Artificial Intelligence in Europe Advances in Defense Market with CAGR of 11.3% by 2028 – Leidos, Lockheed Martin Corporation, Thales Group

The European Artificial Intelligence in Defense Market is expected to grow from US$1,498.71 million in 2021 to US$3,169.95 million by 2028; it is estimated to grow at a CAGR of 11.3% from 2021 to 2028.

Over the coming decades, artificial intelligence (AI) is set to play a key role in defining the competitiveness and productivity of European countries, with early adopters reaping enormous social, economic and geopolitical benefits. Unlike the United States and China, European countries weigh far less than their weight while benefiting from key advantages such as a solid industrial base and cutting-edge AI research and expertise. The fragmentation of the digital market in the EU, difficulties in recruiting human resources and attracting foreign investment, as well as a lack of commercial competitiveness all contribute to development.

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As global tensions have persisted in recent years, various concerned countries are planning and taking steps to improve and recapitalize the status of defense. Threats are continually evolving from conventional land threats to hybrid warfare threats. To deal with security threats and fight terrorism, the governments of several countries have already started to increase their defense budgets. According to Forbes data from April 2021, military spending reached almost US$2 trillion in 2020, an increase of 2.6% in real terms in 2019. The growth in spending came during a year in which global GDP contracted by 4.4% due to COVID-19. pandemic, with just five countries accounting for 62% of total spending.

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Top Key Players Covered in this report:

BAE Systems plc.
General Dynamics Society
IBM Corporation
Leidos
Lockheed Martin Company
Raytheon Technologies Corporation
Thales Group

Artificial Intelligence in Europe in Defense Market Segmentation

Europe Artificial Intelligence in Defense Market – By Component

Material
Software
Services

Artificial Intelligence in Europe in the Defense Market – By Technology

Advanced Computing
AI systems
learning and intelligence

Artificial Intelligence in Europe in Defense Market – By Platform

Earth
Air
Naval

Europe Artificial Intelligence in Defense Market – By Application

cyber security
Healthcare on the battlefield
Logistics and transport
war platform
Others

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Due to travel restrictions in European countries, the movement of people from one place to another has been greatly reduced during the COVID-19 pandemic. The epidemic has had a considerable impact on the economies of the region. Governments have imposed lockdowns to curb the spread of the virus, which has shut down several industries. The supply and demand for military weapons continued to grow as government spending on improving defense systems remained unchanged in 2020 and 2021. However, the lack of raw materials due to the interruption of supply chains supply led to the closure of production facilities, which slightly affected the growth of the market in 2020, particularly due to the decrease in the manufacture of artificial intelligence hardware systems.

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Artificial Intelligence in Europe Advances in Defense Market with CAGR of 11.3% by 2028 – Leidos, Lockheed Martin Corporation, Thales Group


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