According to a new market research report, “Military Communications Market by Communication (Airborne, Air-Ground, Underwater Communication), Component (Military Satcom, Radio System, Security System), Application (Command & Control, Situational Awareness) & by Region – Global Forecast to 2020”, published by MarketsandMarkets, The global Military Communications Market is estimated to grow from USD 23.02 Billion in 2015 to USD 40.82 Billion by 2020, at a CAGR of 12.1% from 2015 to 2020.
In military communication, safety and security of data and messages plays a vital role. Hence, companies prefer to opt for cost-effective and efficient solutions which would help safeguard the confidentiality of the information. This has led to the growth of the market for the products and services. Replacement of obsolete technology with the advanced equipment and the availability of emergency communication services which helps in delivering notification in case of any emergency are also driving the growth of the market. Apart from these, the market is also driven due to the satellite communication which helps in providing accurate and real-time information to the military department.
The global Military Communications Market is estimated to grow from USD 23.02 Billion in 2015 to USD 40.82 Billion by 2020, at a CAGR of 12.1% from 2015 to 2020. Players in this market have adopted various strategies to expand their global presence and increase their market shares. Agreements, mergers & acquisitions, and new product developments are some of the major strategies adopted by the market players to achieve growth in the Military Communications Market. The key market players such as Lockheed Martin, Raytheon, Northrop Grumman, and others have adopted new product launches as their key strategy to expand their client bases and tap new market spaces. This strategy accounted for a share of 23% of the total strategic developments in the Military Communications Market.
This comprehensive coverage of the Military Communication Market provides important inputs, such as drivers, restraints and opportunities in this market, profiles the major players in this market, maps the competitive landscape and provides the overall perspective on the Military Communications Market in the various regions.
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IndianBureaucracy.com hopes that the Defence Ministry finds it an interesting read and application.