Military comms market valued at US$43 billion in 2023


Tuesday, 20 June, 2023

Military comms market valued at US$43 billion in 2023

A new report by Future Market Insights has revealed that the global military communications market is expected to be worth US$43.09 billion in 2023. The market is estimated to exceed US$116.96 billion by 2033, at a CAGR of 10.5% during the forecast period.

The demand for enhanced communication, especially on the battlefield, is driving the growth of the military communications market, as soldiers, sensors and vehicles are progressively becoming connected for enhanced situational communications and awareness. This presents significant opportunities for companies to invest in innovative communication systems to meet the needs of the armed forces, Future Market Insights says. The use of advanced technologies such as AI and IoT in military communication systems also presents opportunities for companies to develop efficient and effective systems.

The integration of commercial technologies into military communication systems is a recent trend in the industry, as smartphones, tablets and wearables are integrated into military communication systems to improve situational awareness and communication. The rise of satellite communication systems is another key trend in the military communication industry, enabling soldiers to communicate in remote areas where traditional communication networks are not available.

That said, the high cost associated with the installation and maintenance of military communication systems may hinder market growth, Future Market Insights says. In addition, government regulations and policies governing the manufacturing and distribution of military communication systems could pose significant challenges to market growth.

Other key takeaways from the report are as follows:

  • In 2023, the United States is predicted to have a 50% market share in the military communication industry.
  • By 2023, the United Kingdom is predicted to control 45% of the military communications industry.
  • In 2023, India is predicted to have a 37% market share in the military communications industry.
  • Systems are estimated to account for 51.5% of the military communication market in 2023.
  • Situational awareness is estimated to account for 42% of the military communication industry.
  • In 2023, the land force segment is estimated to account for 45% of the military communication market.

For a preview of the report, click here.

Image credit: iStock.com/Rockfinder

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