IoT in Aerospace & Defence Market
BROOKLYN, NEW YORK, USA, May 9, 2023 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “IoT in Aerospace & Defence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the IoT in aerospace & defence market. The global IoT in aerospace & defence market size reached US$ 48.42 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 63.56 Billion by 2028, exhibiting a growth rate (CAGR) of 4.55% during 2023-2028.
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IoT in Aerospace & Defence Market Outlook:
The Internet of Things (IoT) in aerospace and defense represents the technological solution used to connect mechanical equipment and objects to the Internet. It contains numerous appliances and services enabling better industry management and utilization of networked smart devices with real-time data cooperation. IoT in aerospace and defense is widely utilized in health administration, repair and supervision, mobility planning, inventory control, analytical tools, and remote monitoring. It also helps increase overall effectiveness and safety and achieve optimum operational efficiency through predictive maintenance, data analytics, and smart surveillance features.
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IoT in Aerospace & Defence Market Trends:
The rising usage of technology in aerospace to track air conditions and the flow of passengers and allow real-time monitoring of aircraft systems is primarily augmenting the IoT in aerospace and defence market. Furthermore, the increasing utilization of this technological solution in defence applications, on account of several benefits, such as high connection, enhanced security, and quick decision-making abilities, is also bolstering the market growth. Apart from this, the escalating demand for combining sensor techniques, actuators, and control systems with existing military infrastructures and the widespread adoption of flying drones and networked cameras to survey the battlefield, map the terrain and enemy positions, and send the details to the command center is positively influencing the global market. Moreover, the growing usage of this technology for emergency calling, activating public warning techniques, mission-critical logistics support, and communication regarding situational awareness and the elevating need for real-time tracking of armed trucks’ speed and braking systems are further catalyzing the market growth. Besides this, the increasing internet penetration and extensive research and development (R&D) activities are expected to drive the IoT in aerospace and defence market in the coming years.
Key Market Segmentation:
Competitive Landscape with Key Players:
• AeroVironment Inc.
• AT&T Inc
• Elbit Systems Ltd
• Freewave Technologies Inc.
• Northrop Grumman Corporation
• SAP SE
• Synopsys Inc.
Component Insights:
• Hardware
• Software
• Services
Connectivity Technology Insights:
• Cellular
• Wi-Fi
• Satellite Communication
• Radio Frequency
Deployment Mode Insights:
• On-premises
• Cloud-based
Application Insights:
• Fleet Management
• Inventory Management
• Equipment Maintenance
• Security
• Others
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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