26 December 2018 – The Global IoT in Defence Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe. A system of interconnected computing devices, objects, mechanical and digital machines, animals or people that are imparted with distinctive identifiers and the capability to transfer information over a network without necessitating human-to-human or human-to-computer interaction is referred to Internet of Things (IoT).
IoT plays a significance role in the defence industry. Some of the examples of IoT in defence include proactive equipment maintenance; provide battlefield situational awareness, remote training, efficient inventory management, real-time fleet management, etc. The factors that propel the growth of the IoT in Defence Industry include increasing demand, rapid urbanization & industrialization, and product development & technological innovations.
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IoT in Defence Market is classified on the basis of product type, applications, and geography. This industry is segmented by product type as infrastructure and equipment monitoring, military personnel monitoring and tracking, smart weaponry, and others. IoT in Defence Market is classified on applications as home security, industry management, natural disasters, public safety, and others. IoT in Defence Industry is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, and Australia & New Zealand. The Middle East and African region consists of GCC, South Africa and North Africa. In case of geographical region, North America is projected to account a major share in the IoT in Defence Industry. The key factor that attributes to the growth of this region is due to technological innovations, well established infrastructure and high implementation of IoT.
Whereas, Asia Pacific is expected to display significant growth rates in the IoT in Defence Industry. This is primarily due to emerging economies such as China and India, increase in urbanization, and rise in investment. Some of the key players that fuel the growth of the IoT in Defence Market include Aerovironment, Honeywell, Track 24, Prox Dynamics, Elbit Systems, General Atomics Aeronautical Systems, Freewave, Textron Systems, Northrup Grunman, Radisys, and others. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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Market Segment:
Market segment by Type, the product can be split into
- Infrastructure and Equipment Monitoring
- Military Personnel Monitoring and Tracking
- Smart Weaponry
Market segment by Application, IoT in Defence can be split into
- Natural Disasters
- Industry Management
- Public Safety
- Home Security