Global IoT market in Aerospace & Defense generated revenue of USD 19.8 billion in 2019 and expected to grow at a CAGR of XX % through 2026 to reach USD XX billion.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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The market growth is coupled with IoT’s interoperability, better security, and prompt decision making characteristics. Further, increasing demand for sophisticated and efficient aerospace services also drive the market for IoT in Aerospace & Defense market. 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. A SITA air transport study found that 67% of airlines have plans to invest on airline IoT by 2030. One of the drivers is passenger demands for seamless in-flight connectivity. With 50 billion or more IoT devices expected to be in circulation by 2030, airlines want to be able to allow passengers to connect smartphone sets, smart phones, Fitbits and other devices in the air.
IoT provides the standardized operating platform that gathers data from data-producing systems and sensors in the aerospace industry. The data of aerospace industry operates with analytics applications and compression technology to deliver real-time data to user interfaces. For instance, IBM works to help aircraft manufacturers manage unplanned events, which are difficult to respond to due to lack of real-time reporting. IoT combats that lack of real-time reporting with complex scheduling systems that show resource, tool and part availability, and a general overview of operations in motion. The systems can also aid in equipment preventive care, such as monitoring the calibration process for aerospace equipment.
IoT helps the military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS and thus, drive the market in the defence industry. IoT plays a pivotal role in providing greater battlefield situational awareness, as well as improving soldier health care. Today, most military facilities have health and security monitoring systems that can send automated notifications to the solider and medical response team based on that soldier’s medical condition. Additionally, IoT aids in equipment maintenance, helping determine the extent of an equipment’s use and automatically tracking the duration to determine the optimal time for a replacement or repair.
Maximize Market Research has undertaken extensive research about the current Global IoT in Aerospace & Defense Market outlook with respect to its applications as well as the assuring future of the technology in this sector. Notably, the report delivers a deep insight on the drivers, opportunities and restraints that exist in the Global IoT Aerospace & Defense Market. Report also forecasts the future market opportunities that shall exist in this sector. Based on the analysis, report segments the market broadly -by Connectivity Technology -by Component –by Application -by Region.
North America held the highest market share of more than 60% in 2016. The North American market is driven by rising adoption of smart connected devices and technologies in the aerospace and defense sector. IoT in North American aerospace & defense is a rising trend. The growth rate is coupled with in high business intelligence and analytics provided by the IoT technology. The government has invested and supported IoT usage in the several developed and the developing regions such as in North America, Europe, and Asia-Pacific.
Asia Pacific is expected to have higher growth rate in the forecast period. The growth rate is driven rising inclination toward smart devices, portable electronic gadgets, and connected consumer electronics in the countries including India and China. Further, the growing smart devices market and smart technology in this region is also promoting the growing adoption of IoT in the aerospace and defense sector. In Commercial Aerospace, industry sales rose slightly, and production increases are expected as orders picked back up. Worldwide airline passenger traffic grew by 7.5%, far exceeding long-term 4.5% growth forecasts. Such expectations are increasingly dependent on the technological advancements Asia-Pacific is projected to account for 40.0% of new deliveries. The growth in the sales drive the market for IoT in aerospace sector. Defense spending increases have also fuelled a step up in Government IT Services and IoT implementation, as revenue expectations have improved, together with increased budgetary visibility, and a commitment to IT systems infrastructure, modernization. The cybersecurity in the defense industry is expected to grow 12.0-15.0% annually over the next five years and government expenditure rose over 35.0% in 2015.
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Global IoT Aerospace & Defense Market, by Component:
Hardware, Software, Services
Global IoT Aerospace & Defense Market, by Connectivity Technology:
Cellular, Wi-Fi, Satellite Communication, Radio Frequency Identification (RFID), Others
Global IoT Aerospace & Defense Market, by Application:
Real Time Fleet Management (RTFM), Training & Simulation, Health Monitoring, Equipment Maintenance, Inventory Management, Others
Global IoT Aerospace & Defense Market, by Region:
North America, Europe, Asia Pacific, Middle East & Africa and Latin America
Global IoT Aerospace & Defense Market, Key Players
GENERAL ATOMICS AERONAUTICAL SYSTEMS
HONEYWELL INTERNATIONAL, INC.
INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM)
AIRBUS GROUP SE
THE BOEING COMPANY
Success Stories / Case Studies
AIRBUS GROUP SE
THE BOEING COMPANY
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