IoT in Aerospace & Defense Global Market Report 2024

The iot in aerospace & defense market size has grown rapidly in recent years. It will grow from $48.83 billion in 2023 to $56.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth observed in the historical period can be attributed to increased connectivity and communication needs, a heightened demand for predictive maintenance, rising threats and security concerns, efforts toward cost reduction and operational efficiency, as well as regulatory support and compliance.

The iot in aerospace & defense market size is expected to see rapid growth in the next few years. It will grow to $96.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The anticipated growth in the forecast period can be attributed to an increased emphasis on cybersecurity, the rise of unmanned systems, a focused approach to fleet management, advancements in edge computing, and the integration of 5G networks. Major trends expected in the forecast period include advancements in IoT sensors and connectivity, the rapid adoption of edge computing, increased emphasis on cybersecurity, the integration of AI and machine learning, and a continued focus on predictive maintenance.

The IoT in the aerospace and defense market is poised for growth, driven by an increase in cyber-attacks targeting the aviation industry. Cyberattacks involve unauthorized attempts to access computer systems for various malicious purposes, posing a significant threat to the security of aviation systems. Implementing IoT authentication in the aviation sector can enhance cybersecurity measures, mitigating the risk of cyber-attacks. As of February 2023, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, reaching 76,000. This surge in cyber threats is a key factor propelling the growth of the IoT in the aerospace and defense market.

The growth of the IoT in aerospace and defense is expected to be fueled by increasing geopolitical tensions. Geopolitical tensions involve political conflicts among nations or regions, often related to issues such as territory, resources, power, or ideology. These tensions underscore the need for real-time intelligence, interoperability among allied forces, and robust critical infrastructure. IoT technologies play a vital role in crisis response, supporting autonomous systems, and driving innovation in national security. According to data from The Armed Conflict Location & Event Data Project (ACLED), there was a 12% increase in reported events of political violence targeting civilians from 2020 to 2021, emphasizing the role of IoT in addressing geopolitical challenges.

A prominent trend in the IoT in aerospace and defense market is product innovation. Major companies in this sector are focused on developing cutting-edge products to meet evolving needs. For example, in September 2021, EDJX and Cubic Corporation jointly launched an Internet of Military Things Edge Platform. This platform combines edge computing and networking technology to create a converged infrastructure solution, enabling scalable and intelligent IoT and AI solutions for military applications.

Companies in the IoT in aerospace and defense market are investing in new firmware security solutions to gain a competitive advantage. Firmware security involves measures to protect the permanent software programmed into a device's memory from unauthorized access or malicious activities. In March 2023, OP[4] introduced a cybersecurity platform designed to automatically discover and address vulnerabilities in IoT devices and embedded systems. This platform enhances security by accurately detecting, isolating, validating, and remediating vulnerabilities, prioritizing risk throughout the product development cycle.

In December 2021, Vertex Aerospace acquired Raytheon Technologies, contributing to the growth of the IoT in aerospace and defense. This acquisition expanded Vertex's technology solutions and services, including defense and commercial training, mission-critical support, and engineering capabilities. Raytheon Technologies, a leading aerospace and defense company, brought manufacturing and IoT expertise to the partnership.

Major companies operating in the iot in aerospace & defense market report are AeroVironment Inc., AT&T Intellectual Property, FreeWave Technologies Inc., General Atomics Aeronautical Systems Inc., Honeywell International Inc., Northrop Grumman Corporation, Elbit Systems Ltd., Prox Dynamics, Radisys Corporation, Textron Systems Corporation, Airbus SE, Boeing Company, BAE Systems plc, SAP SE, General Electric Company, Bombardier Inc., CACI International Inc., Cobham plc, Collins Aerospace, Cubic Corporation, Curtiss-Wright Corporation, Dassault Aviation SA, Embraer SA, General Dynamics Corporation, Harris Corporation, L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Moog Inc., RTX Corporation, Rockwell Collins, Saab AB, Safran SA, Thales Group, United Technologies Corporation, Woodward Inc., Zebra Technologies, Zephyr Aerospace.

North America was the largest region in the IoT in the Aerospace and Defense market in 2023. The regions covered in the iot in aerospace & defense market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iot in aerospace & defense market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of IoT in aerospace and defense encompass hardware, software, and services. Hardware involves the physical components and devices that facilitate connectivity, utilizing various technologies such as cellular, Wi-Fi, satellite communication, and radio frequency, deployed in on-premise and cloud environments. The diverse applications of IoT in aerospace and defense include fleet management, inventory management, equipment maintenance, security, and others, catering to space systems, ground vehicles, and various other areas.

The IoT in aerospace & defense market research report is one of a series of new reports that provides IoT in aerospace & defense market statistics, including IoT in aerospace & defense industry global market size, regional shares, competitors with an IoT in aerospace & defense market share, detailed IoT in aerospace & defense market segments, market trends and opportunities, and any further data you may need to thrive in the IoT in aerospace & defense industry. This IoT in aerospace & defense market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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