Unlocking the Potential of the Defense Sector by Using the Internet of Things
“Important Predictions for IOT Based On Recent Research and Companies Specific to the Defense Industry”
The Internet of Things (IoT) involves sensors and other computing devices embedded in everyday objects, enabling them to send and receive data over the internet. According to Statistica, there are currently more than 20 billion IoT devices currently in service. Over the forecast period, that will rise to 50 billion. The IoT includes sensor data, machine learning, big data technology, and automation technologies. IoT is already applying a deep impact on manufacturing, specifically in the defense industry.
Hardware contributes to the majority of revenue in IoT for defense
Hardware contributes to the majority of revenue in IoT for defense. Assisted by the steadily decreasing cost of powerful IoT sensors and controllers, the hardware segment in defense is expected to grow at a CAGR of 72.9% from 2019 to 2026. IoT software is also expecting strong growth. By purchasing IoT enabled apps, the industry can implement more efficient preventive maintenance.
As the industrial sector continues to adopt IoT in defense industry is at the forefront. From maintenance and engineering to analytics and the digital twin, IoT is already revolutionizing the industry. Internet of Things (IoT) enables us to derive information about most things and rather turn almost any object into a source of information about that object. This makes IoT devices critical for the defense industry. Asset tracking and inventory management are some of the significant concerns that can be tackled via IoT. S4R estimates that the spending on devices such as drones will reach $ 8.7 billion by 2020. Also, research giant Frost & Sullivan foretells that 126,000 military robots will be shipped by 2020.
Growth in the defense sector
Growth in the defense sector is being driven by rising geopolitical tensions, natural recapitalization cycles, a greater high or low mix of assets, focus on regulating solutions to local requirements, and the raised demand for affordable, off-the-shelf equipment. Additionally, the recent recovery in defense budgets of major economies is expected to propel the growth of the defense industry in 2019 and beyond.
IoT in Defence Market Competitive Landscape
The Search 4 Research study provides a detailed analysis of key players in IoT in defense markets such as Aerovironment, Elbit Systems, Freewave, General Atomics Aeronautical Systems, Honeywell, Radisys, Textron Systems, Northrup Grunman, AT & T, ZODIAC AEROSPACE, ARMIS, and Other. These companies have adopted competitive strategies that incorporate the IoT.
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