Global signals intelligence market size is expected to grow at a CAGR of 23.0%
NEW YORK, March 14, 2019 /PRNewswire/ -- Global signals intelligence market size is expected to grow at a CAGR of 23.0% during the forecast period.
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The global Signals Intelligence (SIGINT) market is expected to grow from USD 12.8 billion in 2018 to USD 15.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period. The major market growth factors include increasing terrorism, growing defense budget of major countries across the globe, and modernization or replacement of an aging defense system. However, the high cost involved in the SIGINT system deployment could restrain market growth.
Space platform segment is expected to grow at the highest CAGR during the forecast period.
SIGINT in space or satellites is a vital resource for defense and security missions, especially while planning operations and mission deployments remotely.The satellites are designed to provide strategic threat assessments and offer an exceptional level of tactical support to decision makers and soldiers.
SIGINT satellites support the warfighter, as the warfighter retrieves every minute data on a 24/7 basis, potentially every day of the year.Vendors are investing with an intention to play an even greater role in assisting defense and security operations.
For instance, the CERES satellite system, the first operational space-based SIGINT system of the French Ministry of Defence, is scheduled for launch in 2020.
Asia Pacific (APAC) is expected to grow at the highest growth rate during the forecast period.
APAC is projected to witness the highest growth rate, especially in China and India, which is due to the high propensity of these countries to adapt to technological advancements.Rising insurgencies and armed conflicts in APAC is one of the factors driving the SIGINT market growth.
For instance, according to ourworldindata.org, India witnessed 966 terror incidents in 2017. India was the fifth-largest country in military expenditure across the world in 2017. In addition to this, the fast-growing economies of the APAC region are improving their defense capabilities. For instance, in 2017, Japan spent USD 45.4 billion on military expenditure. Japan is investing heavily on submarine fleet purchases, which automatically increases the deployment of SIGINT systems in submarines.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SIGINT marketplace.
The following list provides the breakup of primary respondents' profiles:
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
• By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of World: 5%
Major vendors in the global SIGINT market include BAE Systems (BAE Systems), Thales Group (Thales), Elbit Systems Ltd. (Elbit Systems), General Dynamics Corporation (General Dynamics), Northrop Grumman Corporation (Northrop Grumman), Saab AB (Saab), Mercury Systems, Inc. (Mercury Systems), and Lockheed Martin Corporation (Lockheed Martin), Israel Aerospace Industries Ltd. (Israel Aerospace Industries), Rolta India Limited (Rolta India), Rheinmetall AG (Rheinmetall), Harris Corporation (Harris), SYSTEMATIC (Systematic), and Cobham plc (Cobham).
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the SIGINT market along with their company profiles, recent developments, and key market strategies. The report segments the global SIGINT market by type, application, and region.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in the SIGINT market with the information on the closest approximations of the revenue numbers for the overall SIGINT market and subsegments.The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
It would also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
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