The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Artificial Intelligence in Military Global Market Report 2024, the artificial intelligence in military market is expected to show significant growth in the forecast period.

 

The artificial intelligence in the military market has witnessed a remarkable surge in recent years, scaling from $8.45 billion in 2023 to a projected $9.86 billion in 2024, marking a substantial compound annual growth rate (CAGR) of 16.6%. The impetus for this growth in the historic period can be attributed to increased budget allocations, rising cybersecurity concerns, heightened data availability, growing threats, and economic growth.

 

Key Market Figures:

• 2023 Market Size: $8.45 billion
• 2024 Projected Size: $9.86 billion
• CAGR (2023-2024): 16.6%

 

Navigating the Future: Projected Growth Drivers

The artificial intelligence in the military market is poised for rapid expansion, with an anticipated growth to $17.65 billion in 2028, sporting a CAGR of 15.7%. The driving forces behind this surge in the forecast period include geopolitical tensions, increased research and development, a flourishing military and defense sector, rising government support, and the surge in industrial automation.

 

Projected Figures:

• 2028 Projected Size: $17.65 billion
• CAGR (2024-2028): 15.7%

 

Growth Catalysts:

• Geopolitical tensions
• Increased research and development
• Flourishing military and defense sector
• Rising government support
• Industrial automation surge

 

Riding the Defense Wave: Increased Spending on Defense

The bolstered growth of artificial intelligence in the military is fueled by increased spending on defense worldwide. Governments globally are investing in specialized departments and organizations dedicated to developing new AI capabilities, integrating AI into military equipment, and fortifying their defense capabilities. Notably, in 2021, total global military spending witnessed a 0.7% increase to $2113 billion, with military R&D funding in the United States escalating by 24% between 2012 and 2021.

• Global military spending reached $2113 billion in 2021
• United States witnessed a 24% increase in military R&D funding
• China allocated $293 billion to its military in 2021, a 4.7% increase
• Consistent increase in China’s military spending for 27 years

 

Market Leaders at the Helm: Key Players in the AI Military Landscape

Major companies shaping the artificial intelligence in military market include Charles River Analytics Inc., BAE Systems PLC., Northrop Grumman Corporation, Lockheed Martin Corporation, and several others. These industry giants play a pivotal role in steering the market through their technological prowess and strategic initiatives.

 

Major Companies:

• Charles River Analytics Inc.
• BAE Systems PLC.
• Northrop Grumman Corporation
• Lockheed Martin Corporation
• Thales Group

 

Innovation Unleashed: Focus on Launching New AI Projects

Major players in the artificial intelligence in military market are not resting on their laurels; instead, they are actively launching innovative projects to solidify their market presence. For example, the US Army’s Project Linchpin, initiated in May 2023, adapts standard AI and machine learning operations for secure government environments. It provides a disciplined approach for continuous integration of machine learning capabilities into army programs.

• US Army’s Project Linchpin launched in May 2023
• Adaptation of standard AI and machine learning operations
• Disciplined approach for continuous integration into army programs

 

Strategic Expansion: EMCORE Acquires L3Harris’s Space and Navigation Business

In a strategic move, EMCORE Corporation, a US-based communication device company, acquired L3Harris’s space and navigation business for approximately $5 million in May 2022. This acquisition enables EMCORE to expand its inertial navigation product portfolio, incorporating inertial measurement unit products and navigation and strategic-grade gyro products from L3Harris.

• EMCORE acquires L3Harris’s space and navigation business
• Expansion of inertial navigation product portfolio
• Addition of inertial measurement unit products and strategic-grade gyro products

 

Market Segmentation: Understanding the AI Military Landscape

The artificial intelligence in military market encompasses various segments, including offering, technology, platform, installation, and application. From hardware, software, and services to machine learning, natural language processing, and land, naval, or airborne platforms, the market caters to a wide array of needs.

Market Segmentation:

1. Offering: Hardware, Software, Service
2. Technology: Machine Learning,

 

Natural Language Processing, Context-Aware Computing, Computer Vision, Intelligent Virtual Agent (IVA) or Virtual Agents, Other Technologies 3. Platform: Land, Naval, Airborne

1. Installation: New Procurement, Upgradation
2. Application: Information Processing, Simulation and Training, Warfare Platform, Threat Monitoring and Situational Awareness, Cyber Security, Other Applications

 

Global Dynamics: Regional Insights

In 2023, North America claimed the title of the largest region in the artificial intelligence in military market. However, the spotlight is poised to shift, with Asia-Pacific expected to emerge as the fastest-growing region in the forecast period. This regional shift underlines the global nature of the artificial intelligence in military market.

 

Regional Insights:

• Largest Region (2023): North America
• Fastest-Growing Region: Asia-Pacific (Forecast Period)

 

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The Artificial Intelligence in Military Global Market Report 2024  provides an in-depth analysis on the artificial intelligence in military market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the artificial intelligence in military market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

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