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C4ISR Market to Grow with CAGR of Over 3% during 2017-2024
July 13, 2018 | PRNewswireEstimated reading time: 1 minute
Global C4ISR market is expected to grow with the CAGR of over 3% during the forecast period 2017-2024. Enhanced situational awareness with the use of C4ISR systems, growing demand for geospatial intelligence, escalating demand for short mission cycle time coupled with the growing incidences of asymmetric warfare are also expected to drive C4ISR market globally.
However, high cost associated with C4ISRs, limitation persisting to vulnerability of sensors, cyber security threats are the major factors that impede the growth of global C4ISR market.
The application segment is further sub-segmented into surveillance and reconnaissance, computer, tactical communication, electronic warfare, command and control and others. The platform segment includes airborne, land and naval. The land based C4ISR segment dominates the platform segment owing to the ability of these systems to integrate and communicate with both airborne and naval systems to improve tactical capabilities.
The electronic warfare segment is expected to grow at the highest rate in the application segment primarily due to increasing cyber security defense budgets owing to growing cyber-attacks globally.
Geographically, North America holds the largest market share in terms of revenue in 2017. The dominant position of North America is attributed to the high military expenditure of the countries of the North American region that include US and Canada, moreover increasing cybersecurity budgets in these region presents huge growth opportunity for the growth of C4ISR market in North America.
Moreover, Asia Pacific C4ISR market is expected to grow at highest rate over the forecast period owing to the increasing defence budget, increasing cross border terrorism and rising geopolitical tensions between the countries of Asia Pacific presents huge opportunity for the growth of C4ISR.
Key players in global C4ISR market are Northrop Grumman (U.S.), Honeywell (U.S.), Raytheon (U.S.), Thales (UK), Lockheed Martin Corporation (U.S.), Curtiss-Wright Corporation (U.S.) and others.
These companies are adopting various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, acquisition is the key strategies adopted by the companies in global C4ISR market.
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