The Global Next Generation Battlefield Technology Market report by BIS Research projects the market to grow at a significant CAGR of 17.02% on the basis of value during the forecast period from 2019 to 2024.
According to a new market intelligence report by BIS Research titled ‘Global Next Generation Battlefield Technology Market − Analysis and Forecast, 2019-2024’, the next generation battlefield technology market was valued at $16.66 billion in 2018 and is expected to reach $42.12 billion by 2024, at a CAGR 17.02% during the forecast period.
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the next generation battlefield technology market was valued at $16.66 billion in 2018 and is expected to reach $42.12 billion by 2024, at a CAGR 17.02% during the forecast period. The growth of the next generation battlefield technology market is majorly due to the factors such as the increasing expenditure and modernization of defense industry for developing military equipment and rising demand for cyber services in military.
Moreover, these systems also aid defense forces to gather intelligence data and help effective decision making, to increase their productivity and quality.
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Some of the prominent players such as Lockheed Martin, Elbit System, Northrop Grumman, BAE, Exone and Flir system, are adopting contracts as a key strategy for the development of next generation technology. For Instance, in November 2019, Northrop Grumman Corporation received a contract from the U.S.
army for development of integrated air and missile defense (IAMD) battle command systems (IBCS). The system supports the network for sensors and interceptors that improve safety and situational awareness.
All such factors are further expected to drive the growth of the next generation battlefield technology market.
This study is designed to address some of the most crucial questions about the next generation battlefield technology market:
- What are the trends in the global next generation battlefield technology market across different regions?
- What are the major driving forces that tend to increase the demand for next generation battlefield technology during the forecast period 2019-2024?
- What are the major challenges inhibiting the growth of the global next generation battlefield technology market?
- What is the total revenue generated in the global next generation battlefield technology market, by application type, in 2018?
- Which application type of next generation battlefield technology (cybersecurity, explosive ordinance disposal, health monitoring, data warfare, surveillance, combat simulation, and logistics and transportation) is expected to dominate the market in the coming years?
- What is the total revenue generated in global next generation battlefield technology market, by end user, in 2018 and what are the estimates by 2024?
- Which component (hardware and software) is expected to dominate the next generation battlefield technology market in the coming years?
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