New York, USA, July 20, 2021 (GLOBE NEWSWIRE) — According to the latest report by Research Dive, the global military embedded systems market is predicted to witness a rise in revenue from $13,397.3 million in 2020 to over $21,921.5 million by 2028 at a stable CAGR of 6.5% from 2021-2028.
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The military is one of the crux of any nation and functions as a shield in instances of war and other threats to a country. This is a constantly developing field and with the financial support of the government several recent applications such as unmanned applications have been introduced. These initiatives are expected to elevate the growth rate of the market.
On the contrary, the equipment that function using the military embedded systems are mostly identical in terms of the software and technology uses. This similarity can prove to be a weak point as if a person is able to gain access into one system; he/she can easily hack into the rest. This lack in the security level within the system is predicted to slow the growth of the market.
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The industry experts have been working on developing a system which ensures that the signals that are sent out have their own unique waveform. They are also different each time, which makes sure that no one is able to decipher them easily hence providing an opportunity of growth for the market.
The report segregates the market into different segments – by product type, component type, platform type, and application type.
Motherboard and Computer-on-Board Sub-segment to Witness Significant Growth
By product type, the motherboard and computer-on-board sub-segment is expected to garner revenue of $4,965.6 million in the forecast period. This growth is due to the durability of the equipment along with it being effective in crucial situations. This is set to add to the growth of the segment.
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Software Sub-segment to Dominate the Market
By component type, the software sub-segment is expected to garner revenue of $11,408.2 million by 2028 rising from $6,168.9 million in 2020. The software embedded systems are easy to transport which in turn helps in building up the functionality of any process. These factors are set to provide an opportunity of growth for the market.
Land Sub-segment to Gain Highest Market Share
By platform type, the land sub-segment is set to garner significant revenue of $6,822.7 million in the forecast period. Over time, there have been several technological advancements that have been introduced into the military sector. Equipment such as Unmanned Aerial Vehicles (UAVs) and latest technology such as Artificial Intelligence (AI) and Internet of Things (IoT) have been primary contributors to the growth of the market.
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Weapon Fire Control System Sub-segment to Garner Highest Revenue
By application type, the weapon fire control system sub-segment is predicted to gain revenue of $4,317.7 million in the analysis period. The defence sector has been working on the introduction of automated fire and consolidated fire control to enhance safety within the military. This is set to provide boost to the growth of the market.
This growth is due to the extensive use of the embedded systems to build high quality and futuristic equipment to assist in electronic warfare. Additionally, constant investments on behalf of the government are set to boost the growth of the market.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are:
1. Intel Corporation
2. Curtiss-Wright Corporation
3. BAE Systems
4. SDK Embedded Systems Ltd
5. Kontron (S&t)
6. Mercury Systems, Inc
7. Advantech Co, Ltd
8. SMART Embedded Computing
9. General Dynamics Corporation
10. Xilinx Inc
For instance, in April 2020, Advantech Co, Ltd an expert in the field of embedded computing solutions announced the release of their new product termed as the SOM-9590. This is a new variant in the Type 7 COM Basic Module and has been developed keeping in mind its requirement in sectors that require higher data bandwidth along with sturdiness in the toughest of conditions. This equipment is expected to be highly useful for the military sectors as well as mining and other processes.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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