Global Military Internet of Things Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Risk and Opportunity Assessment, Country-level Analysis for Every Segment, Key Player’s Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
During the forecast period (2019-2024), Market Research Future (MRFR) believes that the global military IoT market can record a CAGR of 10.64%. The market can possibly reach a valuation of USD 17,720.6 million by 2024.
Leading companies in the worldwide military IoT market include AT&T Inc. (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), BAE Systems (UK), Thales Group (France), Harris Corporation (US), IBM Corporation (US), FLIR Systems Inc. (US), SAP SE (Germany), Honeywell International Inc. (US), FreeWave Technologies, Inc. (US), Forescout Technologies, Inc. (US), and others.
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Primary Drivers and Key Restraints
The seamless military industry known for imbibing new values as well as security frameworks has boosted the demand for the military IoT market. The mounting need for military surveillance along with tactical intelligence is working in favor of the global military IoT market. The defense sector across various nations is attracting voluminous investments from government bodies, which is touted to have a lucrative effect on the global military IoT market.
Advancements in GPS, as well as satellite communication, has also given a significant boost to the market growth in recent years. The global market is abuzz with a host of lucrative opportunities, with which the industry participants can earn considerable revenues in the coming years.
Soaring demand for situational awareness as well as technical supremacy in the defense sector benefits the military IoT market. Additionally, personnel security in military industries can also be elevated with IoT technologies.
Key Developments
In November 2018, FLIR Systems Inc. launched FLIR TruWITNESS, a wearable sensor platform designed for city-level security and public safety operations. Moreover, FLIR Systems Inc. was awarded a five-year, cost-plus-fixed-fee contract by the US Department of Defense’s Defense Threat Reduction Agency (DTRA).
In November 2018, Forescout Technologies, Inc. acquired SecurityMatters, a global leader in operational technology (OT) network protection, for approximately USD 113 million. This acquisition will help Forescout Technologies, Inc. extend its portfolio with expanded capabilities and advanced features to secure operational technologies and industrial environments.
Market Segmentation
The worldwide Military IoT Market has been segmented with respect to the technology, component, and application.
Considering the technology segment, the market includes cellular, Wi-Fi, RFID, and others. Devices that make use of Wi-Fi technology are laptops and desktops, tablets and smartphones, drones, and digital cameras. Companies like Thales Group use Wi-Fi for military IoT systems; therefore, the Wi-Fi segment is anticipated to record a CAGR of 11.53% in the upcoming years.
Component-wise segments in the market are software, hardware, and services. Hardware leads the market with the highest value of USD 4,058.1 million, estimated in 2018. But the software segment can achieve the best CAGR during the forecast period, which is expected to be 11.85%. Software enjoys massive demand owing to features like communication, data security, equipment maintenance data, and real-time location information. These are appealing qualities that help military personnel experience elevated connectivity on the battlefield and help in decision-making. In addition, military IoT software provides training and simulation to personnel.
The applications covered in the report include health monitoring, training and simulation, inventory management, real-time fleet management, equipment maintenance, and others. The training and simulation segment has the potential to obtain the highest CAGR during the forecast period, given the rising adoption of wearable devices for training purposes by armed forces.
Regional Insight
The global military IoT market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
In 2018, the value of the North America market was USD 2,987.6 million, with the presence of renowned players like Northrop Grumman Corporation and Lockheed Martin Corporation playing a huge part in the said growth. The regional market can obtain a growth rate of 10.85% during the forecast period, believes MRFR. The surging use of battlefield management systems by the US Army boosts business growth in the region since these systems use IoT to get high situational awareness as well as target acquisition capabilities.
Europe is on its way to becoming a prominent market for military IoT systems in the years ahead. The regional market can touch a valuation of USD 4,612.7 Million by 2024 and attain a CAGR of 10.57%. Massive military expenditure, along with increasing adoption of IoT systems by the government and defense bodies stimulates market growth in the region.
APAC is slated to secure a high position in the global military IoT market by touching a valuation of USD 4,607.4 Million by 2024. The regional market is all set to record a CAGR of 11.67% during the forecast period, on account of increasing defense expenditure in developing countries like India and China. On top of that, technological advancements in the region also lead to rapid market growth.
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Table of Contents
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Military Iot Market, by Component
1.1.2 Global Military Iot Market, by Technology
1.1.3 Global Military Iot Market, by Application
1.1.4 Global Military Iot Market, by Region
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Market Structure
2.4 Key Buying Criteria
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Top-down & Bottom-up Approaches
3.6 Forecast Model
3.7 List of Assumptions
Continued……..
List of Tables
Table 1 List of Assumptions
Table 2 Global Military Iot Market, by Component, 2018–2024 (Usd Million)
Table 3 Hardware: Global Military Iot Market, 2018–2024 (Usd Million)
Table 4 Hardware: Global Military Iot Market, by Region, 2018–2024 (Usd Million)
Table 5 Software: Global Military Iot Market, 2018–2024 (Usd Million)
Table 6 Software: Global Military Iot Market, by Region, 2018–2024 (Usd Million)
Table 7 Services: Global Military Iot Market, 2018–2024 (Usd Million)
Continued……..
List of Figures
Figure 1 Market Synopsis
Figure 2 Global Military Iot Market: Market Attractiveness Analysis
Figure 3 Global Military Iot Market Analysis, by Component
Figure 4 Global Military Iot Market Analysis, by Technology
Figure 5 Global Military Iot Market Analysis, by Application
Figure 6 Global Military Iot Market Analysis, by Region
Figure 7 Global Military Iot Market: Market Structure
Figure 8 Key Buying Criteria for Military Iot Systems
Figure 9 Research Process of Mrfr
Continued…….
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