AI in military market will rise to $38.8 billion by 2028, study predicts
NewsJune 09, 2023
NORTHBROOK, Ill. The market for artificial intelligence (AI) used by the military, estimated at $9.2 billion in 2023, is projected to reach $38.8 billion by 2028 -- for a combined annual growth rate (CAGR) of 33.3% during the forecast period -- according to a new report from MarketsandMarkets, "Artificial Intelligence (AI) in Military Market by Offering (Software, Hardware, Services), Technology (Machine Learning, Natural Language Processing), Platform (Airborne, Land, Space), Application, Installation Type, Region - Global Forecast to 2028."
According to the study authors, the factors driving growth in this market will be increased investments in development of AI-enabled solutions to strengthen military capabilities, development of high-end AI chips, and the mounting calls by world militaries for advanced surveillance systems and enhanced situational awareness.
Based on application, the study predicts that the warfare platform segment of this military AI market is expected to grow at the highest CAGR during the forecast period; among these platforms, that for electronic warfare (EW) is predicted to be widely adopted. Leveraging AI in EW platforms improves situational awareness and reduces reaction time, helping it to improve its efficiency and reducing its dependency on human input.
For additional information, visit the MarketsandMarkets website.
