NEW YORK, March 27, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Artificial Intelligence in Military Global Market Report 2023” – https://www.reportlinker.com/p06433610/?utm_source=GNW
SAS Institute, Meta Platforms Inc., SAP SE, Salesforce Inc., Baidu Inc. and SoarTech.
The global military artificial intelligence market grew from US$7.28 billion in 2022 to US$8.58 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war has, at least in the short term, disrupted the chances of a global economic recovery from the COVID-19 pandemic. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, leading to inflation in goods and services and affecting many markets around the world. The military artificial intelligence market is expected to grow to $15.09 billion by 2027 at a CAGR of 15.1%.
The artificial intelligence in the military market consists of sales of artificial intelligence in the military services such as facial recognition, voice translation, remote weapon stations, robotic mine detectors, and intrusion detection services. Market value includes the value of related goods sold by the service provider or included in the service offering.
Artificial intelligence in the military market also includes the sale of sensors, drones, detectors, and computer equipment used to provide artificial intelligence in the military to manufacturers or creators of the goods, either to other companies (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the creators of the goods.
Artificial intelligence in the military facilitates quick decisions, both in dynamic, information-rich environments and in information-poor environments. Artificial intelligence is used in military intelligence to analyze enemy intelligence and as an application in autonomous vehicles and weapon systems.
Artificial intelligence in the military is used to support and plan military operations.
North America was the largest region in the Military Artificial Intelligence Market in 2022. Asia Pacific is projected to be the fastest growing region during the forecast period.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main offerings of artificial intelligence in the military are hardware, software and services. Hardware refers to the physical components of the computer that store and execute the written instructions provided by the software.
Various technologies include machine learning, natural language processing, context-aware computing, computer vision, intelligent virtual agent (IVA) or virtual agents, and others that span multiple platforms such as land, sea, and air. The various installations include new acquisitions and upgrades used in information processing, simulation and training, warfare platform, threat monitoring, situational awareness, cyber security and other applications.
Increasing defense spending is driving the growth of artificial intelligence in the military market. Artificial intelligence refers to the simulation of human intelligence in machines programmed to function like humans and to fake their actions.
Most governments have established specialized departments or organizations with the specific purpose of developing new capabilities, as well as planning, deploying and integrating AI capabilities into military equipment. For example, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in April 2022 total world military spending was expected to increase by 0.7% in real terms in 2021 to 2113 billion dollars. This was the seventh year in a row that spending increased. Funding for military R&D in the United States grew 24% between 2012 and 2021, while China, the world’s second-largest funder, committed an estimated $293 billion to its military in 2021, a 4.7% increase vs. 2020. China’s military spending has increased by over the past 27 years. Therefore, increased defense spending is driving the growth of artificial intelligence in the military market.
Technological advancement is a major trend gaining popularity in the field of artificial intelligence in the military market. Major players operating in the Artificial Intelligence sector in the military market are focusing their efforts on developing innovative technologies to strengthen their positions.
For example, in July 2022, Raytheon Technologies, a US-based aerospace and defense company, partnered with a US-based company, C3 AI’s application platform, to deliver next-generation artificial intelligence (AI) capabilities. and machine learning (ML) to provide U.S. Army Tactical Intelligence Targeting Access Node (TITAN) program. TITAN will collect data from high altitude and space using terrestrial and airborne sensors to provide targeted data and situational awareness.
In May 2022, US-based communications equipment company EMCORE Corporation acquired L3Harris’ space and navigation business for approximately $5 million. Through this acquisition, EMCORE will expand its inertial navigation product portfolio, adding inertial measurement units and navigation and strategic gyro products from L3Harri.
L3Harris Technologies is a US-based aerospace and defense technology company.
The countries covered in the Military Artificial Intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and region through sales, grants or donations in currency (in USD unless otherwise noted).
The revenue for a specific region are consumption values, which are revenue generated by organizations in the specific region within the market, regardless of where they are produced. Proceeds from resales down the supply chain, either further down the supply chain or as part of other products, are not included.
The research report on Artificial Intelligence in Military Market is one of a series of new reports that provide statistics on Artificial Intelligence in Military Market, including Artificial Intelligence in Military Industry, Global Market Size, Regional Shares, Competitors With Artificial Intelligence in Military Market Share, Detailed Artificial Intelligence in the military market segments, market trends and opportunities, and any additional data you may need to succeed in artificial intelligence in the military industry. This Military Artificial Intelligence Market Research Report provides a complete perspective on everything you need with in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06433610/?utm_source=GNW
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