Communications used for military purposes evolving and growing in sophistication, study saysNews
June 07, 2021
AMSTERDAM. The global market for communications systems used for military purposes is evolving and expanding, with a market valued at $28.5 billion in the year 2020 and an antaicipated value of around $39.72 billion by the year 2029, a combined annual growth rate (CAGR) of around 3.38% over the forecast period, according to a new study by Market Forecast, "Global Military Communications Systems -- Market and Technology Forecast to 2029."
Contributing to growth in the military communications market, say the study authors, are such aspects as ongoing military modernization programs in nations around the world, advancements in communication information technology, 5G integration, and integrated/interoperable beyond-line-of-sight (BLOS) capabilities.
North America is expected to dominate this market by 2029 -- with a market value of around $11.3 billion -- mostly due to the ongoing military modernization programs in the region. The study also states that Europe is expected to be the second-largest market by 2029, with a value of around $9.2 billion.
Possible factors that could hinder market growth, say the study authors, include defense budget priorities and issues involving integration of conventional platforms.
For additional information visit the Market Forecast website.