Military-communications market may reach $39.72 billion by the year 2029, study predictsNews
June 29, 2021
AMSTERDAM. Market revenue for the global military-communications market -- which accounted for $28.50 billion in 2020 -- is expected to reach a value of around $39.72 billion by the year 2029, with market growth marking a combined annual growth rate (CAGR) of approximately 3.38% over the forecast period, according to a new study by Market Forecast, "Global Military Communications Systems -- Market and Technology Forecast to 2029."
Factors expected to fuel growth in this market include ongoing military modernization programs in nations around the world, advances in communication information technology, wide integration of 5G, and integrated/interoperable beyond-line-of-sight (BLOS) communication capabilities.
The study authors caution that such factors as shifting defense-budget priorities and integration of conventional platforms, could hinder the growth of the market, as interoperability factors, limited bandwidth and latency, and cybersecurity concerns create barriers for growth in military communications.
In terms of where spending will occur, North America is expected to dominate this market by 2029, due to ongoing military-modernization programs in the region, with Europe as the second-largest market by 2029, with a value of around $9.2 billion.
For additional information, visit the Market Forecast website.