application in defense logistics, data analysis, and threat prediction are expected to improve its market presence.
Based on the technology, the AI in military market comprises advanced computing, AI systems, and learning & intelligence. The learning and intelligence segment topped the chart in 2018. However, the AI systems segment has the potential to show the highest CAGR over the review period. Market interests shown by the US, China, and India can inspire the market growth.
Based on the platform, the AI in military market includes airborne, land, naval, and space. The land segment has the maximum market coverage in 2018. However, the airborne segment can record the highest CAGR during the forecast period and it gains grounds by having investments made in in developing drones that utilize AI.
Based on the application, the AI in military market consists logistics & transportation, target recognition, cybersecurity, warfare platform, simulation & training, battlefield healthcare, threat monitoring & situational awareness, information processing, and others. The information processing segment had the lead in 2018.
In June 2019, published reports had shown that Amazon has started developing their HQ2 with the help of the U.S. Defense Department. The initiative is to mark the growing demand for AI in defense as Amazon’s this facility is expected to develop technologies relying on that only. This is to stay a step ahead of its competitors. Russia, on the other hand, is planning to integrate the system in its defense sector, however, it is still quite far from realizing that in the real-time.
Global Artificial Intelligence in the Military Market Research Report: Information by Offering (Hardware, Software, Services), Technology (Advanced Computing, AI Systems), Platform (Airborne, Land, Naval, Space), Application, & Region—Forecast till 2024 @ https://www.marketresearchfuture.com/reports/ai-in-military-market-7660