Military-communications systems forecast to grow at CAGR of 3.38% between 2020-2029News
June 01, 2021
AMSTERDAM. The market revenue for the global military-communications market -- accounting for $28.5 billion as of 2020 -- is anticipated to reach a value of around $39.72 billion by the year 2029, a combined annual growth rate (CAGR) of about 3.38% over the forecast period, according to a new study by Market Forecast, "Global Military Communications Systems -- Market and Technology Forecast to 2029."
According to the study authors, growth in this market will occur due to rapidly evolving new technologies, continuing military modernization programs in nations around the world, advances in communication information technology, the wider integration of 5G, and the wider use of integrated and interoperable BLOS (beyond line of sight) communication capabilities.
North America is expected to dominate this market by 2029, with an expected market value of around $11.3 billion. Also spurring the market will be growth in more modern system adoption by Europe and the Asia-Pacific region.
Factors that could hinder growth in this market, however, say the study authors, include defense budget priorities, the challenges of integration of conventional platforms, the limitations of some countries' bandwidth and latency, and concerns around cybersecurity.
For additional information visit the Market Forecast webpage.