High defense expenditure and ongoing digitalization of the organizations are driving the demand for the global situational awareness systems market in the forecast period, 2023-2027.
According to TechSci Research report, “Situational Awareness Systems Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global situational awareness systems market is anticipated to witness impressive growth in the forecast period, 2023-2027. Situational awareness systems are a type of security system that helps to collect, visualize, and analyze information about the surrounding and remote environment for surveillance and security purposes. It provides tools required to locate, alert, communicate and offer message and file transfer functionality to the end-users. The situational awareness system collects and interprets information which helps companies make informed decisions. Situational awareness systems offer several benefits to organizations, such as threat identification, risk analysis, security, and strategy planning to decide the future course of action. These kinds of systems are in high demand in areas like traffic control and management, which requires continuous monitoring and analysis. Key players in the industry are backed by the government authorities who make significant amounts for research and development activities. Companies are working on innovation, and the introduction of more efficient and advanced technologies is expected to accelerate the market growth in the forecast period.
However, a lack of awareness about the benefits of situational awareness systems and high implementation costs may restrain the global situational awareness systems market growth in the forecast period.
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The global situational awareness systems market is segmented into component, application, end use, regional distribution, and competitive landscape.
Based on component, the market is divided into sensors, GPS, cameras, gyroscopes, display & notification devices, NVRs & DVRs, and others. Sensors are expected to hold the largest market share in the forecast period, 2023-2027. Sensors are in high demand nowadays. They find several applications in surveillance, profit survivability, advanced weapon operation, targeting, and intelligence operations. Sensors collect the physical data and convert the phenomena to make it usable for informed decisions.
Based on application, the market is divided into robots, driving and connected cars, business intelligence, disaster response, security & surveillance, environmental impacts tracking, logistics, natural & cultural resources, smart infrastructure management, and crisis management. Driving and connected cars are expected to account for significant market share in the forecast period owing to the growing popularity of automation and other novel technologies. The transformation of cities towards smart infrastructure and the launch of superior high-performance vehicles in the market is further expected to boost the demand for situational awareness systems for driving and connected cars.
Based on end use, the market is divided into military & defense, healthcare, aerospace, marine security, automotive, mining and oil & gas industry, and others. The military & defense segment is expected to capture the highest market share in the forecast period. Several countries are investing in the development and advancement of autonomous weapon systems to strengthen the military sector of their country. The advancements in weapon firing system and sensor technology are improving the current vehicles' performance capabilities.
Major market players operating in the global situational awareness systems market are:
- Bae Systems
- Honeywell International Inc
- Denso Corporation
- CNL Software Limited
- Collins Aerospace (United Technologies)
- Lockheed Martin Corporation
- Harris Corporation
- General Electric
- D3 Security Management Systems, Inc
- Microsoft Corporation
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“On the basis of regional analysis, North America is expected to hold the largest market share in the forecast period, 2023-2027, and the United States and Canada majorly dominate the market. Situational awareness systems are used by end-user industries such as the aviation industry, maritime and homeland security, and military & defense industries. Massive defense expenditure by the leading authorities and the efforts for network modernization are expected to propel the growth of the global situational awareness systems market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Situational Awareness Systems Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Component (Sensors, GPS, Cameras, Gyroscopes, Display & Notification Devices, NVRs & DVRs, Others), By Application (Robots, Driving and Connected Cars, Business Intelligence, Disaster response, Security & Surveillance, Environmental Impacts Tracking, Logistics, Natural & Cultural Resources, Smart Infrastructure Management, Crisis Management), By End Use (Military & Defense, Healthcare, Aerospace, Marine security, Automotive Mining and Oil & Gas Industry, Others), and By Region”, has evaluated the future growth potential of global situational awareness systems market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global situational awareness systems market.
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