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IoT in Aerospace & Defence Market Size, Share and Global Trend By Components (Software Platforms & Service), By End User (Space Systems, Ground Vehicles, and others) and Geography Forecast till 2026
IoT in the aerospace and Defence market is expected to witness significant growth as Defence systems get more sophisticated. This information was shared by a Fortune Business Insights report, titled “IoT in Aerospace and Defence“Market Size, Share and Global Trend By Components (Software Platforms and Service), By End User (Space Systems, Ground Vehicles, and others) and Geography Forecast till 2026”. The report provides crucial information on the factors influencing growth in the global market. The information is aimed at encouraging more players and stakeholders to enter the market and aid its growth. Internet of Things (IoT) refers to a combination of hardware and software that makes management more efficient and economical.
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The relevance of IoT today has gotten a huge boost due to the wide array of services it enables, particularly in the areas of equipment maintenance, health monitoring, inventory management, advanced analytics, and others. In case of IoT in Aerospace and Defence Market, its tools can be applied for unscheduled aircraft maintenance, sensory inputs, reliable and secure communications, tail allocation, and cloud application development services, thus enabling military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS. Countries like China are raising their Defence budgets to integrate IoT in their existing technologies.
IoT in Aerospace and Defence Market Landscape and Market Scenario Includes:
Key Market Driver
Key Market Restraint
Deeper Internet Penetration to Give Fillip to the Market
Greater and more extended use of internet, along with better infrastructure and automation, has been one of the primary reasons for reduced costs in the aerospace and Defence sector. This has happened mainly because the factors mentioned above have reduced the need to have physical tools and equipment such as sensors and controllers. Moreover, as governments in developed and developing countries of North America, Asia Pacific, and Europe get more internet savvy, the market is only going to grow in the forecast period.
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Top Players List:
Important Features that are under Offering and Key Highlights of the Market Report:
Promising IoT Market Fuels Competition Among Major Industry Players
The IoT market holds a lot of potential and this can be seen by rising competition among notable players in the industry. Some of the players are Freewave Technologies, AeroVironment, Inc., Elbit Systems, General Atomics Aeronautical Systems, Prox Dynamics, AT and T, Radisys, and Textron Systems among others. For example, in January 2018, AeroVironment announces a joint venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of US$ 65 Mn.
Furthermore, in 2018, IoT was deployed in building ‘Smart Airports’ for various purposes like providing real-time data to passengers. Heathrow Airport of London adopts IoT technology to reduce nitrogen dioxide emissions in order to improve the local air quality. Thus, in both sectors, competitors seem to be upping the ante.
Segmentation of IoT in Aerospace and Defence Market
1. By Components
2. By End Use
3. By Geography
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North America Leads the Global Market in Adoption of IoT
The inherently innovative and competitive market in North America coupled with its existing advanced technology made the region the highest revenue generator in IoT in 2016. However, markets in Asia-Pacific have also gained traction in the IoT in Aerospace and Defence market in recent years. Evidence can be found in the doubling of Defence budgets by India and China and greater investments in technological upgrades such as industrial infrastructure evolution to a smart environment and integration of blockchain and cryptographic processes across IoT security services.
For example, the Indian government, under the Digital India scheme, plans to establish Centres of Excellence (CoEs) for research, digital manufacturing, training, and skilling in Robotics AI, big data analytics, quantum communication, and IoT. These developments are expected to propel the global Iot market in the forecast period.
Queries Addressed In IoT in Aerospace and Defence Market Report:
Key Industry Developments
Key Features of Market Research Report:
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Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
An Overview of the Impact of COVID-19 on this Market:
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