IoT in Aerospace & Defense Market Reach to USD 145.27 Billion by 2030 | Top Players Such as – Elbit, Radisys and Textron
Growing need to implement Industry 4.0 technologies in aerospace industry and rising need for data privacy & storage are driving factors of the market’s growth.
PORTLAND, PORTLAND, OR, UNITED STATE, June 6, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The IoT in Aerospace & Defense Market Reach to USD 145.27 Billion by 2030 | Top Players Such as – Elbit, Radisys and Textron.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global IoT in aerospace & defense market size was valued at USD 38.67 billion in 2020, and is projected to reach USD 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.
The IoT in aerospace & defense market is segmented on the basis of component, deployment model, connectivity technology, application, and region. By component, the market is divided into hardware, software, and services. By deployment model, the market is divided into cloud and on-premise. On the basis of connectivity technology, the market is categorized into cellular, Wi-Fi, satellite communication, and radio frequency. On the basis of application, the market is divided into fleet management, inventory management, equipment maintenance, security, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Cellular segment accounted for the highest revenue in IoT in aerospace & defense market. The major factors influencing cellular connectivity in IoT in A&D market are evolution of Machine-to-Machine (M2M) technology, evolution of long term evolution (LTE), and optimized utilization of available cellular network.
In terms of component, hardware segment dominated the IoT in aerospace & defense market size during the forecast period. The rising demand for IoT devices, low cost hardware requirements, and need of numerous sensors and chips for smart devices drive the growth of the hardware market for IoT in A&D. The enhanced security for IoT devices such as content protection, malware detection, authentication, and theft deterrence are key factors which are expected to create opportunities in the IoT in aerospace & defense market.
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Region-wise, the IoT in aerospace & defense market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to rapid migration from Code Division Multiple Access (CDMA) and Wideband Code Division Multiple Access (WCDMA)/High Speed Packet Access (HSPA) based networks. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to countries such as South Korea and Japan engaged in early deployment of LTE.
The key players profiled in the IoT in aerospace & defense market analysis are AeroVironment, Inc., AT&T Intellectual Property, Elbit Systems Ltd., FreeWave Technologies, Inc., General Atomics, Honeywell International Inc., Northrop Grumman, Teledyne FLIR LLC, Radisys, and Textron Systems.
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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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