The Communication Intelligence Global Market Growth: Skyrocketing to $13.28 Billion At a CAGR of 9.3% By 2028
Communication Intelligence Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Does The Future Hold For The Communication Intelligence Market?
The communication intelligence market size has seen substantial growth in the recent past. It's set to rise from $8.53 billion in 2023 to $9.30 billion in 2024, achieving a compound annual growth rate CAGR of 9.0%. Factors attributed to this growth during the historical period span from an increased risk of cyber-attacks, heightened demand for communication services, complexity of communication calls, to the rising need for effective warning systems. Moreover, growth is also driven by the demand for fixed systems at various military stations, and a surge in satellite connectivity R&D.
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Predicting A Robust Growth Trend In The Communication Intelligence Market
The communication intelligence market is poised for impressive growth in the coming years. Estimates predict that the market will attain a value of $13.28 billion in 2028, garnering an astounding compound annual growth rate CAGR of 9.3%. This projected growth during the forecast period results from an increased need for securing military and defense communications, along with a surge in the volume of IP-based data. Moreover, a rise in the use of communication intelligence in cyber and electronic warfare, an escalating threat to national and international security, and increasing cyber-attacks contribute heavily to this growth.
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What Are The Key Factors Driving The Growth Of The Communication Intelligence Market?
The increase in cyber-attacks is playing a significant role as a catalyst in the communication intelligence market. Cyber-attacks, deliberate attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or data, are chiefly due to the increasing dependence on digital systems and the internet, along with the sophistication and accessibility of cyber-attack tools and techniques, and the abundance of personal and sensitive data online. Communication intelligence provides pivotal insights and data enhancing an organization's ability to detect, respond to, and mitigate cyber-attacks. For instance, the number of cyber crimes in Australia in 2023 was 76,000, a 13% increase from the previous year, according to the Australian Cyber Security Centre, intensifying the need for advanced solutions offered by the communication intelligence market.
Who Are The Market leaders In The Communication Intelligence Industry?
Prominent companies operating in the communication intelligence market include Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Electric Corporation, BAE Systems plc, Thales S.A., L3Harris Technologies Inc., Leonardo S.p.A., Textron Inc., Motorola Solutions Inc., Rheinmetall AG, Elbit Systems Ltd., among others.
Significant players in the communication intelligence market are pioneering new advancements, such as AI-powered communication intelligence solutions, to facilitate data analysis, enhance threat detection, streamline communication monitoring, and foster informed decision-making across military, government, and corporate sectors.
How Is The Communication Intelligence Market Segmented?
Market segments in this report include aspects such as:
1 By Mobility: Fixed, Man-Portable.
2 By Platform: Ground, Airborne, Naval, Other Platforms.
3 By Application: Transportation System, Emergency Services , Routine Operations , Military Critical Infrastructure , Homeland Security And Cyber Protection, Military Commands, Other Applications.
Which Regions Dominate The Communication Intelligence Market?
North America reigned supreme as the largest region in the communication intelligence market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The report provides a detailed coverage of other regions including Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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