A Zion Market Research report forecasts that artificial intelligence spending in the global military sector will reach $16.3B by 2026, with a compound annual growth rate ofÂ 14.5 percentÂ over the next seven years.
The research companyÂ said Thursday a growingÂ demand for the integration ofÂ military equipmentÂ andÂ AI technology to increase border security, the rising acceptance of cloud-based services in the defense sector are among the forces that will drive growth ofÂ AI in the military market.
NATO accounted for the biggest revenue share and the rising awareness of the technology in the international alliance’s member countries is projected to contribute to the market’s overall growth rate.
The report noted that a lack of standards and protocols regarding the use of AI-based military platforms may hinder market growth in the near future.
Key market players mentioned in the report include:
- BAE Systems
- Charles River Analytics
- General Dynamics
- Lockheed Martin
- Northrop Grumman
- Science Applications International Corp.
- Thales Group