Global Military IoT Market Research Report - Global Forecast till 2024
The Global Military IoT Market is growing at a substantial rate owing to the altering nature of warfare and enhanced use of IoT in battlefield management systems (BMS) for special operations. The global military IoT market is expected to account for USD 17,720.6 million by 2024, registering a CAGR of 10.64% during the forecast period of 2019 to 2024. North America dominated the global market in 2018, followed by Europe. The increasing use of IoT in BMS for exclusive operations and changing nature of warfare are the key drivers for market growth. North America conquered the global military IoT market with a share of around 10.64% in the year 2018. Military IoT comprises the use of technologies such as global positioning systems (GPS) and satellite communication to provide real-time information to military commanders. The real-time data provided by military IoT systems allows users to plan operations and take optimal decisions. Furthermore, these systems offer several benefits such as enhanced situational awareness and information on equipment health, supporting users to experience enhanced safety. However, issues associated with data management and threats to cybersecurity may hamper market growth.
Geographically, the global military IoT market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the major share of the global military IoT market in the year 2018. The military IoT market in North America is expected to register a CAGR of 10.85% during the forecast period. The growth of the market in North America is propelled by factors such as high military expenditure and growing adoption of IoT systems by the government and defence bodies in the region. As per the Stockholm International Peace Research Institute (SIPRI), the US was the major spender on the military. The country enhanced investments from USD 596 billion in the year 2015 to USD 610 billion in the year 2017. Moreover, the growing use of IoT-based systems and components by the US Army for overseas operations in countries such as Iraq and Syria are boosting market growth in the region. In Canada, increasing investments by the Canadian government in information technology for the military is strengthening market growth. For example, in January 2019, Public Services and Procurement Canada signed three contracts with General Dynamics Corporation for a combined value of USD 621.5 million to provide support for land command, control, communications, computers, intelligence, surveillance, and reconnaissance (LC4ISR) systems. The Wi-Fi segment is projected to dominate the market. Devices that can use Wi-Fi technology involve desktops and laptops, smartphones and tablets, digital cameras, and drones. Companies such as Thales Group are using Wi-Fi for military IoT systems. Therefore, the Wi-Fi segment is projected to register a CAGR of 11.53% during the forecast period. In the year 2018, The market in North America was valued at USD 2,987.6 million.
Military IoT Market has been segmented by Technology, by Component, by application and by region. By Technology the market has been segmented into Wi-Fi, Cellular, RFID, and Others. By component the market has been segmented into Hardware, Software, and Services. Based application the market has been segmented into Training and Simulation, Health Monitoring, Real-Time Fleet Management, Inventory Management, Equipment Maintenance, and Others. Based on Region the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
The proposed spectators in the global military IoT market are huge corporates, SMEs, distributors and wholesalers, Investors and trade experts, Governments, associations and industrial bodies, etc. The major companies functioning in the global military IoT market are concentrating on firming their global ways by entering into untouched markets. Northrop Grumman Corporation (US), Honeywell International Inc. (US), BAE Systems (UK), FreeWave Technologies, Inc. (US), and Lockheed Martin Corporation (US), Forescout Technologies, Inc. (US), AT&T Inc. (US), Harris Corporation (US), IBM Corporation (US), Thales Group (France), SAP SE (Germany), FLIR Systems Inc. (US) are some of the major players in the global military IoT market. Some of the key developments are In November 2018, FLIR Systems Inc. launched FLIR TruWITNESS, a wearable sensor platform designed for city-level security and public safety operations. Moreover, FLIR Systems Inc. was awarded a five-year, cost-plus-fixed-fee contract by the US Department of Defense’s Defense Threat Reduction Agency (DTRA). In November 2018, Forescout Technologies, Inc. acquired Security Matters, a global leader in operational technology (OT) network protection, for approximately USD 113 million. This acquisition will help Forescout Technologies, Inc. extend its portfolio with developed capabilities and advanced features to secure operational technologies and industrial environments.