Nichols Martin
Research and Markets has unveiled a new report that forecasts a 3 percent compound annual growth rate for the worldwide command, control, communications, computing, combat systems, intelligence, surveillance and reconnaissance systems through 2023.
The company said Monday the global C5ISR market is projected to reach $1.36 billion in 2023 from $1.10 billion last year.
Increased concerns over border security and terrorist activity, the use of unmanned platforms, and a demand for integrated technologies are among the factors that will drive the sector, the report noted.
The market’s naval segment is projected to hold the largest share in terms of platform over the six-year period and the aerial segment is predicted experience the highest CAGR.
Lockheed Martin, Northrop Grumman, Raytheon, Saab and Thales are some of the key industry players featured in the report.
