Global IoT in Aerospace & Defence Market to Reach US$ 72.7 Billion by 2032, Stimulated by Expanding Aerospace Industry

According to the latest report by IMARC Group, titled “IoT in Aerospace & Defence Market by Component (Hardware, Software, Services), Connectivity Technology (Cellular, Wi-Fi, Satellite Communication, Radio Frequency), Deployment Mode (On-premises, Cloud-based), Application (Fleet Management, Inventory Management, Equipment Maintenance, Security, and Others), and Region 2024-2032,” the global IoT in aerospace & defence market size reached US$ 50.6 Billion in 2023. In the aerospace and defence sector, the Internet of Things (IoT) represents a technological solution that facilitates the connection of mechanical equipment and objects to the internet. This encompasses a range of tools and services that enhance industry management and the utilization of interconnected smart devices for real-time data collaboration. IoT is extensively applied in areas such as health management, maintenance and repair, mobility planning, inventory control, analytical tools, and remote monitoring within this sector. Its implementation in aerospace and defence operations contributes to heightened overall efficiency and safety by leveraging predictive maintenance, data analytics, and intelligent surveillance functionalities. Furthermore, IoT aids in cabin temperature control, bolstering aircraft safety and operational performance, traffic management, passenger experience enhancement, luggage management streamlining, reducing recurring complexities, and optimizing maintenance procedures.

Global IoT in Aerospace & Defence Market Trends:

At present, significant expansion in the aerospace industry across the globe is one of the key factors driving the market growth. This growth can be attributed to several associated advantages, including enhanced engine fuel economy, improved noise performance, and emissions reduction, all of which contribute to the favorable market outlook. Furthermore, the widespread use of IoT in aerospace enables the monitoring of air conditions, passenger flows, and real-time aircraft systems, further boosting market expansion. In the defence sector, the escalating utilization of IoT, driven by national security concerns, serves as another growth inducing factor. Beyond this, the increasing demand to integrate sensor systems, actuators, and control systems with existing military infrastructure, coupled with the widespread deployment of networked cameras and airborne drones for battlefield surveillance and information relay to command centers, fuels the market growth. Additionally, the extensive adoption of IoT in defence, with its benefits encompassing robust satellite connectivity, enhanced security measures, and swift decision-making capabilities, is also driving the market expansion. Moreover, the broad application of IoT for emergency communication, activation of public warning systems, mission-critical logistics support, situational awareness updates, and the growing need for real-time tracking of armed vehicle speed and braking systems, all contribute positively to market growth. Other factors, such as the increasing internet penetration, extensive research and development (R&D) efforts, and government initiatives aimed at modernizing the defence and aerospace sectors, are expected to further propel market growth. Looking forward, IMARC Group expects the market to reach US$ 72.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.97% during 2024-2032.

Market Summary:

• Based on the component, the market has been segmented into hardware, software, and services. Currently, hardware represents the largest segment.
• On the basis of connectivity technology, the market has been segregated into cellular, Wi-Fi, satellite communication, and radio frequency. Presently, cellular accounts for the largest market share.
• The report has segmented the market based on the deployment mode into on-premises and cloud-based. Amongst these, cloud-based holds the largest market share.
• Based on the application, the market has been segmented into fleet management, inventory management, equipment maintenance, security, and others. According to the report, fleet management represents the largest application area.
• Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being AeroVironment Inc., AT&T Inc, Elbit Systems Ltd, Freewave Technologies Inc., Northrop Grumman Corporation, SAP SE, and Synopsys Inc.

Report Scope:

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