Technological innovation, COTS use will drive U.S. DoD growth in next few years, study saysNews
March 23, 2020
SAN ANTONIO, Texas. The U.S. Department of Defense (DoD) is expected to spend an estimated $481 billion between 2018 and 2024 to identify and develop new technologies for advanced weapon systems, giving rise to numerous revenue opportunities in this space, according to a recent study by Frost & Sullivan, "U.S. Defense Science and Technology Research Market, Forecast to 2024."
The research, development, testing, and evaluation (RDT&E) sector is awash in market opportunities in an array of innovative technological concepts, according to the study's authors, areas such as artificial intelligence (AI), autonomous vehicles, robotics, cybersecurity, counterdrone technology, and hypersonics. Pursuing further developments in these areas will prove to be rewarding for companies that can successfully integrate these new capabilities into existing weapons systems.
"Most concepts being explored by the armed forces will have an impact in commercial market spaces as well," noted John Hernandez, senior industry analyst at Frost & Sullivan. "Companies working with the DoD on RDT&E development programs will have an advantage toward the development of parallel commercial solutions."
Additionally, the study lays out the possible opportunities for growth in this market: First, that the defense community must be prepared to partner with the patent holders of commercial off-the-shelf (COTS) technologies and software; that suppliers of legacy defense systems must continue to invest in their own research and development to keep those systems current and indispensable; and that as such innovations as directed-energy weapons, robotics, artificial intelligence (AI), and machine learning continue to grow, companies must envision how these new capabilities can be integrated into the battle-management space and have solutions ready for implementation.
For more information on this market study, visit the Frost & Sullivan website.