New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Intelligence in Military Global Market Report 2023" - https://www.reportlinker.com/p06433610/?utm_source=GNW
, SAS Institute, Meta Platforms Inc., SAP SE, Salesforce Inc., Baidu Inc., and SoarTech.
The global artificial intelligence in military market grew from $7.28 billion in 2022 to $8.58 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. 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, causing inflation across goods and services and affecting many markets across the globe. The artificial intelligence in military market is expected to grow to $15.09 billion in 2027 at a CAGR of 15.1%.
The artificial intelligence in the military market consists of sales of artificial intelligence in the military services such as facial recognition, language translation, remotely operated weapon stations, robotic mine detectors, and intrusion detection services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The artificial intelligence in the military market also includes sales of sensor, drone, detector, computers equipment’s which are used in providing artificial intelligence in the military.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.
Artificial intelligence in the military facilitates quick decision-making, both in dynamic, information-dense environments and in information-scarce ones.Artificial intelligence is employed in military intelligence to analyze the enemy’s intelligence and as an application in autonomous vehicles and weapon systems.
Artificial intelligence in the military is used in supporting and planning military operations.
North America was the largest region in the artificial intelligence in military market in 2022.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, Middle East and Africa.
The main offerings of artificial intelligence in military are hardware, software, and services.Hardware refers to the computer’s tangible components that store and run the written instructions provided by the software.
The different technologies include machine learning, natural language processing, context-aware computing, computer vision, intelligent virtual agent (IVA) or virtual agents, and others that involve several platforms such as land, naval, and airborne. The different installations include new procurement and upgradation that are used in information processing, simulation and training, warfare platform, threat monitoring, situational awareness, cyber security, and other applications.
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, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh year in a row that spending increased. Military R&D funding in the United States increased by 24% between 2012 and 2021, while China, the world’s second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China’s military spending has increased for the past 27 years. Therefore, increased t spending on defense is driving the growth of artificial intelligence in the military market.
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.
In May 2022, EMCORE Corporation, a US-based communication device company acquired L3Harris’s space and navigation business for approximately $5 million.Through this acquisition, EMCORE will expand its inertial navigation product portfolio and add inertial measurement unit products and navigation and strategic grade gyro products from L3Harri.
L3Harris Technologies is a US-based aerospace and defense technology company.
The countries covered in the artificial intelligence in military 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 artificial intelligence in the military market research report is one of a series of new reports that provides artificial intelligence in the military market statistics, including artificial intelligence in the military industry global market size, regional shares, competitors with an artificial intelligence in the military market share, detailed artificial intelligence in the military market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence in the military industry. This artificial intelligence in the military 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.
Read the full report: https://www.reportlinker.com/p06433610/?utm_source=GNW
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