FREMONT, California, Jan. 29, 2020 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Next Generation Battlefield Technology Market − Analysis and Forecast 2019-2024", the next generation battlefield technology market was valued at $16.66 billion in 2018 and is projected to reach $42.12 billion by 2024. The market is expected to grow at a CAGR of 17.02% during the forecast period from 2019 to 2024.
The market has been witnessing a high growth rate, owing to the increasing expenditure and modernization in the defense industry for developing military equipment. Moreover, the rapid technological advancement and integration of artificial intelligence and robotics in military as well as the growing demand for cloud services in military are expected to gradually increase the demand for next generation battlefield technologies in the market.
The rising adoption of artificial intelligence and Internet of Things for execution of military operations for engine and structure of military vehicles through 3D printing are some of the major factors expected to create lucrative opportunities for the global next generation battlefield technology market in the coming five years.
With recent developments in AI, IoT, 3D printing, and wearable devices, various equipment such as unmanned ground vehicles, unmanned marine vehicles, unmanned aerial vehicles, armored fighting vehicles, submarines, as well as fighter jets and ships are expected to be available at reasonable costs for manufacturing industries. In addition, as the complexity of automating tasks increases, the adoption of next generation technologies is anticipated to rise, as these technologies are expected to enhance the production capabilities of manufacturing industries. Therefore, the impact of next generation technologies is expected to grow along with improved levels of new automation technologies.
According to Swati Chaturvedi, Lead Analyst at BIS Research, "Next generation battlefield technologies, namely artificial intelligence, Internet of Things, 3D printing, and wearable devices help in controlling and making use of connected network of objects and machines. These technologies enable communication among different networks for accomplishing critical tasks without any human intervention, thus helping the military forces during battlefields".
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including company overview, financial summary, and SWOT analysis. The overall market has been segmented on the basis of technology, application, component, and region. The report also includes a comprehensive section on the regional analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World.
Some of the key players in the global next generation battlefield technology market include General Dynamics, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon, Harris Corporation, Thales Group, Boeing, BAE System, Exone, Elbit System, Flir System, Leidos, Rheinmetall, SparkCognition, and IBM.
Key Questions Answered in the Report:
How is the global next generation battlefield technology expected to evolve during the forecast period 2019-2024?
What are the major driving forces, trends, and opportunities in the global next generation battlefield technology across different regions?
What are the major challenges inhibiting the growth of the global next generation battlefield technology?
How are the different segments of the market expected to grow during the forecast period from 2019 to 2024, on the basis of
application, including cybersecurity, data warfare, surveillance, logistics & transportation, explosive ordinance disposal, health monitoring, combat simulation & training, and others (autonomous weapon system, threat monitoring & situational awareness, information processing, target recognition)
component, including hardware and software
technology, including artificial intelligence, 3D printing, internet of things, and wearable devices
region, North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW)
What is the competitive strength of the key players in the next generation battlefield technology market?
What are the key development strategies that are being opted by different players operating in the market?
BIS 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 and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the 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.
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