The global IoT in aerospace & defense market is in its growth phase and is expected to witness an average growth rate of 11.8% during the forecast period, owing to increase in demand for enhanced internet penetration, decreased cost of powerful sensors & controllers, and other factors.
The Objective of the “Global IoT in aerospace & defense market” report is to depict the trends and upcoming for the aerospace & defense industry over the forecast years. IoT in aerospace & defense market report data has been gathered from industry specialist/experts. Although the market size of the market is studied and predicted from 2017 to 2023 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
According to a new report published by Allied Market Research, forecast that the global IoT in aerospace & defense market was valued at $19,175 million in 2016, and is projected to reach at $40,950 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023. The software segment is anticipated to witness the highest growth rate during the forecast period.
North America was the highest revenue contributor in the global IoT in aerospace & defense market in 2016, due to its advanced technical aspects and high adoption of IoT. In addition, the enhanced internet penetration decreased the cost of powerful sensors & controllers, bandwidth & connectivity, growth in information, communication & technology, expenditure by governments in the several developed and the developing regions, including North America, Europe, and the Asia Pacific, drive the market growth. In addition, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to emerging economies, such as China and India, increase in urbanization, and other factors. At present, emerging markets such as China, Brazil, and India, have doubled their defense expenditure as compared to the earlier investment.
In 2016, the hardware segment accounted for the highest share in the market, while the software segment is anticipated to witness the highest growth rate from 2017 to 2023, owing to overall cost reduction due to automation of manufacturing process to deliver a better experience with preventive maintenance.
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Chief reasons for market fluctuations:
1. Enhanced productivity through interoperability
2. Decreased cost of powerful sensors & controllers
3. Growth in information, communication, & technology industry
4. Growing smartphone adoption
Restraints and Opportunities
1. Threat for data security & privacy
2. Poor internet infrastructure in the developing nations
3. Battlefield simulation for warfighters safety
The key players profiled in the IoT in Aerospace & Defense market study are AeroVironment, Inc., AT & T, Elbit Systems, Freewave Technologies, General Atomics Aeronautical Systems, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, Radisys and Textron Systems. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the global IoT in aerospace & defense market.
IoT in Aerospace & Defense Market Key Segments:By Component
By Connectivity Technology
- Satellite Communication
- Radio Frequency Identification (RFID)
- Real Time Fleet Management (RTFM)
- Training & Simulation
- Health Monitoring
- Equipment Maintenance
- Inventory Management
Major Market Players Included in This Report:
- AeroVironment, Inc.
- Elbit Systems
- Freewave Technologies
- General Atomics Aeronautical Systems
- Honeywell International, Inc.
- Northrup Grunman
- Prox Dynamics
- Textron Systems
Questions answered in the IoT in Aerospace & Defense market research report:
• What is the growth rate of the IoT in Aerospace & Defense market during the forecast period?
• What will be the global IoT in Aerospace & Defense market size from 2017 to 2023?
• What are the leading manufacturing companies in the IoT in Aerospace & Defense market?
• How the major current trends will shape the market in the future?
• What are the driving factors and opportunities in the market?
• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?
• Why are some of the segments flourishing at the highest growth rate while others experience a steady growth?
• What are the conclusions of the IoT in the Aerospace & Defense market report?
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Allied Market Research (NASDAQ:AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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