IoT in Aerospace & Defense Market is expected to reach at $40,950 Million by 2023, registering a CAGR of 11.8%. IoT in Aerospace & Defense Market incorporates various tools and services that enable better management of the industry. It includes various activities such as fleet management, health monitoring, inventory management, equipment maintenance, advanced analytics, and others. Furthermore, the major tools used in the global industry include omnichannel commerce solutions, sales, inventory & operations planning, manufacturing & supply chain optimization, quality monitoring, system software development & integration, big data & edge data analytics, and fleet reliability analysis.
IoT in aerospace & defense offers better operation & control, material management, energy management, traffic planning, staff & passenger information management, data analytics, and others. Moreover, it offers unscheduled aircraft maintenance, tail allocation, sensory inputs, reliable & secure communications, and cloud application development services.
Global IoT in Aerospace & Defense Market Segmentation
The global IoT in aerospace & defense market is segmented based on component, connectivity technology, application, and geography. Based on component, it is categorized into hardware, software, and services. Based on connectivity technology, it is divided into cellular, Wi-Fi, satellite communication, radio frequency identification (RFID), and others. Based on application, it is classified into real time fleet management (RTFM), training & simulation, health monitoring, equipment maintenance, health monitoring, inventory management, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global IoT in aerospace & defense market was valued at $19,175 million in 2016, and is expected to reach at $40,950 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023. The major factors driving the market growth are extended connectivity; enhanced internet penetration; bandwidth & connectivity; decreased cost of powerful sensors & controllers; growth in information, communication, & technology (ICT); and expenditure by governments in the several developed and the developing regions including North America, Europe, and Asia-Pacific.
North America generated the highest revenue in the global market in 2016, owing to technologically equipped infrastructure, high adoption of Internet of Things (IoT), and growth in demand for IoT in aerospace & defense tools. Moreover, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in demand for the technological upgrade in aerospace & defense sector from India and China.
The key players operating in the global IoT in aerospace & defense market includes AeroVironment, Inc., AT & T, Elbit Systems, Freewave Technologies, General Atomics Aeronautical Systems, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, Radisys, and Textron Systems. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Growth in Information, Communication, & Technology (ICT)
As per the report published by World Bank, the minimum internet penetration rate is 15% in the least developed countries. Technological innovation drives the development of ICT infrastructure.
Decrease in the cost of sensors and controllers
The increase in internet penetration, infrastructure, growth in demand for automation and analytics are the factors that reduce the cost of powerful sensors and controllers used in the aerospace & defense sector. The tools such as AerVoyance offered by Aeris optimizes devices, reduces costs, and manages the device effectively.
Expenditure by government in the several developed and the developing regions
IoT in aerospace & defense is a rising trend in business intelligence and analytics as the technology is highly appreciated and used globally. However, high costs associated with the implementation of this system in the enterprise hampers the market growth. The government has invested and supported IoT usage in the several developed and the developing regions such as in Asia-Pacific, North America, and Europe.
The global market by solution comprises several tools & systems offered by various players in the market. For instance, Textron systems offers command & control technologies, such as Synturian a multi-domain and multi-platform technology provides visual management system, which links people, platforms, and payloads in the real time. The other solutions include range test & simulation equipment, flight line test equipment, and supply chain management.
In-depth analysis of the global IoT in aerospace & defense industry and dynamics is provided to understand the market scenario.
Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist the strategists and stakeholders to capitalize on prevailing opportunities in the IoT in Aerospace & Defense market.
Porter's Five Forces analysis examines the competitive structure of the market and explains about the factors that influence the market entry and expansion.
A detailed analysis of geographical segments enables identification of profitable segments for market players in the IoT in Aerospace & Defense market.
Comprehensive analysis of the trends, sub-segments, and key revenue pockets is provided.
Detailed analysis of the key players operating in the IoT in aerospace & defense industry and their business strategies are anticipated to assist the stakeholders to take informed business decisions.
Iot in Aerospace & Defense Market Key Segments:
By Connectivity Technology
Radio Frequency Identification (RFID)
Real Time Fleet Management (RTFM)
Training & Simulation
Rest of Europe
Rest of Asia-Pacific
The Key Players Profiled in the report are as follows
General Atomics Aeronautical Systems
Honeywell International, Inc.