In terms of value, the global military artificial intelligence market was valued at $4.77 billion in 2018 and is expected to reach $13.11 billion in 2024 at a CAGR 18.66% during the forecast period 2019-2024. The global military artificial intelligence and cybernetics market has experienced rapid technological advancements over the decades. Naval platforms are considered the most valuable asset in the global military artificial intelligence market. The rising demand for advancement of defense forces using artificial intelligence technology in land, sea, air, and space platform is responsible for blooming of AI-based military market.
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The concept of artificial intelligence in military was first introduced in 1956 but the use of artificial intelligence began in 2010 with the introduction of three new technologies, namely Big data, machine learning, and computer processing power. This development helps the basic artificial intelligence to advance algorithms that recognize specific problem sets while playing game, image recognition, and navigation. The role of artificial intelligence and cybernetics is used for creating better coordination between the soldiers and equipment during the combat. This will further increase the dependability of military on artificial intelligence.
Evolving national interests, geopolitical developments and changing outlines of national security strategy are some of the factors that motivate emerging regional and global powers to reshape their defense strength through deploying modern weapon systems. The increase in defense budget of various countries such as the U.S., India, Russia, China, Saudi Arabia, South Korea, and South Africa are playing a major role in the modernization of their defense forces. The increased demand by the defense forces at various platforms such as land, air, naval and space, is expected to impact the military artificial intelligence and cybernetics market.
The global military artificial intelligence market is one of the most competitive industries with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the military artificial intelligence market exhibits an inclination toward emerging strategies and developments by market players.
The key players that are actively participating in the global military artificial intelligence market include General Dynamics, Lockheed Martin, Northrop Grumman Corporation, Raytheon, Harris Corporation, BAE System, Thales group, Boeing, Charles River Analytics, Leidos, Soar Tech, SparkCognition, SAIC, and IBM.
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The prominent players in the military artificial intelligence market adopted strategies of product launches, mergers and acquisitions, partnerships and collaborations, contracts, agreements and other strategies to expand their business. The companies are also involved in some of the other developments that include demonstration, integration, and business expansion. Due to the intensive competition, the artificial intelligence market requires manufacturers to constantly innovate and develop cost-effective products. The existing companies as well as new entrants aim to develop next-generation solutions in adherence with the existing and forthcoming industry standards for various end user applications. The market is likely to grow rapidly with the innovations around autonomous for various platforms such as land, air, naval and space with longer endurance. The chapter includes key strategies adopted by the major companies operating in the global military artificial intelligence market along with the competitive strength of the key players. The major strategies compiled in the chapter are product launches, mergers and acquisitions, partnerships & collaborations, contracts, agreements and other strategies. These strategies and the competitive strength of the major companies working in the market are analyzed to present a detailed competitive landscape of the industry.
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