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Artificial Intelligence in the global military market is anticipated to grow at a CAGR of 14.35% from 2019 to 2024, according to a report by Market Research Future. This trend can be attributed to the increasing application of big data analytics and the development of chipsets supporting AI. However, a lack of structured data and the absence of protocols and standards for the use of AI in military applications may hinder the market growth.
The market has been segmented in the report based on offering, technology, platform, application, and region.
On the basis of offering, the software segment dominated the market in 2018 and is expected to register the highest CAGR during the forecast period. Software offers numerous capabilities such as battlefield healthcare data, language translation, and predictive maintenance.
Based on technology, the global artificial intelligence in the military market has been classified as advanced computing, AI systems, and learning and intelligence. The learning and intelligence segment dominated the market in 2018. However, the AI systems segment is expected to exhibit the highest CAGR during the forecast period. This growth can be attributed to increasing initiatives by the governments in countries such as the US for developing AI-powered weapons that offer enhanced targeting capabilities to army personnel.
On the basis of platform, the land segment dominated the market in 2018. However, the airborne segment is expected to be the fastest-growing during the forecast period. The increasing use of AI by the Air Force for training and simulation is boosting the market growth.
Based on application, the global artificial intelligence in the military market has been divided into logistics and transportation, target recognition, warfare platform, cybersecurity, battlefield healthcare, simulation and training, threat monitoring and situational awareness, information processing, and others. The information processing segment is expected to be the largest and fastest-growing during the forecast period. AI provides information processing capabilities to defense personnel enabling them to receive real-time data analysis that assists in effective planning.
Based on region, North America accounted for the largest market share in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Factors such as increasing defense expenditure and the growing adoption of AI by navies to develop advanced submarines are boosting market growth, according to marketwatch.com citing the report.
The key players in the global AI field in the military market are Lockheed Martin Corporation (US), IBM (US), Raytheon Company (US), Northrop Grumman Corporation (US), Thales Group (France), BAE Systems (UK), General Dynamics Corporation (US), NVIDIA Corporation (US), Harris Corporation (US), Boeing (US), Leidos (US), SoarTech (US), SAIC (US), SparkCognition (US), and Charles River Analytics Inc. (US).