The market research study offers a wide perspective on the different applications, components, and technologies pertaining to the next generation battlefield technology market and analyzes its impact on different regions by providing critical insights into the direction of its future expansion. The research is based on extensive primary interviews (in-house experts, market players, and industry leaders) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast models.
The report highlights the key driving factors and challenges for this market as well as the opportunities for the next generation battlefield technology. In the extensive primary research process undertaken for this study, the primary sources include industry experts and key executives from prominent companies, and their distributors in the next generation battlefield technology market. This report segments the market and breaks down the industry geographically as follows: North America (U.S. and Canada), Europe (Germany, U.K., France, Russia, Italy, and Rest-of-Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and Rest-of-APAC), and the Rest-of-the-World (the Middle East & Africa, and Latin America).
According to Bis Research, the global next-generation battlefield technology market was at $16.66 billion in 2019 and will reach $42.12 billion in 2024 with a CAGR of 17.02% during the forecast period 2019-2024.
In 1956, artificial intelligence (AI) was first introduced for military purposes. However, it came into usage in 2010 along with the establishment of Big Data, the application of machine learning, and computer processing power. These advancements further support the conventional AI technology to create advanced algorithms that recognize specific problem sets while imaging recognition, and navigation. AI can be put into use for enhancing the coordination between the soldiers and equipment during combat, further increasing the reliability of the military on AI.
There have been significant developments in the defense sector due to rapid technological advancements over the decades. The need for enhanced border security gives rise to an impending demand for advanced systems which provide better situational awareness to the commanders, to give them a competitive edge over their opponents. In order to protect the nation from external threats, developing countries have made considerable efforts to strengthen their defense capabilities. Furthermore, most of the key players are focusing on developing AI, IoT, and 3D printing equipment to enhance military operational capability. Internet of things is considered the most valuable asset in the global next-generation battlefield technology market. The rising demand for the advancement of defense forces using next-generation technologies such as the Internet of Things, artificial intelligence, 3D printing, and wearable devices on land, sea, air, and space platforms is responsible for the growth of the next-generation battlefield technology market.
The use of wearable devices in military operations has evolved substantially since World War I. This war is also known as The Chemists’ War towing to the usage of explosive gases and heavily polluting weapons. Wearable devices are used for walkie-talkie units, night vision goggles, head-mounted helmets, wristwatches, armed bands, and modified headgears, among others.
3D printing technology is put into application for military purposes around the world for printing prototypes, developing aircraft and other vehicles in military fablabs. Over the past few years, the defense forces have deployed new learning action frameworks which use next-generation technology to imitate human perception of learning, memory, and judgment. AI and the Internet of Things are used by major countries, namely the U.S., Russia, and China to tackle unknown threats during combat.
Evolving national interests, geopolitical developments, and changing outlines of national security strategy are some of the factors that motivate emerging regional and global powers to reshape their defense strength through deploying modern weapon systems. The increase in the defense budget of various countries such as the U.S., India, Russia, China, Saudi Arabia, South Korea, and South Africa is playing a major role in the modernization of their defense forces. The increased demand by the defense forces at various platforms such as land, air, naval, and space, is expected to impact the next generation battlefield technology market.
IoT platforms hold a major market share in 2018 and are expected to drive the growth of the global next-generation battlefield technology market from 2018 to 2024. The growth of the IoT segment can be attributed to the rapid expansion in the network to connect the globally scattered resources at a central location and to disseminate the insights across the internal network. Some of the prominent key players such as Lockheed Martin, Boeing, and Flir systems are adopting contracts as the key strategy for the advancement of naval platforms. For instance, in November 2019, Lockheed Martin and the Japanese Ministry of Defense signed a contract to provide two solid-state radar (SSR) antennas for Aegis Ashore missile defense batteries. This IoT-based technology can detect, track and engage in ballistic missile threats to intercept multiple targets simultaneously.
The key players that are actively participating in the global next-generation battlefield technology market include General Dynamics, Lockheed Martin, Northrop Grumman Corporation, Raytheon, Harris Corporation, BAE System, Thales Group, Boeing, Exone, Leidos, Harris Corporation, SparkCognition, Elbit System, and IBM.
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics, UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we not only provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
This report is intended to be a comprehensive study of the global next-generation battlefield technology market. The report focuses largely on providing market information for next-generation battlefield technologies, covering different segments including different applications, components, technologies, and regions. Further, the market study considers 2019-2024 as the forecast period.
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