New York, USA, April 26, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global artificial intelligence and robotics in aerospace and defense market. According to the report, the global market is projected to surpass $35,848.1 million and grow at a CAGR of 7.9% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the artificial intelligence and robotics in aerospace and defense market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Artificial Intelligence and Robotics in Aerospace and Defense Market:
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global artificial intelligence and robotics in aerospace and defense market. The revenue from airport operators and aircraft in the commercial airline industry fell in 2020 and 2021 as a result of COVID-19 travel limitations. However, many major airlines and airport authorities had invested in the application of AI to various passenger activities at airports to enhance safety and efficiency during the COVID-19 epidemic. This factor is projected to fuel the market growth in the coming years.
Factors Impacting the Artificial Intelligence and Robotics in Aerospace and Defense Market Growth:
The key factor boosting the growth of the global artificial intelligence and robotics in aerospace and defense market is a significant rise in the need for artificial intelligence and robotics in aerospace and defense. Moreover, owing to rising technological advancement in artificial intelligence and robotics, it is now possible to do complicated tasks with a single click. Furthermore, the rising success rate of projects utilizing these technologies is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the ongoing change in the business partnership between aircraft manufacturers and their suppliers is anticipated to deter the market’s growth.
The report segments the global artificial intelligence and robotics in aerospace and defense market into type, application, and region.
Software Sub-Segment to Grab a Foremost Share of the Market
The software sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because a robust software helps in boosting the adoption of AI-enabled technologies
Military Sub-Segment to Witness Rapid Growth
The military sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly owed to the increasing military R&D budget expenditures, the purchase of AI-based technology, and growing investments in the development and integration of robotics and AI.
Asia-Pacific Artificial Intelligence and Robotics in Aerospace and Defense Market to Perceive Maximum Growth
The report analyzes the global artificial intelligence and robotics in aerospace and defense market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the use of AI for defense applications such as military deductions, command and decision-making support, defense equipment, and other uses in this region.
Key Players of the Global Artificial Intelligence and Robotics in Aerospace and Defense Market
The report states some of the foremost players operating in the global artificial intelligence and robotics in aerospace and defense market including
- IBM Corporation
- Airbus SE
- GE Aviation
- Boeing Company
- Thales Group
- Intel Corporation
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Microsoft Corporation
- General Dynamics Corporation
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in March 2021, HamiltonJet, a leading company in the world for high-speed marine vessel waterjet propulsion systems, and Sea Machines Partner, a leading provider of advanced technology for the marine and maritime sector, launched an integrated pilot-assist system that makes use of computer vision and autonomous command and control technology for waterjet.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Artificial Intelligence and Robotics in Aerospace and Defense Market:
- A Discussion on the Current Trends Related to Artificial Intelligence and Robotics in Aerospace and Defense Market
- Global Artificial Intelligence and Robotics in Aerospace and Defense Market to Experience Noteworthy Growth by 2031 with the Rising Investments in AI Technologies
