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MarketsandMarkets: Data Security Tech Helps Drive Military Comms Market Growth

MarketsandMarkets: Data Security Tech Helps Drive Military Comms Market Growth - top government contractors - best government contracting event

ManpackRadio1A MarketsandMarkets report predicts the worldwide military communications technology and service industry will grow 12.1 percent year-over-year to hit $40.82 billion in market value by 2020.

The research firm said Friday the market is currently worth $23.02 billion and partly driven by companies that develop tools to secure data for military operations.

The availability of satellite and emergency communication services also helps fuel industry growth, the report states.

Lockheed Martin, Northrop Grumman, Raytheon and other vendors aim to grow their military communications market footprints and customer bases through partnerships, acquisition deals and product development initiatives, according to MarketsandMarkets.

The report also indicates that product launch strategy accounts for 23 percent of strategic development efforts across the industry.

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Written by Mary-Louise Hoffman

is a writer of news summaries about executive-level business activity in the government contracting sector. Her reports for ExecutiveBiz are focused on trends and events that drive the GovCon industry to include commercial technologies that private companies are developing for federal government use. She contributes news content to ExecutiveBiz’s sister sites GovCon Wire and ExecutiveGov.

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