Artificial Intelligence In Military Market

Market Snapshot

Market Synopsis:

The Global Artificial Intelligence In Military Market valued at USD 6.62 Billion in the year 2021 and is projected to reach a value of USD 13.71 Billion by the year 2028. The Global Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 12.9% over the forecast period.

The growth of Artificial Intelligence In Military sector is mainly attributed to the growth in the development of Artificial Intelligence integrated systems and the increasing adoption of cloud-based high-performance computers and applications. Moreover, the increase in government initiatives and funding for the defense sector in major countries to advance AI capabilities, and the development of specialized AI chips in the market are projected to fuel the growth of Artificial Intelligence In Military Market in the coming years. The increasing adoption of Artificial Intelligence in AI-powered cybersecurity and growth in the threat of cyber-attacks is expected to increase the demand for Artificial Intelligence In Military sector during the forecast period. The integration of quantum computing in Artificial Intelligence and the rise in the acceptance of AI in predictive maintenance in military platforms are expected to provide substantial opportunities for the growth of Artificial Intelligence In Military Market in upcoming years. Besides, military budget restraint in emerging economies and deficiency of protocols and standards for the utilization of Artificial Intelligence In Military applications are the prime factors that are hampering the growth of Artificial Intelligence In Military Market during the forecast period. However, companies are exploring cost-effective and innovative hardware solutions that can efficiently improve the performance of AI also rhythm in the military sector, this is the important factor driving the deployment of Artificial Intelligence In Military sector in the years to come.

Market Segmentation:

Artificial Intelligence In Military Market is segmented on the basis of offering, application, technology, platform, and installation. Based on offerings the market is segmented as Hardware, Software, and Services. On the basis of application, the market is segmented as Warfare Platform, Cyber Security, Logistics & Transportation, Surveillance & Situational Awareness, Command & Control, Battlefield Healthcare, Simulation & Training, nuclear, Threat Detection, Biological and Chemical (NBC) Scenario Monitoring, Ammunition Testing, Information Processing, Fund Allocation, Manpower Management, predictive maintenance, navigation, communications, and fire monitoring). Based on technology the market is segmented as Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Intelligent Virtual Agent (Iva) /Virtual Agents, Others (Speech Recognition and Emotion Recognition). On the basis of platform, the market is segmented as Land, Airborne, and Space. On the basis of installation, the market is segmented as New Procurement and Upgradation.

The Space Component is Projected to Grow at the Highest CAGR Within Platforms

On the basis of platform, the space segment is expected to hold the largest CAGR of Artificial Intelligence In Military Market during the forecast period. Space artificial intelligence includes different satellite sub-systems that create a backbone of different communication systems. The amalgamation of AI with space platforms empowers effective communication amid spacecraft and ground stations which is expected to drive the growth of Artificial Intelligence In Military Market in the coming years.

The Software Offering to Hold the Largest Share

Based on the offering, the software segment is projected to acquire the highest CAGR during the forecast period. The growth of this segment is attributed to the significance of AI software in establishing the IT framework to avoid occurrences of security breaks. The technological advancement in artificial intelligence has resulted in the development of innovative AI software and linked software development tools which are predicted to drive AI in the military sector in the years to come. The AI software merged in computer systems is responsible for carrying out complex operations, it creates the data received from hardware systems in order to produce a smart response.

North America Dominates the Global Artificial Intelligence In Military Market

North America region holds the largest share of Artificial Intelligence In Military Market. The growth of the region is mainly attributed to increasing investments in artificial intelligence technologies by countries such as Canada and US in the region. Majorly US is gradually investing in AI systems to maintain combat superiority and overcome the risk of possible threats to computer networks, and the US is planning to increase its spending on AI in the military to acquire a competitive edge over other country.

The Asia Pacific is Projected as the Fastest-Growing Region

The Asia Pacific is expected to witness the fastest growing CAGR in the Global Artificial Intelligence In Military Market during the forecast period. The growth of this region is attributed to rapid military transformations and increasing demand for AI from emerging economies like India and China. The advancements in AI-based weapons in China have contributed to the growth of the market in this region. Moreover, North America is anticipated to grow considerably during the forecast period. The growth in this region can be mainly attributed to the presence of prominent defense manufacturers in the market.

Competitive Landscape:

The key market players are adopting advanced strategies to boost market growth and increase their market presence. Some of the key players in the market are BAE Systems Plc. (UK), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Group (US), L3Harris Technologies Inc. (US), Rafael Advanced Defense Systems (Israel), IBM (US) and others.

Segmentation of the Global Artificial Intelligence In Military Market: