Artificial Intelligence in Defense and Aerospace Market Size, Growth, Share, Global Industry Current Trends, Analysis of Top Companies, Application, Development and Forecast 2022 to 2031 Research Report

Kenneth Research, in its repository of market research reports, have recently added a report on Artificial Intelligence in Defense and Aerospace Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Artificial Intelligence in Defense and Aerospace Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence in Defense and Aerospace Market products.

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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.

The Artificial Intelligence in Defense and Aerospace Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Artificial Intelligence in Defense and Aerospace Market was valued at USD 6.1 Billion in the year 2017. Global Artificial Intelligence in Defense and Aerospace Market is further estimated to grow at a CAGR of 14.3% from 2019 to reach USD 17.62 Billion by the year 2025.

The Asia Pacific region holds the highest Market share in 2017 and is considered as the fastest growing Market in the forecasted period. At country level China, Australia, India, and Japan is the major industries in Asia Pacific region and holds a substantial Market share in 2017 and it is projected to grow at a gradual pace in the coming years. The increasing adoption of machine learning and NLP technologies for virtual assistance and training applications in the Defense and Aerospace sector is driving the growth of the Market in APAC.

Major market players in Artificial Intelligence in Defense and Aerospace Market are Airbus, IBM, Boeing, Nvidia Corp., GE, Thales, Lockheed Martin Corp., Intel, Iris Automation Inc., SITA, and brief information of 10 companies will be provided in report. Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

SWOT Analysis of Artificial Intelligence in Defense and Aerospace Market:

Strength:
Use of Big Data in Aerospace Market
Growing Adoption of Cloud-Based Applications and Services in Defense and Aerospace Market

Weakness:
Limited Number of Experts in AI
Constraints Associated with Implementation and Deployment of AI Solutions

Opportunities:
Developing Countries to Offer Significant Growth Opportunities
Increasing Adoption of AI to Improve Customer Services

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Threats:
Lack of Standards
Technological Unawareness in about AI

The Market is segmented by application, by offerings, and by region. By application, it is sub-segmented into Military, Commercial Defense and Aerospace and Space. In the year 2017, Military segment by application generated the highest revenue in the global Market and is expected to continue its dominance during the forecast period, as most of the countries are focused to enhance the operational efficiencies of their armed forces, with the help of artificial intelligence. Based on the basis of offerings, the Market is segmented into Hardware, Software and Service.

Artificial Intelligence in Defense and Aerospace Market Segmentation:

By Application
*Military
*Commercial Defense and Aerospace
*Space
By Offering
*Hardware
*Software
*Service
By Region
North America
*USA
*Canada

Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe

APAC
*China
*India
*Japan
*Rest of Asia-Pacific

RoW
*Latin America
*Middle East & Africa

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