Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario:
The global Artificial Intelligence (AI) in military market size reached USD 6.50 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Steady advancements of hardware components in order to process big data and perform complex computations for better decision making using AI is expected to drive market revenue growth in the coming years.
Drivers:
Adoption of AI-enabled technologies is increasing at a rapid pace, owing to various benefits including capability to operate unmanned military vehicles and conduct remote reconnaissance and surveillance. Additionally, modification of existing technologies by integrating with AI for military purposes has increased demand for specialized hardware components such as AI chips, which are more efficient and can perform complex tasks faster than ordinary processors. This will in turn, boost demand for specialized microprocessors used to run complex AI algorithms.
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Restraints:
Error in decision-making during critical combat situations is a major restraint to revenue growth of the AI in military market. Poor quality data may also affect the performance of an AI algorithm and require more research & development for data collection. This has been the prime concern restraining growth of the AI in military market.
Growth Projections:
The global AI in military market revenue is expected to expand at a CAGR of 13.4% from USD 6.50 billion in 2020 to USD 29.15 billion in 2032. Increasing adoption of AI technology to modernize military has been driving demand for specialized hardware components such as AI chips, which in turn, is expected to augment market revenue growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic has brought about multiple challenges for the global market, which have been limiting growth of the AI in military market. There was a drop in demand for AI in military, as resources were directed towards containing the pandemic globally. But, traction is expected to continue gradually over the next five years.
Current Trends and Innovations:
Integration of AI and Machine Learning (ML) with current military technology is a key factor boosting demand for hardware component such as AI chips. These chips can process big data efficiently and perform complex operations faster than normal processors.
Geographical Outlook:
North America accounted for a relatively larger revenue share than other regions in the global market in 2020. A key factor contributing to revenue growth is increasing adoption of AI-based solutions for military purposes, which is propelled by innovation and development of powerful, specialized hardware components that can facilitate faster processing.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 6.50 Billion |
| CAGR (2023–2032) | 13.4% |
| Revenue forecast to 2032 | USD 29.15 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Offering, application, platform, technology, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Lockheed Martin Corporation, NVIDIA Corporation., BAE Systems, Inc., Northrop Grumman Corporation., Raytheon Technologies, General Dynamics Corporation, Textron Inc., SparkCognition Government Systems, Arkray, Inc., and Leidos Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global AI in military market is fairly fragmented, with a number of large and medium-sized companies accounting for majority market revenue. Key players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective AI solutions for military application. Some major companies included in the AI in military market report are:
- Lockheed Martin Corporation
- NVIDIA Corporation.
- BAE Systems, Inc.
- Northrop Grumman Corporation.
- Raytheon Technologies
- General Dynamics Corporation
- Textron Inc.
- SparkCognition Government Systems
- Arkray, Inc.
- Leidos Inc.
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Strategic Development
- In April 2021, NVIDIA Corporation announced a highly specialized processor called Grace that can perform 10 times faster, analyze vast datasets, and train advanced NLP models. The processor can work with large neural network workload and will be installed in NVIDIA products from 2023.
- In February 2021, Northrop Grumman Corporation invested in Deepwave Digital to develop solutions which will enable it to process data much closer to the point of collection. It plans to incorporate AI solutions in satellites and aircrafts, which would allow data processing immediately after collection.
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Emergen Research has segmented global AI in military market on the basis of offering, platform, application, technology, and region:
- Offering Outlook (Revenue, USD Billion; 2019–2032)
- Software
- Artificial Intelligence Solutions
-
- Cloud
- On-Premises
-
- Artificial Intelligence Platforms
- Artificial Intelligence Solutions
- Hardware
- Processor
- Network
- Memory
- Services
- Software assistance
- Upgradation & Maintenance
- Deployment & Integration
- Software
- Platform Outlook (Revenue, USD Billion; 2019–2032)
- Land
- Autonomous Combat Vehicles
- Unmanned Ground Vehicle
- Autonomous Combat Robots
- Sea
- Unmanned Maritime Vehicles
- Anti-Missile Technology
- Ship Navigation Systems
- Air
- Unmanned Aerial Vehicles
- Aircraft Maintenance
- Cognitive Electronic Warfare
- Space
- Satellite Data Processing
- Intelligent Navigation Systems
- AI Assistant Robots
- Space Exploration
- Land
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Reconnaissance and Intelligence gathering
- Surveillance and Counterinsurgency
- Information Processing
- Cyber Security
- Threat Analysis
-
- Warfare Simulation
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Machine Learning
- Deep Learning
- Computer Vision
- Smart Quantum Technology
- Natural Language Processing
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
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