PUBLISHER: The Business Research Company | PRODUCT CODE: 1409542
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409542
“IoT in Aerospace & Defense Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on iota in aerospace & defense market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iota in aerospace & defense? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The iota in aerospace & defense market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
IoT in aerospace and defense refers to the application of Internet of Things solutions to enhance operational efficiencies and product quality across various activities within the aerospace and defense sector. This technology plays a pivotal role in improving overall flight safety and control, aiming for maximum operating efficiency through features such as predictive maintenance, data analytics, and smart surveillance.
The primary components of IoT in aerospace and defense encompass hardware, software, and services. Hardware involves the physical components and devices that facilitate connectivity, utilizing various technologies such as cellular, Wi-Fi, satellite communication, and radio frequency, deployed in on-premise and cloud environments. The diverse applications of IoT in aerospace and defense include fleet management, inventory management, equipment maintenance, security, and others, catering to space systems, ground vehicles, and various other areas.
The IoT in aerospace & defense market research report is one of a series of new reports from The Business Research Company that provides IoT in aerospace & defense market statistics, including IoT in aerospace & defense industry global market size, regional shares, competitors with an IoT in aerospace & defense market share, detailed IoT in aerospace & defense market segments, market trends and opportunities, and any further data you may need to thrive in the IoT in aerospace & defense industry. This IoT in aerospace & defense market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The iot in aerospace & defense market size has grown rapidly in recent years. It will grow from $48.83 billion in 2023 to $56.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth observed in the historical period can be attributed to increased connectivity and communication needs, a heightened demand for predictive maintenance, rising threats and security concerns, efforts toward cost reduction and operational efficiency, as well as regulatory support and compliance.
The iot in aerospace & defense market size is expected to see rapid growth in the next few years. It will grow to $96.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The anticipated growth in the forecast period can be attributed to an increased emphasis on cybersecurity, the rise of unmanned systems, a focused approach to fleet management, advancements in edge computing, and the integration of 5G networks. Major trends expected in the forecast period include advancements in IoT sensors and connectivity, the rapid adoption of edge computing, increased emphasis on cybersecurity, the integration of AI and machine learning, and a continued focus on predictive maintenance.
The IoT in the aerospace and defense market is poised for growth, driven by an increase in cyber-attacks targeting the aviation industry. Cyberattacks involve unauthorized attempts to access computer systems for various malicious purposes, posing a significant threat to the security of aviation systems. Implementing IoT authentication in the aviation sector can enhance cybersecurity measures, mitigating the risk of cyber-attacks. As of February 2023, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, reaching 76,000. This surge in cyber threats is a key factor propelling the growth of the IoT in the aerospace and defense market.
The growth of the IoT in aerospace and defense is expected to be fueled by increasing geopolitical tensions. Geopolitical tensions involve political conflicts among nations or regions, often related to issues such as territory, resources, power, or ideology. These tensions underscore the need for real-time intelligence, interoperability among allied forces, and robust critical infrastructure. IoT technologies play a vital role in crisis response, supporting autonomous systems, and driving innovation in national security. According to data from The Armed Conflict Location & Event Data Project (ACLED), there was a 12% increase in reported events of political violence targeting civilians from 2020 to 2021, emphasizing the role of IoT in addressing geopolitical challenges.
A prominent trend in the IoT in aerospace and defense market is product innovation. Major companies in this sector are focused on developing cutting-edge products to meet evolving needs. For example, in September 2021, EDJX and Cubic Corporation jointly launched an Internet of Military Things Edge Platform. This platform combines edge computing and networking technology to create a converged infrastructure solution, enabling scalable and intelligent IoT and AI solutions for military applications.
Companies in the IoT in aerospace and defense market are investing in new firmware security solutions to gain a competitive advantage. Firmware security involves measures to protect the permanent software programmed into a device's memory from unauthorized access or malicious activities. In March 2023, OP[4] introduced a cybersecurity platform designed to automatically discover and address vulnerabilities in IoT devices and embedded systems. This platform enhances security by accurately detecting, isolating, validating, and remediating vulnerabilities, prioritizing risk throughout the product development cycle.
In December 2021, Vertex Aerospace acquired Raytheon Technologies, contributing to the growth of the IoT in aerospace and defense. This acquisition expanded Vertex's technology solutions and services, including defense and commercial training, mission-critical support, and engineering capabilities. Raytheon Technologies, a leading aerospace and defense company, brought manufacturing and IoT expertise to the partnership.
Major companies operating in the iot in aerospace & defense market report are AeroVironment Inc., AT&T Intellectual Property, FreeWave Technologies Inc., General Atomics Aeronautical Systems Inc., Honeywell International Inc., Northrop Grumman Corporation, Elbit Systems Ltd., Prox Dynamics, Radisys Corporation, Textron Systems Corporation, Airbus SE, Boeing Company, BAE Systems plc, SAP SE, General Electric Company, Bombardier Inc., CACI International Inc., Cobham plc, Collins Aerospace, Cubic Corporation, Curtiss-Wright Corporation, Dassault Aviation SA, Embraer SA, General Dynamics Corporation, Harris Corporation, L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Moog Inc., RTX Corporation, Rockwell Collins, Saab AB, Safran SA, Thales Group, United Technologies Corporation, Woodward Inc., Zebra Technologies, Zephyr Aerospace .
North America was the largest region in the IoT in the Aerospace and Defense market in 2023. The regions covered in the iot in aerospace & defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the iot in aerospace & defense market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The IoT in aerospace and defense market consists of revenues earned by entities by providing IoT-based solutions such as predicting aircraft failure, real-time mission-critical data sharing, improving vehicle maintenance, and safety applications. The market value includes the value of related goods sold by the service provider or included within the service offering. The IoT in aerospace and defense market also includes sales of climate control, wearable technology, and radio frequency identification are used in providing IoT-based solutions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.