Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=192913423
Driver: Growing defense budgets of major countries across the globe
National security is the security of a nation-state, regarded as a duty of government. It includes the nations citizens, economy, and institutions. National security is a vital priority in several countries around the world and requires a large budget in order to be built and maintained. The total world military expenditure was about USD 1.8 trillion in 2018, a 2.6% increase from 2017.
The US spends the most on defense, and more than the next seven countries combined. The US spent USD 649 billion on defense in 2018, and the next seven countries (China, Saudi Arabia, India, France, Russia, the UK, and Germany) spent a combined total of USD 609 billion. National security in the US is the third most expensive government program after Social Security and Medicare. Historically, the US has consistently spent more on defense than any other G-7 nation.
Restraint: High cost involved in signals intelligence system deployment
The adoption of advanced and innovative technologies and products is a constant challenge for militaries due to budgetary limitations and the lack of skilled personnel. Budget constraints often hinder the adoption of advanced communication systems. Countries in the European Union recovering from economic stress have also shown intentions to cut their respective defense budgets. Countries around the world are exploring and inviting new alternatives to military systems to reduce costs. Therefore, the SIGINT industry is shifting from defense suppliers to commercial providers. For instance, the declining defense budgets of some major economies, such as Saudi Arabia, UK, France, and Germany, would affect the demand for SIGINT systems in the near future, which in turn, is acting as a challenge for the growth of the SIGINT market. Being a capital intensive market, the market in the emerging economies is not growing at the desired pace.
Opportunity: Increasing presence of signals intelligence in the public domain
SIGINT capabilities are majorly used by the government and defense sector, but SIGINT solutions are expanding its reach in other applications areas including maritime domain awareness; Radio Frequency (RF) spectrum mapping; eavesdropping, jamming, and hijacking of satellite communications; and cyber-surveillance. Maritime domain awareness is the most mature commercial SIGINT application, which gives an effective understanding of any vessel or object in the maritime domain that could affect the security, safety, economy, or the environment. Various industries are now equipped with SIGINT systems for protection and security. For instance, Elbit Systems received a USD 15 million contracts from Energean Israel to supply a comprehensive solution for the Floating Production Storage and Offloading (FPSO) platform of the offshore Karish-Tanin gas fields. The technological suite includes a wide range of sensors, radars, sonars, and a command and control center, along with equipping rapid interception boats with a dedicated suite of sensors. The security solution offers the capability to detect and identify both surface and underwater threats and will assist security teams in responding efficiently.
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=192913423
North America to hold the largest market share during the forecast period.
North America has the presence of several prominent market players delivering SIGINT solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the SIGINT market. The US government has taken initiatives to implement advanced SIGINT systems for naval, land, and air forces. There are various well-established and prominent SIGINT manufacturers in this region, including Lockheed Martin (US), Northrop Grumman (US), General Dynamics (US), Mercury Systems (US), L3Harris (US), and Raytheon (US)..
Market Players
Major vendors covered in the SIGINT market report include BAE Systems (UK), Lockheed Martin (US), Northrop Grumman (US), Thales (France), Raytheon (US), Elbit Systems (israel), General Dynamics (US), Saab (Sweden), HENSOLDT (Germany), Indra (Spain), Mercury Systems (US), Israel Aerospace Industries (Israel), Rolta India (India), Rolta India (Germany), Systematic (Denmark), L3Harris (US), Cobham (UK), and Leonardo (Italy).
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the “Growth Engagement Model GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarketss flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
