IoT in Aerospace & Defense Market Size Expected to Reach $145.27 Billion by 2030

According to a new report published by Allied Market Research, titled, “IoT in Aerospace & Defense Market," The iot in aerospace & defense market size was valued at $38.67 billion in 2020, and is estimated to reach $145.27 billion by 2030, growing at a CAGR of 14.4% from 2021 to 2030.

Key factor that drives the growth of the IoT in aerospace & defense market, includes enhanced internet penetration and decrease in cost of powerful sensors and controllers. In addition, growth in information, communication, and technology (ICT) and expenditure by governments in the several developed and the developing regions fuel the growth of the market. However, poor internet infrastructure in developing nations and infrastructure simplification and standardization restrict the market growth. Moreover, adoption of big data techniques and cloud computing & analytics is expected to offer remunerative opportunities for expansion of the IoT in aerospace & defense market forecast.

Region-wise, the IoT in aerospace & defense market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to rapid migration from Code Division Multiple Access (CDMA) and Wideband Code Division Multiple Access (WCDMA)/High Speed Packet Access (HSPA) based networks. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to countries such as South Korea and Japan engaged in early deployment of LTE.

The Internet of things in aerospace & defense market is projected to prosper in the COVID-19 situation owing to various government, public, and other organization adopting work from home culture for their employees. The IoT provides numerous benefits to various organizations in this pandemic situation, such as improving standards of corporate governance and  increasing efficiency of workforce for providing services in emergency cases. Moreover, with the launch of 5G technology in the midst of the COVID-19, the demand for IoT is expected to boost, owing to the presence of faster and safer data collection and transfer technology.

The key players profiled in the IoT in aerospace & defense market analysis are AeroVironment, Inc., AT&T Intellectual Property, Elbit Systems Ltd., FreeWave Technologies, Inc., General Atomics, Honeywell International Inc., Northrop Grumman, Teledyne FLIR LLC, Radisys, and Textron Systems. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.