Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Market Overview:
Market Research Future (MRFR) and it was projected that a decent CAGR of 5.32% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the signal intelligence market was further stated to surpass its previous valuation of USD 11.85 billion in 2017 to reach a projected figure of USD 15.81 billion by 2023.
Globally, an increasing rate of crime and terrorist attacks has been a major driving factor for the global signal intelligence market. There has been increasing spending from the government when it comes to developing advanced and more secure infrastructure for the defense and military sector. This has also propelled the market towards a positive direction. It was reported that the development of AI technology can create various opportunities of growth for the market over the forecast period. Add to this, the surging rate of demand for drones for surveillance applications is also projected to push the global market in the coming years.
Drones have increasingly gained popularity in recent years and is experiencing growing adoption by the military and defense units for surveillance, communication, and law enforcement practices. However, in countries like India, the government has restricted its usage and deployment in public areas due to the privacy concern of the citizens. This can be a limiting factor for the global market in terms of growth and expansion. Nonetheless, developed nations like Canada, the US, France, and the UK are developing drones with a high altitude capacity and making the technology even more advanced so as to make it increasingly efficient for surveillance and communication applications.
On the other side, the market faces major connectivity issues with devices unable to support radio-frequency transmissions. This has proven to be a major challenge for the market. Additionally, the high manufacturing cost associated with signal intelligence products has been another major challenge. These challenges can severely hamper the overall growth of the signal intelligence market in the coming years.
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Competitive Landscape:
The global signal intelligence market comprises a host of key players. This includes names like Lockheed Martin, Elbit Systems, Rolta India, Rheinmetall BAE Systems, Israel Aerospace Industries, Thales, Raytheon, Systematic A/S, Harris, Northrop Grumman, Cobham, SAAB, General Dynamics, Mercury Systems, and others.
Market Segmentation:
The global signal intelligence market has been segmented in terms of type and vertical.
By type, the market segments into communication intelligence, electronics intelligence, and foreign instrumentation signal intelligence (FISINT).
By vertical, the market divides into naval, land-based, airborne, and space among others.
Regional Analysis:
The global Signal Intelligence Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
The North American region led the global signal intelligence market as per the report in 2018 and the story is expected to remain the same in the coming years. When it comes to advanced infrastructural support, the North American region is well-established and is known across the globe for being an early adopter of new and emerging technologies. Herein, the increasing support from the government for its usage in military and defense security & surveillance applications, presence of a number of key players, and development of internet and communication platforms are the biggest factors of growth for the North American regional market.
Europe stands second in the global signal intelligence market standings. Herein, increasing concerns related to security is boosting the need for advanced security measures. Secondly, increasing development in AI and connected technologies is anticipated to push the development of advanced security infrastructure. Both of these combined factors are expected to propel the signal intelligence market in Europe.
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Industry Buzz:
It was announced that BAE Systems was awarded a contract by The Defense Advanced Research Projects Agency (DARPA). The contract was worth as much as USD 4.7 million. The deal is made to integrate ML technology into intelligence gathering involving radio frequency signals.
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