A new Research and Markets report forecasts the global military communications market to reach $40.82 billion by 2020 from $23.02 billion in 2015 amid a growing demand for updated communication techniques.
The report sets the market's compound annual growth rate at 12.1 percent during the forecast period, Research and Markets said Wednesday.
T noted that tier-one market players have implemented various techniques such as agreements, mergers and acquisitions, and new product developments to augment their market share.
Companies profiled in the report are:
- BAE Systems
- General Dynamics
- L-3 Communications
- Lockheed Martin
- Northrop Grumman
- Raytheon Anschutz
- Rockwell Collins