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Battlefield Management Systems Market to 2027 - Global Analysis and Forecast by Component ; System ; Application
NEW YORK, Feb. 17, 2020 /PRNewswire/ --
The global battlefield management systems market accounted for US$ 15.15 Bn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019-2027. The global battlefield management system would account for US$ 26.24 Bn by 2027. In the battlefield management systems market, various factors are driving the market such as need for enhanced situational awareness technologies; situational awareness empowers to keep track of the soldier while combating. Due to penetration of digitization in in evolving technologies, the military sector is investing in advanced technologies to keep track on the enemies all the time. The military battle is going high-tech as technologies such as the Internet of Things (IoT) for battle gear embedded with a biometric wearable are deployed to help soldiers identify the enemy and perform better in battle. The IoT has robust military applications in a cohesive network that surge situational awareness. In addition, IoT is a strong edge architecture, by using environmental sensors, biometrics, and other connected devices to send and receive data rapidly, it enables military personnel to respond during potentially dangerous situations on the battlefield. Furthermore, BMS allows absolute situational awareness by efficiently displaying crucial data to the field commander. It also helps tactical commanders to take knowledge-based and alert decisions and implement highly efficient control over operations on the battlefield. Highly advanced tracking devices integrated in BMS allows military forces in headquarters to get live situational awareness of the battlefield. These factors are driving the global battlefield management system market.
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In battlefield management systems market, the North America region is highly focused on adopting advanced technologies to integrate with BMS and efficiently use it in the battlefield.The government is engaged in robust R&D activities of the military technologies to handle dangerous situations on the battlefield.
North America is a potential region in terms of technology, and the region invests heavily battlefield management systems market in order to deploy advanced technology in the military industry.The huge adoption of advanced technology in the region has created a positive impact on the battlefield management system market.
The governments of the region are focusing heavily on the military sector, and therefore have increased its budget.In 2019, the US had a budget of US$ 717 Bn, which is four times more than that of China.
The Government of the US continues its efforts to modernize the capabilities in the maritime, air, and land domains. In North America battlefield management systems market, the US and Canada are the major countries, which spend extensively on the military sector across the world. In 2018, Canada spent US$ 21.6 Bn and Mexico spent US$ 6.6 Bn in the military sector. Countries in the region are progressively focusing on military modernization at soldier level. The penetration of advanced technology, such as IoT and AI, in battlefield is creating growth opportunities for the battlefield management systems market. These above factors are driving the global battlefield management systems market.
The military technologies are becoming more advanced and broadly available; rivals are swiftly developing capabilities that put the forces at risk.To counter such threats, the US military is developing battlefield management systems, which help in providing precise real-time information for commanders to make decisions and implement highly efficient control during operations on the battlefield.
Furthermore, Lockheed Martin in 2017 received a contract worth US$ 38 Mn to support the US military's theatre battle management core system.The theatre battle management core system is installed at
<100 locations="" globally="" to="" virtually="" coordinate="" a="" broad="" range="" of="" military="" aircraft,="" such="" as="" helicopters,="" fighters,="" and="" cruise="" missiles.="">Thus, such partnerships in the US are driving the battlefield management system market.
The global battlefield management system market is driven important factors such as technological advancements and innovations in the battlefield management systems, protection of troops, and robust military budget.The US Department of Defense (DOD), Ministry of National Defense of the People's Republic of China, Ministry of Defense India (MoD), and the UK Ministry of Defense (MoD) continue to invest substantial amounts in offering troops with highly advanced technology including weaponries and communication technology that enable them to communicate with each other and efficiently retaliate even in the harshest environments.
The battlefield management system market consists of various well-established defense contractors across the world, which invest massive amounts in delivering the most advanced technologies and products to their customers.This factor is helping the battlefield management system market to surge during the forecast period.
Furthermore, continuous monetization toward the development of BMS by companies in Europe and in developing economies in APAC have fuelled the battlefield management systems market growth. The rest of the developing regions such as South America and the Middle East and Africa are also expected to witness significant battlefield management systems market growth during the forecast period.
The global battlefield management system market is segmented into component, system, application, and geography.Based on component, the battlefield management system market is segmented as wireless communication devices, imaging devices, display devices, computer software, and tracking devices.
Based on system, the battlefield management system market is segmented as navigation & imaging system, computing system, and communication & networking system.Based on application, the battlefield management system market is segmented into vehicle, soldier, and headquarters.
Geographically, the battlefield management system market is segmented into five strategic regions — North America, Europe, APAC, MEA, and SAM.
Major players in the battlefield management system market are BAE Systems PLC, Elbit Systems Ltd., General Dynamics Corporation, L3 Harris Technologies, Inc., Leonardo S.P.A., Raytheon Company, Rheinmetall AG, Collins Aerospace, SAAB AB, and Thales Group. Several other players are also operating in the battlefield management system market and are supplying technologically advanced BMS to different military forces, which is ultimately fostering the growth of battlefield management system market.
The overall global battlefield management systems market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global battlefield management systems market.
It also provides an overview and forecast for the battlefield management systems market based on all the segmentation provided for the global region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the battlefield management systems industry.
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