New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "IoT in Aerospace & Defense Global Market Report 2023" - https://www.reportlinker.com/p06466427/?utm_source=GNW
, Prox Dynamics, Radisys, Textron Systems, Airbus, Boeing, BAE Systems, SAP SE, General Electric, and Bombardier.
The global IoT in aerospace & defense market is expected to grow from $42.08 billion in 2022 to $48.83 billion in 2023 at a compound annual growth rate (CAGR) of 16.1%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The IoT in aerospace & defense market is expected to reach $84.44 billion in 2027 at a CAGR of 14.7%.
The IoT in aerospace and defense market consists of revenues earned by entities by providing IoT-based solutions such as predicting aircraft failure, real-time mission-critical data sharing, improving vehicle maintenance, and safety applications.The market value includes the value of related goods sold by the service provider or included within the service offering.
The IoT in aerospace and defense market also includes sales of climate control, wearable technology, and radio frequency identification are used in providing IoT-based solutions.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
IoT in aerospace and defense refers to the use of Internet of Things solutions to increase operational efficiencies and product quality for various activities in the aerospace and defense sector.IoT in aerospace and defense.
It improves overall flight safety and control to achieve maximum operating efficiency with features such as predictive maintenance, data analytics, and smart surveillance.
North America was the largest region in the IoT in Aerospace and Defense market in 2022. The regions covered in IoT in aerospace and defense report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main IoT in aerospace & defense components are hardware, software, and services.Hardware involves the physical components and devices used to enable connectivity.
It uses various connectivity technologies such as cellular, Wi-Fi, satellite communication, and radio frequency deployed in on-premise, and cloud. The various applications are fleet management, inventory management, equipment maintenance, security, and others used by space systems, ground vehicles, and others.
An increase in cyber attacks on the aviation industry is expected to boost the growth of the IoT in the aerospace and defense market going forward.Cyberattacks refer to unwanted attempts to gain unauthorized access to computer systems to steal, expose, change, disable, or destroy information.
IoT authentication in the aviation sector can guarantee the necessary cybersecurity security measures, thereby reducing the incidences of cyber attacks.For Instance, in July 2021, according to a published report from European Air Traffic Management Computer Emergency Response Team (EATM-CERT), a Europe-based platform for civil-military aviation coordination, between 2019 and 2020, cyber-attacks reported to or recognized by the European Air Traffic Management Computer Emergency Response Team increased by 530%, with startling consequences across market segments.
Further, aviation stakeholders around the globe confront ransomware attacks, with 62 cyber-attacks on global aviation actors detected or reported to EATM-CERT in 2020. Therefore, an increase in cyber attacks on the aviation industry is driving the growth of the IoT in the aerospace and defense market.
Product innovation is a key trend gaining popularity in the IoT in the aerospace and defense market.Major companies operating in the IoT in the aerospace and defense market are focusing on developing new products.
For instance, in September 2021, EDJX, a US-based computing platform company, and Cubic Corporation a US-based technology solutions company jointly launched an Internet of Military Things Edge Platform.It is uniquely designed that combines the edge computing and networking technology from Cubic Corporation with EDJX EdjOS to create a converged infrastructure solution.
Significant implications for IoT and cutting-edge AI solutions are also provided by this platform.The EDJX platform represents an enormous advancement in edge computing.
It allows intelligent IoT and C2 application solutions to scale from base to battlefield, lowering cognitive lift while increasing operational tempo for military personnel.
In December 2021, Vertex Aerospace a US-based aerospace company acquired Raytheon Technologies for an undisclosed amount.Through this acquisition, Vertex’s value-added technology solutions and services, including defense and commercial training, mission-critical support options, and engineering and modernization capabilities, have been greatly expanded by this deal.
Raytheon Technologies Corporation is a US-based aerospace and defense company that offers manufacturing and IoT solutions.
The countries covered in the IoT in aerospace and defense market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The iot in aerospace & defense market research report is one of a series of new reports that provides iot in aerospace & defense market statistics, including iot in aerospace & defense industry global market size, regional shares, competitors with a iot in aerospace & defense market share, detailed iot in aerospace & defense market segments, market trends and opportunities, and any further data you may need to thrive in the iot in aerospace & defense industry. This iot in aerospace & defense market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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