IOT in aerospace & defense market
Manufacturers integrate sensor technologies into their equipment, military and commercial airlines hence, rising need to store huge amount of IOT data
PORTLAND, PORTLAND, OR, UNITED STATE, August 24, 2022 /EINPresswire.com/ — The internet of things (IoT) in aerospace and defense refers to the usage of networked smart devices with real-time data cooperation. IoT in A&D enables the aerospace and defense sector achieve optimal operating efficiency of the supplements with different characteristics such as predictive maintenance, data analytics, and smart surveillance, thanks to its connection and real-time data sharing.
The global iot in aerospace & defense market size was valued at $38.67 billion in 2020, and is projected to reach $145.27 billion by 2030, growing at a CAGR of 14.4% from 2021 to 2030.
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Enhanced internet penetration and decreased cost of powerful sensors and controllers drive the global IoT in aerospace & defense market growth. In addition, growth in information, communication, and technology (ICT) and expenditure by governments in the several developed and the developing regions fuel the growth of the market. However, poor internet infrastructure in the developing nations and infrastructure simplification and standardization restrict the market growth. Moreover, rise in adoption of big data techniques and cloud computing and analytics is expected to offer remunerative opportunities for expansion of the market during the forecast period.
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North America was the highest revenue contributor in the global IoT in aerospace & defense market in 2016, due to its advanced technical aspects and high adoption of IoT. In addition, the enhanced internet penetration, decreased cost of powerful sensors & controllers, bandwidth & connectivity, growth in information, communication & technology, expenditure by governments in the several developed and the developing regions, including North America, Europe, and Asia Pacific, drive the market growth. In addition, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to emerging economies, such as China and India, increase in urbanization, and other factors. At present, emerging markets such as China, Brazil, and India, have doubled their defense expenditure as compared to the earlier investment.
The key players profiled in the IoT in Aerospace & Defense market study are AeroVironment, Inc., AT & T, Elbit Systems, Freewave Technologies, General Atomics Aeronautical Systems, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, Radisys and Textron Systems. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the global IoT in aerospace & defense market.
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Key findings of the study
• The hardware segment accounted for the highest share in the global IoT in aerospace & defense industry in 2016, growing at a CAGR of 72.9% from 2017 to 2023.
• The software segment is projected to witness the highest growth rate of 13.5%.
• North America generated the highest share of $8,637 million, in terms of revenue, in 2016 for IoT in Aerospace & Defense market.
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