Increased investment in AI & technological advancements for workflow optimization, cloud-based solutions and demand for AI & cognitive computing drive market.
PORTLAND, PORTLAND, OR, UNITED STATE, December 9, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "USD 35.9 Billion Artificial Intelligence and Robotics in Aerospace and Defense Market Reach by 2031 :Why Should Invest ?." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global artificial intelligence and robotics in aerospace and defense market size was valued at USD 17.2 billion in 2021, and is projected to reach USD 35.9 billion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
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The use of artificial intelligence and robotics in the aerospace and defense sector that facilitates in-depth data tracking, increased investment in AI and technological advancements for workflow optimization, the increased use of cloud-based solutions, and the growing demand for AI and cognitive computing drive the growth of the global artificial intelligence and robotics in aerospace and defense market. Region-wise, North America is likely to dominate in terms of revenue in 2031.
The global artificial intelligence and robotics in aerospace and defense market is segmented on the basis of type, application, and region. By type, the market is sub-segmented into hardware, software, and services. As per application, the market is classified into military, commercial, and space. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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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 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.
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