Artificial Intelligence in Military Global Market Is Expected To Grow At A Rate Of 15% Through 2023 – 2027
16 Mar, 2023
The global artificial intelligence in military market size grew from $7.28 billion in 2022 to $8.58 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The artificial intelligence in military market size is expected to grow to $15.09 billion in 2027 at a CAGR of 15.1%.
Global Artificial Intelligence in Military Market Key Driver
Increased spending on defense is driving the growth of artificial intelligence in the military market going forward. Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to work like humans and spoof their actions. Most governments have set up specialized departments or organizations with the specific purpose of developing new capabilities as well as planning, launching, and integrating AI capabilities into military equipment. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion.
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Global Artificial Intelligence in Military Market Segments
The global artificial intelligence in military market is segmented:
• By Offering: Hardware, Software, Service
• By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, Intelligent Virtual Agent (IVA) or Virtual Agents, Other Technologies
• By Platform: Land, Naval, Airborne
• By Installation: New Procurement, Upgradation
• By Application: Information Processing, Simulation and Training, Warfare Platform, Threat Monitoring and Situational Awareness, Cyber Security, Other Applications
• By Geography: The regions covered in the artificial intelligence in military market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global artificial intelligence in military market.
Major Artificial Intelligence in Military Industry Players
Charles River Analytics Inc., BAE Systems PLC., Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation
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Artificial Intelligence in Military Market Overview
Artificial intelligence in the military facilitates quick decision-making, both in dynamic, information-dense environments and in information-scarce ones. Artificial intelligence is employed in military intelligence to analyze the enemy's intelligence and as an application in autonomous vehicles and weapon systems. Artificial intelligence in the military is used in supporting and planning military operations.
Artificial Intelligence in Military Global Market Report 2023provides data on the global artificial intelligence in military market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The artificial intelligence in military market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.