Market Overview
Market Research Future (MRFR) assessed the Global Military Software Market 2020 across the assessment period till 2028. As per MRFR study, the military software market is likely to register 4.21% CAGR by 2028. The worldwide military software market can earn decent revenue by the end of the review period. The increase in the adoption of military software for optimal management in battlefield situations can underpin expansion of the market. Military software aid in commanding that assist in managing resources, thus ensure optimal utilization of resources.
Developers are observed to launch sophisticated software for military that offer improved features, such as better reliability, enhanced collaboration and communication, and real-time information can support the global military software market expansion. However, issues with data management, inadequate funding, and cybersecurity issues can restrain the military software market expansion across the review period. At the same time, escalation in military expenditures and surge in military modernization activities can counter the military software market slow-down.
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In addition, penetration of IoT-based software and increase in investments by governments across the globe for the production of advanced military software can drive the military software market in the near future.
Key Players
IBM Corporation (US), Elbit Systems Ltd. (Israel), Honeywell International, Inc. (US), BAE Systems (UK), Rolta India (India), AT&T, Inc. (US), Raytheon Technologies Corporation (US), General Dynamics Corporation (US), Lockheed Martin Corporation (US), SAP SE (Germany), FreeWave Technologies, Inc. (US), Thales Group (France), Aselsan AS (Turkey), L3Harris Technologies (US), Accenture (Ireland), Forescout Technologies, Inc. (US), Northrop Grumman Corporation (US), LIR Systems, Inc. (US), Rohde & Schwarz (Germany), Kratos Defense & Security Solutions (US), Cobham plc (UK), Raytheon Technologies Corporation (US), General Dynamics Corporation (US), Kongsberg Maritime (Norway), and Saab AB (Sweden) are some renowned companies in the world military software market that are listed by MRFR.
Market Segmentation
The segment assessment for the Global Military Software Market is done by application and software type.
The application-based segments of the military software market are air force, army, and navy among others. The integration of available military solutions with advanced GPS signal, M-Code, and military-code, to boost anti-jamming and offer provide protection from spoofing can drive the segment, thus can significantly favor the market expansion.
The software type-based segments of the military software market are COTS and embedded. The COTS software segment can churn-up considerable revenue as the demand for analytics software for data collected in ISR operations is observed to rise. Benefits offered by COTS software, such as; diversity, low ownership cost, ease of use, and security can support the expansion of the military software market.
Regional Study
In North America, the military software market can maintain its global forefront position due to the existence of global technology leaders and their companies, such as IBM Corporation and Honeywell International, Inc. in the region. In Europe, the existence of leading military software developers, such as; BAE Systems can support the market surge in the review period. In Asia Pacific, the military software market can exhibit the highest CAGR in the analysis period as the region is known to have greater military expenditures and intensifying border tension among countries of the region can contribute to the market growth in APAC. In the Middle East and Africa, the escalation in military investment by the UAE, South Africa, and Israel, can drive the military software market in the region. In Latin America, the ease of procuring advanced military equipment to enhanced border surveillance can favor the regional market rise in the region.
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