Global Artificial Intelligence in Defense Markets, 2021-2028: Growing Adoption of AI in Unmanned Aerial Vehicles, Growing Development of Robots Using…

DUBLIN, April 05, 2022--(BUSINESS WIRE)--The "Artificial Intelligence in Defense Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Technology (Advanced Computing, AI Systems, and Learning and Intelligence), Platform (Land, Air, and Naval), and Application" report has been added to ResearchAndMarkets.com's offering.

The global artificial intelligence in defense market is expected to grow from US$ 6,404.73 million in 2021 to US$ 13,153.31 million by 2028; it is estimated to grow at a CAGR of 10.8% during 2021-2028.

As global tensions have persisted over the last few years, various affected nations plan and take measures to improve and recapitalize the defense status. Threats are continually evolving, i.e., from the conventional land-based to hybrid warfare threats. To address security threats and tackle terrorism, governments of several nations have already started to increase their defense budgets.

According to Forbes data of April 2021, global military spending grew to nearly US$ 2 trillion in 2020, a 2.6% increase in real terms in 2019. The growth in spending came in a year where global GDP contracted 4.4% due to the COVID-19 pandemic, with just five countries accounting for 62% of total expenditure. With US$ 778 billion, the US was the world's top spender once again by a considerable difference, and it accounted for 39% of total global military expenditure.

Further, the increasing geopolitical tensions and trade wars among major countries are driving high investments in the defense sector contributing to the growth of artificial intelligence in defense market. A significant portion of the investment is dedicated to the procurement of AI in defense research.

For instance, China is investing at least US$ 7 billion through 2030, including US$ 2 billion for a research park in Beijing. The Chinese government foresees a US$ 150 billion artificial intelligence industry by 2030 and has the most comprehensive national plan to become a technology leader.

Story continues

According to the AIndra Labs, new Chinese companies received 48% of all funds for artificial intelligence investments in July 2019. Further, Russia spends about US$ 12.5 million annually on AI, where many of Russia's artificial intelligence demonstrations are military in nature, such as AI-assisted combat aircraft and automatic artillery.

Therefore, the increasing government spending for incorporating AI in the defense sector drives the artificial intelligence in defense market.

Impact of COVID-19 Pandemic on Artificial Intelligence in Defense Market

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services.

Even though the COVID-19 pandemic caused a large-scale impact on economies across the globe in 2020, leading to many challenges, the artificial intelligence in defense market has continued to expand. This can be seen from both the demand as well the supply sides, as leading manufacturers such as IBM Corporation, Lockheed Martin Corporation, Raytheon Technologies Corporation, BAE Systems plc., and Northrop Grumman continue to invest heavily in developing artificial intelligence capabilities, and governments continue to invest significantly in securing these advanced systems.

Key Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Future Trends

Company Profiles

BAE Systems plc

IBM Corporation

Leidos

Lockheed Martin Corporation

Raytheon Technologies Corporation

Charles River Analytics, Inc.

General Dynamics Information Technology, Inc. (General Dynamics Corporation)

Shield AI

SparkCognition, Inc.

Thales Group

For more information about this report visit https://www.researchandmarkets.com/r/rhy4zp

View source version on businesswire.com: https://www.businesswire.com/news/home/20220405005767/en/

Contacts

ResearchAndMarkets.comLaura Wood, Senior Press Managerpress@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470For U.S./CAN Toll Free Call 1-800-526-8630For GMT Office Hours Call +353-1-416-8900

Read the original:

Global Artificial Intelligence in Defense Markets, 2021-2028: Growing Adoption of AI in Unmanned Aerial Vehicles, Growing Development of Robots Using...