Portland, OR , March 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global artificial intelligence and robotics in aerospace and defense market generated $17.2 billion in 2021, and is estimated to reach $35.9 billion by 2031, witnessing a CAGR of 7.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $17.2 Billion |
| Market Size in 2031 | $35.9 Billion |
| CAGR | 7.9% |
| No. of Pages in Report | 280 |
| Segments Covered | Type, Application, and Region |
| Drivers | The use of artificial intelligence and robotics in the aerospace and defense sector facilitates in-depth data tracking. They allow tracking, managing, and scheduling maintenance of various military and defense equipment parts for maintenance and repair, thus reducing the downtime of machines to boost productivity and fuel efficiency |
| Increased investment in artificial intelligence and technological advancements for workflow optimization | |
| The increased use of cloud-based solutions | |
| The growing demand for artificial intelligence and cognitive computing | |
| Opportunities | Increased investments in artificial intelligence and robotics which are anticipated to enable businesses to continuously innovate and launch more effective and sophisticated AI and robotics technologies |
| Restraints | The ongoing alteration of the relationship between aircraft manufacturers and their suppliers |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the artificial intelligence and robotics in aerospace and defense market.
- Owing to travel bans, the revenue of airport operators and airlines declined in 2020 and 2021 in the commercial airline business. Consequently, the artificial intelligence and robotics in aerospace and defense market saw a slight decline.
- However, some major airlines and airport authorities invested in the implementation of artificial intelligence in various passenger processes at airports to improve safety and efficiency during the pandemic.
The report offers a detailed segmentation of the global artificial intelligence and robotics in aerospace and defense market based on type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the software segment held the largest share in 2021, accounting for nearly three-fifths of the global artificial intelligence and robotics in aerospace and defense market and would dominate the market in terms of revenue through 2031. The same segment is estimated to witness the fastest CAGR of 8.8% during the forecast period. The report also discusses the hardware and services segments.
In terms of application, the military segment captured the largest market share of more than three-fifths of the global artificial intelligence and robotics in aerospace and defense market in 2021 and is expected to lead the trail during the forecast period. Moreover, the same segment is likely to achieve the fastest CAGR of 8.4% through 2031. The report also studies the commercial and space segments.
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global artificial intelligence and robotics in aerospace and defense market in 2021 and is likely to maintain its dominance during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 9.4% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players of the global artificial intelligence and robotics in aerospace and defense market analyzed in the research include Airbus SE, IBM Corporation, Boeing Company, GE Aviation, Thales Group, Lockheed Martin Corporation, Intel Corporation, Raytheon Technologies Corporation, General Dynamics Corporation, and Microsoft Corporation.
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The report analyzes these key players of the global artificial intelligence and robotics in aerospace and defense market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
