LONDON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the artificial intelligence in military market, increased spending on defense is driving the growth of artificial intelligence in the military market going forward. Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to work like humans and spoof their actions. Most governments have set up specialized departments or organizations with the specific purpose of developing new capabilities as well as planning, launching, and integrating AI capabilities into military equipment. For instance, according to Stockholm International Peace Research Institute (SIPRI), a Sweden-based international institute that provides data, analysis, and recommendations for armed conflict, military expenditure, and arms trade as well as disarmament and arms control, the worldwide military budget was anticipated to be $1,917 billion in 2019, an increase of 3.6% from the budget for the previous year. Therefore, increased spending on defense is driving the growth of artificial intelligence in the military market.
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The global artificial intelligence in military market size is expected to grow from $6.07 billion in 2021 to $7.01 billion in 2022 at a compound annual growth rate (CAGR) of 15.5%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. As per TBRC’s artificial intelligence in military market report the market is expected to grow to $11.43 billion in 2026 at a CAGR of 13%.
Technological advancement is a key trend gaining popularity in artificial intelligence in the military market. Major players operating in the artificial intelligence in the military market are concentrating their efforts on creating innovative technologies to strengthen their position. For instance, in July 2022, Raytheon Technologies, a US-based aerospace, and defense company partnered with a US-based company, C3 AI’s application platform to deliver next-generation artificial intelligence (AI) and machine learning (ML) capabilities for the Tactical Intelligence Targeting Access Node (TITAN) program of US Army. TITAN will ingest data from high-altitude and space using terrestrial and aerial sensors to provide targetable data and situational awareness.
Major players in the artificial intelligence in military market are Charles River Analytics Inc, BAE Systems Plc., Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Group, Harris Corporation, IBM Corporation, Rafael Advanced Defense Systems, Microsoft Corporation, Oracle Corporation, Amazon Web Services Inc., SAS Institute, Meta Platforms Inc., SAP SE, Salesforce Inc, Baidu Inc, and SoarTech.
North America was the largest region in the artificial intelligence in military market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global artificial intelligence in military market is segmented by offering into hardware, software, service; by technology into machine learning, natural language processing, context-aware computing, computer vision, intelligent virtual agent (IVA) or virtual agents, other technologies; by platform into land, naval, airborne; by installation into new procurement, upgradation; by application into information processing, simulation and training, warfare platform, threat monitoring and situational awareness, cyber security, other applications
Artificial Intelligence In Military Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide artificial intelligence in military market research insights, artificial intelligence in military market forecast size and growth, artificial intelligence in military market segments, artificial intelligence in military market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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