ISR Aircraft and Drones Market Expected to Reach $22.10 Billion by 2033: BIS Research

iCrowd Newswire
21 Nov 2023, 01:02 GMT+10

Modern militaries are turning to deep technologies such as intelligence, surveillance, and reconnaissance (ISR) aircraft and drones to achieve maximum security. These advanced systems collect mission-related data, improve situational awareness, and lead to calculated decisions on the battlefield.

BIS Research, a leading market intelligence firm, has released its latest report titled- ISR Aircraft and Drones Market, which covers the market opportunities, challenges, and business strategies to drive exceptional growth in the ISR aircraft and drones market, with an expected CAGR of 5.15% during the forecast period (2023-2033). The detailed study is a compilation of 90 market data tables and 20 figures spread across 211 pages.

Market Analysis: Drivers, Trends, and Growth Projections

With ongoing international conflicts, such as between Russia-Ukraine and Israel-Palestine, the world is witnessing the age of modern defense. ISR aircraft and drones are playing a critical role in these wars for real-time information collection and situational awareness. This is driving exponential growth in the market. Moreover, increasing multi-domain operations (MDO) in the defense industry acts as one of the primary business drivers for the ISR aircraft and drones market.

According to the BIS Research report, the ISR aircraft and drones market was valued at $12.11 billion in 2022 and is expected to reach $22.10 billion by 2033, witnessing a CAGR of 5.15% during the forecast period 2023-2033.

Further, the rising trends such as integration of artificial intelligence (AI) and machine learning (ML) in ISR aircraft and drones and adoption of command, control, communications, computers, cyber, ISR (C5ISR), present opportunities for growth in the ISR aircraft and drones market.

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Market Shares and Segmentation

The intelligence, surveillance, and reconnaissance (ISR) aircraft and drones market constitute established players and start-ups looking forward to establishing themselves in the highly competitive market. As of 2022, the ISR aircraft and drones market was dominated by established players, accounting for 90% of the market share, whereas start-ups managed to capture 10% of the market.

The ISR aircraft and drones market is segmented based on regions, applications, platform, component, and support services. The reconnaissance and surveillance segment leads in applications, with a 25% share in 2022. Based on region, North America was identified as the highest-growing market among all the regions, registering a CAGR of 4.90% during the forecast period 2023-2033.

Market Challenges

The ISR aircraft and drones market currently faces challenges in interpreting various types of data formats and lacks modern systems for air penetration and trained personnel to operate ISR aircraft and drones advanced technology.

Analyst Note

According to Principal Analyst, BIS Research, "The use of artificial intelligence (AI) and machine learning algorithms will allow the ISR platforms to process and analyze enormous volumes of data independently, giving actionable insight faster and with higher accuracy. Sensor miniaturization and endurance advancements will allow drones to fly for longer periods of time as well as in more difficult settings, increasing their utility. Furthermore, the transition to network-centric warfare and the development of strong communication systems would enable smooth data sharing and coordination across various ISR units, increasing their aggregate efficacy. As the world grows more networked and reliant on information, ISR capabilities will continue to be a pillar of military strategy, assuring market development."

Report Focus and Methodology

The ISR aircraft and drones market report provides a credible global and regional market analysis and forecast for 2023-2033. The report profiles existing and upcoming products, types, applications, and key players in the market.

BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.

BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.

M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.

A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.

P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.

About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.