Mary-Louise Hoffman
A 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.
