Artificial Intelligence (AI) in Military Market worth $38.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 29, 2023 /PRNewswire/ -- The Artificial Intelligence (AI) in Military Market is estimated to be USD 9.2 billion in 2023 and is projected to reach USD 38.8 billion by 2028, at a CAGR of 33.3% during the forecast period according to a new report by MarketsandMarkets™. The driving factor for the AI in military market is increase investments on development of AI-enabled solution to strengthen military capabilities, development of high-end AI chips, and need for advanced surveillance systems and situational awareness.

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Artificial Intelligence (AI) in Military Market Report Scope:

Based on application, the warfare platforms segment is expected to grow at the highest CAGR during the forecast period.

Based on application, the market for artificial intelligence in the military has been segmented into warfare platforms, cybersecurity, logistics and transportation, surveillance and situational awareness, command and control, battlefield healthcare, simulation and training, information processing, threat monitoring, and others.

Military forces worldwide are incorporating AI for the development of efficient warfare systems that are less dependent on human input. It also leads to limited maintenance, increased synergy, and enhanced performance of warfare systems.

Among warfare platforms, electronic warfare (EW) is seen to be widely adopted. EW, as defined by the Department of Defense (DOD), includes "military activities that use electromagnetic energy to control the electromagnetic spectrum ("the spectrum") and attack an enemy." Incorporating artificial intelligence in EW platforms improves situational awareness and reduces reaction time, helping it to improve its efficiency.

Based on installation type, the upgradation segment is projected to grow at the highest CAGR during the forecast period.

Based on installation type, the AI in military industry is segmented into new installation and upgradation. Countries across the globe are increasingly focusing on upgrading their existing defense systems by replacing hardware components as well as updating software modules with the latest available versions in order to gain an advantage over enemy forces during combat situations. The upgradation of military equipment and systems is a continuous process, especially in countries that already integrate technology within their military systems. Upgradation is conducted to keep these systems up-to-date and resilient to new threats such as cyber-attacks, electronic warfare, and enemy signals interference.

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Based on region, the Asia Pacific anticipated to grow at highest CAGR during the forecast period.

The Asia Pacific is projected to grow at the highest CAGR during the forecast period. This growth is attributed to increased funding/investments by countries for the development of AI products. Japan, China, India, Australia, South Korea, and the Rest of Asia Pacific are considered for market analysis in the Asia Pacific region. In addition, the increased focus of both, international as well as domestic players on the AI in military market is contributing to the high demand for AI systems in the region. Increasing insurgencies, territorial and political disputes, and terror attacks in the Asia Pacific region are also fueling the growth of the artificial intelligence market for the military in this region. Favorable regulatory policies for the approval of new AI products are further intensifying the interest of players in the Asia Pacific artificial intelligence market.

Major players operating in the AI in military companies include Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), BAE Systems PLC (UK), and Thales Group (France). These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting

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