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Research Nester published a report titled “Military embedded systems market- Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the military embedded systems market in terms of market segmentation by product type, by component, by application type, by platform type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The market for military embedded systems is anticipated to record a notable CAGR of around 8.5% over the forecast period 2020-2028. The key factors driving the growth of the market are enhancements in the integrated circuits and rising government spending in military sector. Further, military embedded systems provide high level of integration for control devices and sensors. In addition, reduction in chip size leads to decline in overall hardware cost which offers optimal power and high efficiency. Moreover, rising awareness regarding military embedded systems is further driving the growth of the market. Based on component type, the market is segmented into hardware and software. The market for hardware is anticipated to dominate the market owing to the rising use of multicore processors along with portable wearables.
Additionally, surge in demand for electronic hardware attached to driver assistance systems for hybrid combat vehicles and innovative chip designs for advanced processing is boosting the growth of the market over the forecast period.
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Based on the regional analysis, the market for military embedded systems is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The rising initiatives for security, network bandwidth and latency by emerging countries such as India, China and Japan will account for the highest market share for military embedded systems in Asia Pacific region. Further, introduction of advanced lightweight armoured vehicles along with modular electronics will boost the market growth. Moreover, the cost of product is reduced in the region owing to the advancements in microcontrollers and microprocessors. The market in North America is anticipated to witness major share in the region on the account of growth in network centric infrastructure and surge in investments for warfare capabilities.
Advancements in Technology along with Growing awareness
The rising adoption of cloud computing and wireless technology is replacing the traditional computational systems. In geospatial intelligence gathering and network convergence, the usage of electronic warfare systems is leading to advanced product development.
Additionally, in order to meet the military requirements, there is an increase in the procurement of advanced monitoring systems & surveillance systems. The increasing demand for multicore technologies and surge in modern warfare systems is further fostering the market growth. Further, the rising awareness about military embedded systems is resulting into increase in the spending of government in various nations. Driven by these prominent factors along with the surge in demand for rugged military embedded systems and onboard system applications, the market will witness significant growth over the forecast period.
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