The global IoT in defense market size was worth around USD 41.01 billion in 2022 and is predicted to grow to around USD 109.17 billion by 2030 with a compound annual growth rate (CAGR) of roughly 13.02% between 2023 and 2030.
Internet of Things technology is also known as IoT technology. It refers to the use of sophisticated technological instruments such as software, sensors, and communication devices to connect multiple systems capable of exchanging information and data via the internet. IoT is driven by computer science engineering, communication technology, and electronics, as these components form the primary pillar of employing IoT in a variety of end-user applications, including the expanding defense industry.
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???? IoT in the Defense Sector: An Overview
The evolving national security requirements of developing and developing nations have necessitated the integration of sophisticated and functional technologies for the optimal maintenance and utilization of defense equipment. IoT in defense enables intelligent warfare by facilitating modern battle operations made possible by the effective integration of human knowledge and technological capabilities of IoT devices. Defense objects are embedded with sensors and other equipment that enable them to communicate with one another. Heart rate, fingerprints, the visage, and facial expression are among the most commonly collected and exchanged data types.
???? Major Insights:
• Our research analyst estimates that the global IoT in defense market will expand at a CAGR of approximately 13.02% over the forecast period (2023-2030).
• The global IoT in defense market was valued at approximately USD 41.01 billion in 2022 and is expected to reach USD 109.17 billion by 2030.
• The defense IoT market is anticipated to grow at a significant rate due to the expanding use of this technology in fleet and ammunition management.
➤ Increasing fleet and ammunition management application will drive market growth
Fleet management is essential for cost control and optimal resource utilization. As a consequence of the shifting global order and rising social-political tensions between cross-border territories, more nations have increased their defense spending to ensure national security. Regional governments are either collaborating with transcontinental suppliers of new weapons equipment or investing in domestic R&D. In August of 2022, the United States announced its ratification of a sales agreement with Saudi Arabia and the United Arab Emirates to counter Iran’s military activities. The transaction is worth more than $5 billion.
➤ Threats posed by cybercriminals to impede market expansion
The global IoT in defense market growth is projected to be restricted owing to the increasing threats posed by cyber criminals including terrorist groups and digital hijackers. According to research, 2022 is anticipated to be a turning point in cyber security due primarily to the proliferation of Internet of Things technology. Although it is difficult to hack defense apparatus, the proliferation of IoT increases the risk of cyberattacks. Multiple reports emerged in April 2023 detailing China’s investment in the development of cyber weapons that can commandeer the satellite of the enemy. In such circumstances, IoT systems introduce additional vulnerabilities.
➤ Expanding collaboration between technology companies and arms manufacturers creates expansion opportunities
The growth of the Internet of Things (IoT) in the defense industry may be bolstered by the increasing collaboration between technology companies and prominent manufacturers of highly advanced military weapons and defense equipment. Lockheed Martin announced its partnership with Red Hat Inc. in October 2022. The companies intend to use Artificial Intelligence (AI) technologies to enhance the military platform services of the first company. Lockheed Martin has already adopted Red Hat Device Edge, an innovative technology. On the other hand, in April 2023, India and the US proclaimed bilateral trade dealing with the manufacturing of sophisticated and modern military armaments.
➤ Political turmoil encircling defense transactions may impede market growth
The global IoT in defense market growth trend is likely to be hampered by the escalating political unrest that surrounds all defense-related transactions or endeavors. National defense is a highly sensitive industry governed by stringent regulations governing the trade of military equipment and associated technologies. However, this creates additional obstacles for industry participants, who must navigate a complex web of regulating policies.
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The Global IoT in Defense Market is segmented based on product, application and region
Global IoT in Defense Market: Product Segment Analysis
● Radio Frequency
● Satellite Communication
● Wi-Fi
● Cellular
Global IoT in Defense Market: Application Segment Analysis
● Inventory Management
● Fleet Management
● Security
● Equipment Maintenance
● Others
The global IoT in defense market is led by players like:
● CACI International Inc.
● Lockheed Martin Corporation
● BAE Systems plc
● Thales Group
● Raytheon Technologies Corporation
● Honeywell International Inc.
● Northrop Grumman Corporation
● SAIC
● L3Harris Technologies Inc.
● General Dynamics Corporation
● Kratos Defense & Security Solutions Inc.
● Siemens AG
● Boeing Company
● Leidos Holdings Inc.
● Cisco Systems Inc.
➤ North America will have the highest growth rate in the world
The North American market for IoT in defense will dominate the international market. Currently, the United States is the largest exporter of armaments and ammunition. In terms of countries with superior defense equipment, it also rates first. Due to continuous research and development, the U.S. has maintained its position over the years. The country is home to some of the largest defense weapons manufacturers, including Lockheed Martin, which is presently valued at USD 104 billion.
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In addition, it has a sizable population of IoT developers, which enables both divisions to engage in seamless collaboration for the expansion of IoT in defense equipment. Regional revenue is likely to increase as a result of the intensifying partnership between the United States and other nations in the production of warheads of the highest quality. As tensions with China continued to rise in August 2023, the United States authorized the transfer of $500 million worth of arms to Taiwan. On the contrary, Europe is expected to develop steadily. During the forecast period, France will lead in regional revenue.
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