As stated in our extensive report, providing insights on products and procedures the Global Artificial Intelligence In Military Market accounted for USD 6.62 Billion in the year 2021.
The rising acceptance of artificial intelligence in the manufacturing sector for optimizing logistics & supply chains, reducing costs and downtime in production lines, quality and faster defense equipment, the rise of Industrial 4.0, increasing volume of large complex data, and the rising adoption of industrial IoT are the key factors driving the growth of the Artificial Intelligence In Military Market.
In recent years manufacturing in the defense, sectors are becoming increasingly complex, dynamic, and connected. The factory operation faces challenges of highly nonlinear and stochastic activity due to the countless uncertainties and interdependencies that exist. Recent developments in Artificial Intelligence (AI), especially Machine Learning (ML) have shown great potential to transform the manufacturing domain through advanced analytics tools for processing the vast amounts of manufacturing data generated, known as Big Data
Furthermore, the increasing scale of processing operations in emerging economies, acceptance of modern manufacturing techniques, and deployment of automation technologies are expected to generate opportunities for the growth of the Artificial Intelligence In Military Market.
Artificial Intelligence In Military Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Artificial Intelligence In Military Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for AI in the manufacturing sector.Additionally, this region has the most advance manufacturing facilities which are boosting the market to growth. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of AI advanced technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of AI. North America held the largest share of the Artificial Intelligence In Military Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Artificial Intelligence In Military Market such as BAE Systems Plc. (UK), Northrop Grumman Corporation (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales Group (US), L3Harris Technologies Inc. (US), Rafael Advanced Defense Systems (Israel), and IBM (US).