Artificial Intelligence in Defense Market Growth Trends with 10.8% of CAGR by 2028: The Insight Partners – Digital Journal
Unmanned aerial vehicles (UAVs) are used in multiple applications, and they are growing in popularity. Recent progress in UAVs and artificial intelligence (AI) constitutes a new chance for autonomous operations and flight. Nowadays, artificial intelligence and deep learning are driving the evolution of UAVs and fueling their autonomous future. Computer vision has progressed in image classifi…….
Unmanned aerial vehicles (UAVs) are used in multiple applications, and they are growing in popularity. Recent progress in UAVs and artificial intelligence (AI) constitutes a new chance for autonomous operations and flight. Nowadays, artificial intelligence and deep learning are driving the evolution of UAVs and fueling their autonomous future. Computer vision has progressed in image classification and segmentation and object detection, making it an attractive research field when applied on UAVs. Artificial intelligence is more beneficial for UAVs in decision-making and is essential in military operations.
The artificial intelligence in defense market is expected to grow from US$ 6,404.73 million in 2021 to US$ 13,153.31 million by 2028; it is estimated to grow at a CAGR of 10.8% during 2021–2028.
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Impact of COVID-19 Pandemic on Artificial Intelligence in Defense Market
The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services.
Even though the COVID-19 pandemic caused a large-scale impact on economies across the globe in 2020, leading to many challenges, the artificial intelligence in defense market has continued to expand. This can be seen from both the demand as well the supply sides, as leading manufacturers such as IBM Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, BAE Systems plc., and Northrop Grumman continue to invest heavily in developing artificial intelligence capabilities, and governments continue to invest significantly in securing these advanced systems. Governments have realized the potential of improved capabilities that these artificial intelligence systems could offer in terms of defense arsenal. However, despite the development of artificial intelligence technology, the supply chain disruptions of the artificial intelligence systems during the COVID-19 pandemic had a minor hit in the artificial intelligence in defense market growth. This resulted from the shortage of raw materials due to disruptions in the supply chain. The hardware systems such as artificial intelligence systems have had a slightly negative impact. However, the demand for artificial intelligence services provided to various defense organizations across the globe was high. Moreover, the government spending in the defense sector was significantly higher. Therefore, the overall impact of the pandemic on the artificial intelligence in defense market was positive.
In 2021, with the relaxation of lockdown measures and the beginning of vaccination drives, the supply-chain industry resumed working smoothly with timely delivery of raw materials of the artificial intelligence systems. Moreover, governments across the globe continue to invest significantly in securing advanced systems for the defense sector. Therefore, the artificial intelligence in defense market will grow significantly.
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The players operating in the artificial intelligence in defense market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In March 2021, Lockheed Martin and NEC Corporation signed a joint collaboration agreement to extend their partnership. Both the companies are also finalizing a licensing agreement with a multi-year option. For several years, Lockheed Martin and NEC have been working together to evaluate the effectiveness of SIAT for early production testing and operational scenarios. As a result, Lockheed Martin has integrated SIAT into the technology for telemetry analytics for Universal Artificial Intelligence (T-TAURI) AI service. This allows the organization to drive proactive anomaly detection during the design, development, production, and test phase of spacecraft development, even before applications in mission operations.
In March 2021, Raytheon Technologies Corporation installed emerging technology into the company’s modeling and simulation process to help defense customers visualize the performance of weapons systems before they make procurement decisions.
Technology-Based Artificial Intelligence in Defense
Based on technology, the artificial intelligence in defense market is segmented into advanced computing, AI systems, and learning and intelligence. In 2020, the advanced computing segment accounted for the largest artificial intelligence in defense market share.
Platform-Based Artificial Intelligence in Defense
Based on platform, the artificial intelligence in defense market is segmented into land, air, and naval. In 2020, the land segment accounted for the largest artificial intelligence in defense market share.
Application-Based Artificial Intelligence in Defense
Based on application, the artificial intelligence in defense market is segmented into cyber security, battlefield healthcare, logistics and transportation, warfare platform, and others. In 2020, the warfare platform segment accounted for the largest artificial intelligence in defense market share.
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