Military communications market to top $35 billion by 2028, study predictsNews
August 24, 2023
NORTHBROOK, Ill. The global market for military communications technologies, estimated at $24.2 billion in 2023, will rise to $35.4 billion by 2028, at a combined annual growth rate (CAGR) of 7.9% during the forecast period, according to a new study by MarketsandMarkets, "Military Communications Market by Platform (Land, Naval, Airborne, Unmanned Vehicles), Application, System, Point of Sale (New Installation, Upgrade), and Region (North America, Europe, Asia Pacific, Rest of the World) -- Global Forecast to 2028"
According to the study authors, the driving force for growth in the military communications market will largely come from countries responding to rising security concerns, evolving threat landscapes, increased adoption of new technologies, network-centric warfare and hybrid warfare, the need for interoperability, replacement of aging infrastructure, and buy-in from emerging economies that are growing their defense prowess.
Broken down by platform, the study predicts that the uncrewed vehicle segment will maintain the highest CAGR during the forecast period: Uncrewed systems, such as drones and robotic vehicles, enable military forces to carry out surveillance and reconnaissance missions in dangerous or hostile environments without risking the lives of personnel, thereby minimizing casualties and accomplishing otherwise too-dangerous tasks.
Based on application, the study authors forecast that the intelligence, surveillance, and reconnaissance (ISR) segment will lead the market at least until 2028; the mounting use of ISR is a major trend in military communications, as it can provide field commanders with decision-making information and is also used to support other military operations, such as target identification and strike planning.
For additional information visit the MarketsandMarkets website.