Overview
Military IoT Market is expected to reach USD 17,720.6 Million by 2024, registering a CAGR of 10.64% during the forecast period.
The growth of the global military IoT market is driven by factors such as the increased use of IoT in BMS for special operations and the changing nature of warfare. Furthermore, the growing adoption of AI in warfare systems for battlefield healthcare, logistics and transportation, and data information processing is expected to boost the growth of the market.
Segmental Analysis
The global military IoT market has been segmented by technology, component, and application.
By technology, the global military IoT market has been divided into Wi-Fi, cellular, RFID, and others. The Wi-Fi segment is projected to dominate the market during the forecast period. The segment was valued at USD 5,062.7 million in 2018 and is expected to reach USD 9,746.3 Million by 2024. Wi-Fi offers numerous benefits such as convenience, expandability, and mobility. Furthermore, Wi-Fi connectivity enables security personnel to experience secure and enhanced communication. Hence, the segment is expected to register the highest growth during the forecast period. The cellular segment is projected to exhibit a CAGR of 11.42% during the forecast period.
In terms of components, the global military IoT market has been categorized as hardware, software, and services. The hardware segment dominates the market. The segment was valued at USD 4,058.1 million in 2018. However, the software segment is expected to register the highest CAGR during the forecast period. The segment is projected to expand at a CAGR of 11.85% during the forecast period. Software offers features such as data security, communication, real-time location information, and equipment maintenance data. These features assist military personnel in experiencing enhanced connectivity on the battlefield and assist in decision-making. Military IoT software also provides training and simulation to personnel.
On the basis of application, the global military IoT market has been classified as training and simulation, health monitoring, real-time fleet management, inventory management, equipment maintenance, and others. The training and simulation segment is projected to exhibit the highest CAGR during the forecast period. The increasing adoption of wearable devices by armed forces for training purposes is driving the growth of the training and simulation segment.
Regional Analysis
By region, the global military IoT market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The market in North America was valued at USD 2,987.6 million in 2018. The presence of major market players, such as Northrop Grumman Corporation and Lockheed Martin Corporation, is expected to drive market growth in North America. The regional market is estimated to register a CAGR of 10.85% during the forecast period.
Europe is projected to be a major market for military IoT systems during the review period. The regional market is expected to reach USD 4,612.7 Million by 2024 at a CAGR of 10.57% during the forecast period. Asia-Pacific is projected to be a key regional market during the review period. The market in the region is expected to reach USD 4,607.4 Million by 2024, exhibiting a CAGR of 11.67% during the forecast period.
Competitive Analysis
The prominent players in the global military IoT market are FLIR Systems Inc. (US), Forescout Technologies, Inc. (US), AT&T Inc. (US), Northrop Grumman Corporation (US), Honeywell International Inc. (US), BAE Systems (UK), FreeWave Technologies, Inc. (US), Harris Corporation (US), IBM Corporation (US), Thales Group (France), SAP SE (Germany), and Lockheed Martin Corporation (US).
Key Developments
- In May 2018, Honeywell International Inc. formed a partnership with IAI to develop a turnkey GPS anti-jam navigation system.
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