Digital Battlefield Market Is Projected to Gain $156.8 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 15.7%: Allied Market Research
Allied Market Research
5 min read
Allied Market Research
The global digital battlefield market growth is attributed to several factors, such as an increase in 5G network adoption for ultra-fast data collection, the rapid advancement of robotics technologies, big data analytics, and artificial intelligence, and a robust military and defense expenditure.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Digital Battlefield Market by Solution (Software, Hardware, and Services), by Technology (Cloud Computing and Master Data Management, Artificial Intelligence, Robotic Process Automation, Internet of Things (IoT), 5G, and Others), by Application (Surveillance and Situational Awareness, Electronic Warfare, Cyber Security, Warfare Platform, Command and Control, Mobile Communication, Simulation and Training, Design and Manufacturing, and Others), by Platform (Land, Aircraft, Naval, Space): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global digital battlefield industry size is expected to grow to $156.8 billion by 2031, having absorbed a value of $38.0 billion in 2021, exhibiting a notable CAGR of 15.7% from 2022 to 2031.
The global digital battlefield market growth is attributed to several factors, such as an increase in 5G network adoption for ultra-fast data collection, the rapid advancement of robotics technologies, big data analytics, and artificial intelligence, and a robust military and defense expenditure. On the other hand, huge investments are needed in the early stages of digitization and worries about the risk of mistakes in complex warfare scenarios impede the growth of the global market. Furthermore, the increasing demand for digital battlefield equipment in defense and the deployment of new-generation missiles and air defense systems bring remunerative opportunities for the growth of the industry in the coming years.
The land segment to maintain its leadership status throughout the forecast period-
In terms of platform, the land segment dominated the major market share in 2021, holding more than one-third of the global digital battlefield market revenue, and is predicted to maintain its leadership status throughout the forecast period. This is due to the increasing demand for land platforms for military use, which has become important for the global defense industry. The naval segment, however, would cite the highest CAGR of 20.2% from 2022 to 2031. This is due to the rise in globalization and commercialization, the ability of governments to spend more money with the increase in disposable income, and leisure models in high demand in emerging economies.
In terms of solution, the hardware segment contributed to the highest market share in 2021, acquiring more than three-fifths of the global digital battlefield market revenue, and is projected to rule the roost by 2031. This is due to political turmoil and terrorism over borders and safety & security issues, there's a huge need for military hardware devices in the defense and military sector. Nevertheless, the software segment would display the fastest CAGR of 19.2% from 2022 to 2031. This is because the software used in defense and military systems is designed to make it easy for sensors, communication, and control systems to work together.
North America garnered the major market share in 2031-
In terms of region, North America garnered the major market share in 2021, generating nearly three-fifths of the global digital battlefield market revenue, and is predicted to continue its dominance throughout the forecast period. due to the widespread adoption of high-tech digital battlefields, as well as the rise in the military’s demand for combat equipment. On the other hand, Asia Pacific would exhibit the fastest CAGR of 22.1% from 2022 to 2031. This is due to the fact that digital battlefield solutions are widely used in the region.
Industry-Leading Players:
L3Harris Technologies, Inc.
Raytheon Technologies Corporation
Atos SE
Booz Allen Hamilton Inc.
Leonardo S.P.A.
Raytheon Technologies Corporation
Lockheed Martin Corporation
Elbit Systems Ltd.
Northrop Grumman Corporation
Teledyne FLIR LLC
The report provides an overview of the leading players in the global digital battlefield market. They have adopted various strategies such as the launch of new products, innovation, partnerships, joint ventures, and more to expand their market presence and consolidate their positions in the market. The report helps to understand the business performance of top market players, the operating segments, and the product portfolio.
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