Military IoT and sensor market expansion driven by lower costs, boosted productionNews
July 06, 2020
AMSTERDAM. IoT [Internet of things] technologies have the ability to support the military to effect substantial efficiencies, improve security and communication networks, and generate significant cost savings, according to a recent study by Market Forecast, "Global Military IoT & Sensors -- Market and Technology Forecast to 2028."
The study authors assert that the U.S. Department of Defense (DoD) has played a crucial role in advancing the sensor, computer networking, and telecommunications technology that serves as the backbone of IoT.
The study also found that factors such expansion of wireless networking, digital storage and processing, efficiency of computing structures, and growth of innovative software applications and analysis -- including recent advances in machine learning techniques for big data analytics -- are expected to drive the growth of the IoT market.
The total global market for military IoT and sensors -- estimated at around $29.74 billion in 2020 -- is expected to grow to approximately $48.41 billion by 2028, at a combined annual growth rate of around 6.28%.
For additional information, visit the Market Research website.