Digital battlefield market to quadruple in next decade: reportNews
January 09, 2023
PORTLAND, Oregon. The global digital battlefield market will quadruple over the next 10 years due to a growth in artificial intelligence and 5G, a new report predicts.
The report, from Allied Market Research, predicts that the global digital battlefield industry will grow from $38 billion in 2021 to $156.8 billion by 2031 for a compound annual growth rate (CAGR) of 15.7%.
"Increase in adoption of 5G network for high-speed data collection, rapid developments in robotics technologies, big data analytics and artificial intelligence, and strong budget for military and defense drive the growth of the global digital battlefield market," the report states. "However, huge investment required in early phase of digitization, concerns over possibility of errors in complex warfare situations hamper the global market growth. On the other hand, rise in need for digital battlefield devices in defense and introduction of new generation missile & air defense system are likely to create potential opportunities for growth of the global market in the coming years."
The report adds that the land segment of the market will dominate in terms of revenue in the coming years, contributing to more than a third of market share.
"This is due to the growing investments in land platform for military which has become extremely important for the defense sector worldwide," it states.