Global Artificial Intelligence and Robotics in Aerospace and Defense Market Expected to Grow Substantially Owing to Rising Applications of AI in Aviation Sector [280-Pages] | Details by Research Dive
The global artificial intelligence and robotics in aerospace and defense market is expected to grow primarily due to increasing applications of AI in aviation sector. Military sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031
NEW YORK, May 11, 2023 /PRNewswire/ -- Global Artificial Intelligence and Robotics in Aerospace and Defense Market Forecast Analysis:
As per the report published by Research Dive, the global artificial intelligence and robotics in aerospace and defense market is expected to register a revenue of $35,848.1 million by 2031 at a CAGR of 7.9% during the forecast period 2022-2031.
Segments of the Artificial Intelligence and Robotics in Aerospace and Defense Market
The report has divided the artificial intelligence and robotics in aerospace and defense market into the following segments:
- Type: hardware, software, and services
- Software – Highly dominant by 2031
The growing investments by major players including IBM, Microsoft, and Google, etc., for development of cloud-based AI computer algorithms is expected to be the primary growth driver of the market by 2031.
- Application: military, commercial, and space
- Military – Highly lucrative by 2031
Increased military budget spending on R&D and the purchase of AI-based equipment is expected to help the market gather a significant revenue by 2031.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Fastest growing by 2031
The presence of major innovators in the field of AI development and integration such as Japan, South Korea, and China in this region is predicted to propel the market forward in the forecast period.
Dynamics of the Global Artificial Intelligence and Robotics in Aerospace and Defense Market
The growing demand and applicability of artificial intelligence and robotics in aerospace and aviation sector is expected to help the artificial intelligence and robotics in aerospace and defense market to garner a significant revenue during the forecast period. Additionally, increasing adoption of AI industrial robots to improve the accuracy and consistency of product manufacture is expected to be an instrumental factor in the growth of the market in the analysis timeframe. However, according to market analysts, increasing technical and operational challenges might become a restraint in the growth of the market.
Multiple research and development initiatives with respect to possible uses of artificial intelligence (AI) in aerospace sector is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing adoption of artificial intelligence and robotics in air traffic management is expected to help the artificial intelligence and robotics in aerospace and defense market to surge ahead in the forecast timeframe.
COVID-19 Impact on the Global Artificial Intelligence and Robotics in Aerospace and Defense Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The artificial intelligence and robotics in aerospace and defense market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions brought the aerospace and aviation sector to a virtual halt during the pandemic. This reduced the overall development and integration of AI and robotics in aviation industry. Ultimately, this caused a decline in the growth rate of the market during the pandemic.
Key Players of the Global Artificial Intelligence and Robotics in Aerospace and Defense Market
The major players of the market include
- Airbus SE
- Thales Group
- Raytheon Technologies Corporation
- IBM Corporation
- Lockheed Martin Corporation
- General Dynamics Corporation
- Boeing Company
- Intel Corporation
- Microsoft Corporation
- Boeing Company
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in October 2021, IBM, a multinational technology giant, announced that it was partnering with Raytheon, a global aerospace and defense company, and Deloitte, a leading consulting company. The partnership between IBM and Raytheon is aimed at developing advanced AI-based solutions for aerospace and defense sector, while the IBM-Deloitte partnership has been made to develop DAPPER, an AI-enabled managed analytics platform. Both these partnerships are expected to help the three companies to consolidate their positions as a leader in their respective industries.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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
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About Research Dive
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