IoT in Aerospace & Defense Global Market Is Expected To Grow At A Rate Of Almost 15% Through 2023 – 2027
8 Jun, 2023
The global IoT in aerospace & defense market size is expected to grow from $42.08 billion in 2022 to $48.83 billion in 2023 at a compound annual growth rate (CAGR) of 16.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The global IoT in aerospace & defense market size is expected to reach $84.44 billion in 2027 at a CAGR of 14.7%.
Global IoT in Aerospace & Defense Market Key Driver
An increase in cyber-attacks on the aviation industry is predicted to drive future IoT growth in the aerospace and defence markets. Cyberattacks are unauthorised attempts to gain access to computer systems in order to steal, expose, modify, disable, or destroy data. IoT authentication in the aviation sector can ensure the appropriate cybersecurity security measures, lowering cyber-attack instances.
Get a sample of the global IoT in aerospace & defense market reportGlobal IoT in Aerospace & Defense Market Segments
The global IoT in aerospace & defense market is segmented:
1) By Component: Hardware, Software, Services
2) By Connectivity Technology: Cellular, Wi-Fi, Satellite Communication, Radio Frequency
3) By Deployment Mode: On-Premise, Cloud
4) By Application: Fleet Management, Inventory Management, Equipment Maintenance, Security, Other Applications
5) By End User: Space Systems, Ground Vehicles, Other Users
6) By Geography: The regions covered in the IoT in aerospace & defense market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global IoT in aerospace & defense market.
Major IoT in Aerospace & Defense Industry Players
AeroVironment Inc., AT&T Intellectual Property, FreeWave Technologies Inc., General Atomics, Honeywell International Inc., Northrop Grumman, Elbit Systems Ltd. , Prox Dynamics, Radisys, Textron Systems, Airbus, Boeing, BAE Systems, SAP SE, General Electric, Bombardier
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IoT in Aerospace & Defense Market Overview
IoT in aerospace and defense refers to the use of Internet of Things solutions to increase operational efficiencies and product quality for various activities in the aerospace and defense sector. IoT in aerospace and defense. It improves overall flight safety and control to achieve maximum operating efficiency with features such as predictive maintenance, data analytics, and smart surveillance.
IoT in Aerospace & Defense Global Market Report 2023 provides data on the global IoT in aerospace & defense market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT in aerospace & defense market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.