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IoT in the aerospace and defense market is expected to witness significant growth as defense systems get more sophisticated. This information was shared by a Fortune Business Insights report, titled “IoT in Aerospace and Defence Market Size, Share and Global Trend By Components (Software Platforms and Service), By End User (Space Systems, Ground Vehicles, and others) and Geography Forecast till 2026”. The report provides crucial information on the factors influencing growth in the global market. The information is aimed at encouraging more players and stakeholders to enter the market and aid its growth. Internet of Things (IoT) refers to a combination of hardware and software that makes management more efficient and economical.

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/iot-in-aerospace-defence-market-100305

The relevance of IoT today has gotten a huge boost due to the wide array of services it enables, particularly in the areas of equipment maintenance, health monitoring, inventory management, advanced analytics, and others. In case of IoT in aerospace and defense Market, its tools can be applied for unscheduled aircraft maintenance, sensory inputs, reliable and secure communications, tail allocation, and cloud application development services, thus enabling military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS. Countries like China are raising their defense budgets to integrate IoT in their existing technologies.

Key Market Driver

  • Enhanced internet penetration, decreased cost of powerful sensors and controllers.

Key Market Restraint

  • Slow data transmission speeds in flight and complex technology.

Deeper Internet Penetration to Give Fillip to the Market

Greater and more extended use of internet, along with better infrastructure and automation, has been one of the primary reasons for reduced costs in the aerospace and defense sector. This has happened mainly because the factors mentioned above have reduced the need to have physical tools and equipment such as sensors and controllers. Moreover, as governments in developed and developing countries of North America, Asia Pacific, and Europe get more internet savvy, the market is only going to grow in the forecast period.

Request a Sample Copy of the Global Market Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/iot-in-aerospace-defence-market-100305

Top Players List:

  • AeroVironment, Inc.
  • AT and T
  • Elbit Systems
  • FreeWave Technologies
  • General Atomics Aeronautical Systems
  • Honeywell International Inc.
  • Northrup Grunman
  • Prox Dynamics
  • Radisys
  • Textron Systems

Promising IoT Market Fuels Competition Among Major Industry Players

The IoT market holds a lot of potential and this can be seen by rising competition among notable players in the industry. Some of the players are Freewave Technologies, AeroVironment, Inc., Elbit Systems, General Atomics Aeronautical Systems, Prox Dynamics, AT and T, Radisys, and Textron Systems among others. For example, in January 2018, AeroVironment announces a joint venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of US$ 65 Mn.

Furthermore, in 2018, IoT was deployed in building ‘Smart Airports’ for various purposes like providing real-time data to passengers. Heathrow Airport of London adopts IoT technology to reduce nitrogen dioxide emissions in order to improve the local air quality. Thus, in both sectors, competitors seem to be upping the ante.

Segmentation

1. By Components

  • Software Platforms
  • Service

2. By End Use

  • Space Systems
  • Ground Vehicles
  • Airframes, Aircraft Fleets and MROs
  • Naval Systems

3. By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

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North America Leads the Global Market in Adoption of IoT

The inherently innovative and competitive market in North America coupled with its existing advanced technology made the region the highest revenue generator in IoT in 2016. However, markets in Asia-Pacific have also gained traction in the IoT in aerospace and defense market in recent years. Evidence can be found in the doubling of defense budgets by India and China and greater investments in technological upgrades such as industrial infrastructure evolution to a smart environment and integration of blockchain and cryptographic processes across IoT security services.

For example, the Indian government, under the Digital India scheme, plans to establish Centres of Excellence (CoEs) for research, digital manufacturing, training, and skilling in Robotics AI, big data analytics, quantum communication, and IoT. These developments are expected to propel the global Iot market in the forecast period.

Key Industry Developments

  • 2018– The development of smart airports brought a revolution in the IoT in aerospace market to extract meaningful real-time data for passengers.
  • January 2018– AeroVironment Announces Joint Venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of US$ 65 Mn.

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit IoT in Aerospace and Defence Market Latest Trends, Revenue Growth Rate And Application Scope | Fortune Business Insights