A new Research and Markets report states that the global market for C4ISR systems is worth $121.5 billion as of 2014 and will see nominal growth through the forecast period ending in 2024.
The use of unmanned systems and active electronically scanned array technology, border and coastal surveillance operations in Latin America and the rise of asymmetric warfare are among the factors that drive the market’s growth, Research and Markets said Monday.
According to the report, North America will have the biggest market share due to preparations for potential combat situations.
Africa, Europe and the Middle East will also see increased demand for C4ISR systems, while the Asia-Pacific region continues its growth at a consistent level.
The market analysis also covers the spending and modernization patterns for C4ISR systems across the naval, land, airborne and space platforms.
Research and Markets said that land-based C4ISR systems will have sustained demand, giving it the largest share of the market by 2024 followed by airborne systems.
It also predicts that space-based C4ISR systems will achieve a compound annual growth rate of 2.34 percent, while spending for naval systems will decline.
The report also states that increased defense spending on these C4ISR systems is due to modernization programs, competitive arms acquisitions, equipment replacements and security threats, although financial constraints prevent a more robust market growth for some regions.