New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- As per the latest report published by Research Dive, the global signal intelligence (SIGINT) market is predicted to witness a significant increase in revenue from $12,545.1 million in 2019 to over $17,362.9 million 2027 at a stable CAGR of 4.0% from 2020-2027.
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Market Analysis
Growth: There has been a significant increase in the occurrence of terrorist attacks around the world, including countries like the U.S, India, and China. This has resulted in governments working towards investing in a defense budget to ensure the safety of the nation. It was observed by the Stockholm International Peace Research Institute (SIPRI) that the U.S increased its investments for defense purposes to over 6.6%. Also, compared to 2018, China’s investments also increased to 6.6%. These factors along with the constant innovations have led to the growth of the market.
Restraints: The cost of implementing signal intelligence system is extremely high due to which it doesn’t find a significant presence in the middle and low income nations. This has led to a drop in the growth of the signal intelligence market in the analysis period.
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Opportunity: SIGINT is a necessary tool that plays a significant role in the safety of both government as well as the defense sector. Over the years, the technology has expanded immensely to also cover maritime domain awareness, cyber-surveillance, jamming, radio frequency (RF) spectrum mapping, eavesdropping, and more. The extensive use of SIGINT systems to ensure protection and security in multiple sectors is anticipated to create a growth opportunity for the market in the forecast period.
Segmental Analysis
The market is segregated into multiple segments based on type and solution.
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COMINT Sub-segment Predicted to Hold the Highest Market Share
By type, the COMINT sub-segment is predicted to garner revenue of $9,041.7 million by 2027 rising from $5,777.9 million in 2019. This tools is predominantly used by the military to help them take real-time decisions on the battlefield. It assists in gathering data from the enemy troops, including both text and voice messages, which helps the army stay updated about the plan. Additionally, the system is also known for its ability to intercept any information being passed between the opponents while also detecting any transmissions as well. These factors have ensured the growth of the sub-segment in the forecast period.
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Cyber Solutions Sub-segment Anticipated to Dominate the Market
By solution, the cyber solutions sub-segment is expected to witness a steady rise in revenue from $2,480.8 million in 2019 to over $3,608.0 million by 2027. The rapid advancements in technology have caused an increase in the number of cybercrime activities around the globe. This has led to individuals and businesses facing threats such as targeted intrusion, cyberterrorism, hacktivists, script-kiddies, and more. Cyber-solution helps in solving these issues by analyzing the data from the attack, which upon sorting through can also lead to the source of the attack. This helps in maintaining the safety and security of large amounts of data present on the internet. These factors are expected to boost the growth of the sub-segment in the analysis period.
Regional Analysis
The region is known to constantly invest in defense of their countries which include the U.S, which contributed over $686 billion as a part of its defense budget in 2019. Similarly, Canada invested about $22 billion for cybersecurity purposes. The rising significance of investing in cybersecurity of both nations is expected to lead to the rapid growth of the regional market during the forecast period.
Key Market Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. BAE Systems
2. Northrop Grumman Corporation
3. Raytheon Technologies Corporation
4. General Dynamics Corporation
5. L3Harris Technologies
6. Thales Group
7. Lockheed Martin Corporation
8. Elbit Systems, Ltd
9. Rheinmetall AG
10. Mercury Systems, Inc
The report provides an insight into the various initiatives by the industry experts such as mergers, partnerships & collaborations, and product launches.
For instance, in August 2021, BAE Systems announced that it is anticipated to provide the company’s FAST Lab Research and Development organization access to advanced technology from Intel. This early access is expected to allow the organization to develop highly advanced devices which also include signal processing equipment. Intel’s SHIP Digital Programme is set to contribute to extending the Intel wideband RF signal processing platform and hence ensuring BAE Systems receives advanced technology at a lower cost.
COVID-19 Impact on the Global Signal Intelligence Market
The global signal intelligence market is expected to grow immensely amidst the pandemic as the technology is set to have a widespread effect on the health awareness campaigns. Initially, governments were hesitant to implement SIGINT for medical purposes quoting legal and ethical issues. But, recently the innovations by several experts in the SIGINT market have helped them in looking towards conducting webinars and are also participating in partnerships to ensure the growth of the market during the pandemic.
Further, the report presents and outlines several aspects of these key players such as recent strategic moves, developments, product portfolio, business performance, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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