IoT Platforms Driving the Growth of the Global Next Generation Battlefield Technology Market
Advancements in technologies have propelled various developments in the defense sector. 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 the opponents. This, in turn, promotes the deployment of modern weapon systems equipped with next generation technologies such as Internet of Things, artificial intelligence, 3D printing, and wearable devices on land, sea, air, and space platforms.
BIS Research’s recent study titled “Global Next Generation Battlefield Technology Market — Analysis and Forecast, 2019–2024” projects the particular market to reach $42.12 billion by 2024. The report is an insightful compilation of 300 pages, including 211 figures and 17 market tables.
The major driving forces behind the growth of the next generation battlefield technology market include increasing expenditure and modernization of the defense industry for developing military equipment and rising demand for cyber services in military. Moreover, the acceptance of next generation technologies such as AI, IoT, 3D printing, and wearable device across defense and security for various applications is largely due to their operational superiority in harsh environment.
Explosive Ordinance Disposal Segment: The Most Prominent Application Area: The next generation battlefield technology market (by application) includes cybersecurity, data warfare, surveillance, logistics & transportation, explosive ordinance disposal, healthcare monitoring, and combat stimulation. The explosive ordinance disposal segment dominated the global next generation battlefield technology market with a market share of approximately 28% in 2018. Owing to the high demand from defense sector for the extraction of hazardous explosive devices, this segment is expected to witness the highest growth rate during the forecast period 2019–2024.
IoT Platform — The Largest Growing Platform: IoT platforms 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. For example, in November 2019, Lockheed Martin and 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 threat to intercept multiple targets simultaneously.
Software: The Most Preferred Component: The software segment dominated the global next generation battlefield technology market with a share of approximately 61.84% in 2018. The software segment is expected to witness a CAGR of 17.43% from 2019 to 2024, growth being attributed to the high adoption of technically advanced software for military purposes.
North America: The Frontrunner Region: North America dominated the next generation battlefield technology market with a share of 42.33% in 2018. However, Asia-Pacific is expected to grow at a much faster rate as compared to North America and Europe during the forecast period, due to constant efforts by the government for the development of next generation technology-based equipment at various platforms in the region.
Competitive Landscape: Due to the intensive competition, the next generation battlefield technology market requires manufacturers to constantly innovate and develop cost-effective products. The prominent players in the next generation battlefield technology market are adopting strategies of product launches, mergers and acquisitions, partnerships and collaborations, contracts, agreements, and others to expand their businesses. The key players active in the market include General Dynamics, Lockheed Martin, Northrop Grumman Corporation, Raytheon, Harris Corporation, BAE System, Thales group, Boeing, Exone, Leidos, Harris Corporation, SparkCognition, Elbit System, IBM, etc.
