Global Military AI and Cybernetics Market to Reach $13.11 Billion by 2024
FREMONT, California, Nov. 7, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Military AI and Cybernetics Market - Analysis and Forecast 2019-2024", the military artificial intelligence (AI) and cybernetics market witnessed a revenue of $4.77 billion in 2018. The market is projected to reach $13.11 billion 2024 and is anticipated to grow at a CAGR of 18.66% during the forecast period.
Browse 13 Market Data Tables and 179 Figures spread through 256 Pages, and in-depth TOC on "Global Military AI and Cybernetics Market".
The increasing demand for modern defense systems, data handling techniques, and fabrication of complex problems with time such as terrorism, trespassing, sleeper-cells, etc. are some of the factors due to which various countries are investing for upgrading the current military technologies with artificial intelligence.
The market is currently witnessing a high growth rate owing to the rising demand of AI for developing military equipment for various platforms such as land, air, naval, and space. The acceptance of artificial intelligence across defense and security for various applications is largely due to its operational superiority in harsh environment. Additionally, the growing awareness of artificial intelligence for the defense forces in the emerging economies, such as China, India, and Russia, has propelled the growth of military artificial intelligence and cybernetics market, globally.
In addition, there are several trends influencing the growth of the market, including advance analytics and big data and neural network. Presently, defense operations are difficult to proceed due to unstructured data such as blocks of text, images, and sound. The amount of data processed is considerably increasing, and it becomes challenging to handle huge amount of data. The defense forces are highly reliable on relationship and hierarchy between people, events, and geographical factors which can be catered to by different sources such as big data, artificial intelligence, and machine learning for understanding the relationships.
The application of advance analytics in the combat systems can enhance the operability through software processes. It can also be used for targeting and mapping enemy assets, efficiently and effectively. The increasing demand for developing military equipment in collaboration with the use of advance analytics and big data is expected to enhance the security, improve computing power, and give rise to acceptance of cloud services by military, hence contributing toward the high growth of the advance analytics and big data in the defense market, globally.
Neural network, on the other hand, is a type of machine learning algorithm that has bee gaining traction among defense forces in recent years. A neural network showcases the ability to handle very complex data such as semantically labelling objects in photos and transcribing speech audio into text. The quality of modeling the behavior of human brain by developing a human-like intelligence is among the major reasons of its widespread adoption. For instance, in 2017, Neural Analytics won a contract of $10 million for developing an injury device to access combat-related traumatic brain injuries.
In addition, the increasing adoption of artificial intelligence for military operation and rising demand for next-generation battlefield technologies are some of the major factors expected to create lucrative opportunities for the global military artificial intelligence and cybernetics market in the coming five years.
According to Swati Chaturvedi, Lead Analyst at BIS Research, "The rising demand for artificial intelligence for various military equipment is giving boost to the artificial intelligence solution providers for developing products offering advanced solutions, including situational awareness, real-time data collection, cloud services, advanced battlefield management systems (BMS), and tactical communication, which help the defense forces in decision-making. In addition, factors such as rising high level of risk for data breaches in various networks is expected to create demand for data security and smooth operations and drive the military artificial intelligence and cybernetics market.
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including company overview, financial summary, and SWOT analysis. The overall market has been segmented into applications, platforms, technologies, services, and region. The report also includes a comprehensive section on the regional analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World.
Some of the key players in the global military artificial intelligence and cybernetics market includes General Dynamics, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon, Harris Corporation, Thales Group, SoarTech, Charles River Analytics, BAE System, IBM, Leidos, Spark Cognition, and SAIC.
Key Questions Answered in the Report:
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