The Artificial Intelligence in Military Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence in Military Global Market Report 2024, The artificial intelligence in military market size has grown rapidly in recent years. It will grow from $8.45 billion in 2023 to $9.86 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to rise in budget allocations, rise in cybersecurity concerns, increasing data availability, rise in threats, economic growth.
The artificial intelligence in military market size is expected to see rapid growth in the next few years. It will grow to $17.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to geopolitical tensions, rise in research and development, growing military and defense sector, rising government support, rising industrial automation. Major trends in the forecast period include industry partnerships, human-machine teaming, dual-use technologies, cognitive electronic warfare, swarm technology.
Increased spending on defense is driving the growth of artificial intelligence in military market going forward. Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to work like humans and spoof their actions. Most governments have set up specialized departments or organizations with the specific purpose of developing new capabilities as well as planning, launching, and integrating AI capabilities into military equipment. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh year in a row that spending increased. Military R&D funding in the United States increased by 24% between 2012 and 2021, while China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China’s military spending has increased for the past 27 years. Therefore, increased t spending on defense is driving the growth of artificial intelligence in military market.
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The artificial intelligence in military market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Intelligent Virtual Agent (IVA) or Virtual Agents, Other Technologies
3) By Platform: Land, Naval, Airborne
4) By Installation: New Procurement, Upgradation
5) By Application: Information Processing, Simulation and Training, Warfare Platform, Threat Monitoring and Situational Awareness, Cyber Security, Other Applications
Technological advancement is a key trend gaining popularity in artificial intelligence in military market. Major players operating in the artificial intelligence in military market are concentrating their efforts on creating innovative technologies to strengthen their position. For instance, in July 2022, Raytheon Technologies, a US-based aerospace, and defense company partnered with a US-based company, C3 AI’s application platform to deliver next-generation artificial intelligence (AI) and machine learning (ML) capabilities for the Tactical Intelligence Targeting Access Node (TITAN) program of US Army. TITAN will ingest data from high-altitude and space using terrestrial and aerial sensors to provide targetable data and situational awareness.
The artificial intelligence in military market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence in Military Market Characteristics
3. Artificial Intelligence in Military Market Trends And Strategies
4. Artificial Intelligence in Military Market – Macro Economic Scenario
5. Global Artificial Intelligence in Military Market Size and Growth
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26. South America Artificial Intelligence in Military Market
27. Brazil Artificial Intelligence in Military Market
28. Middle East Artificial Intelligence in Military Market
29. Africa Artificial Intelligence in Military Market
30. Artificial Intelligence in Military Market Competitive Landscape And Company Profiles
Top Major Players:
- Charles River Analytics Inc
- BAE Systems PLC
- Northrop Grumman Corporation
- RTX Corporation
- Lockheed Martin Corporation
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