Global Combat Management System Market.
Global Combat Management System Market is projected to register a CAGR of 3.52% during the forecast period, 2020 to 2026.
The rapidly rising defense budget and military spending in emerging economies have significantly contributed to the expansion of the global combat management system market. High competition due to the presence of several players in the market has led combat management system providers to focus on innovation. Furthermore, the increasing procurement of advanced combat management systems by countries such as Indonesia is also expected to drive the growth of the market. For example, in May 2019, the Indonesian Navy signed a contract with Terma AS. Terma was officially awarded the contract for the delivery of a complete C-Series Combat Suite for four KCR-60 vessels of the Indonesian Navy (TNI-AL). Additionally, the rising territorial conflicts in regions such as Asia-Pacific and growing terrorism across the globe are also encouraging several governments across the world to invest in advanced combat management systems.
However, issues related to cybersecurity and the high cost of manufacturing might hamper the growth of the global market.
Increasing technological developments for the battlefield such as AI and the growing demand for enhanced situational awareness are expected to drive the growth of the global combat management system market.
Growth Opportunities in the Market
Corvettes segment to register the highest CAGR during the forecasted period: The corvettes segment is expected to witness the highest CAGR during the forecast period owing to the growing demand for advanced military warships from emerging countries that support advanced technologies.
Unmanned vehicle control system segment is expected to register the highest CAGR during the forecasted period: The unmanned vehicle control system segment dominated the market in 2019 and is expected to grow at the highest CAGR during the forecast period, owing to the growing awareness about various benefits of unmanned vehicles over traditional approaches. This is leading to the higher adoption of UAV, USV, and UGV in military and naval services.
Hardware segment dominated the market in 2019: The hardware segment dominated the market in 2019 as combat management systems hardware offer enhanced situational awareness, assist in tracking, and support advanced weapons.