The global situational awareness market size is expected to showcase a substantial growth during the forecast period. The growth is attributable to the increasing incidence of cyber thefts and the rising adoption of advanced technology in security and surveillance systems to detect real time problems and create better situational awareness across the globe. This information is published by Fortune Business Insights, in its upcoming report, titled, “Situational Awareness Market Size, Share & Industry Analysis, By Platform (Cyber Security, Risk Management, Decision Support, Others), By Component (Sensors, GPS, Gyroscopes, Displays), By Product (Fire and flood alarm systems, HMI, RFID, Access Control, RADAR), By Application (Robots, Driving/connected cars, Business intelligence) By End User (Military & Defense, Aviation, Maritime Security) and Regional Forecast, 2023-2030.”
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
Situational awareness is vital for recognizing threats and dangerous situations and the accurate projection of their status in the near future to avert heavy damages. This includes environmental awareness, system awareness, and time horizon, among others. An efficient awareness regarding flight configuration and flight control modes in aerospace leads to the optimum management of vital aspects such as altitude, speed, and other flight-planning functions.
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List of the Companies Profiled in the Global Market for Situational Awareness:
- Lockheed Martin Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- Airbus S.A.S. (France)
- The Boeing Company (The U.S.)
- DENSO CORPORATION (Japan)
- General Electric (The U.S.)
- Microsoft (The U.S.)
- L3Harris Technologies, Inc. (The U.S.)
- General Dynamics Corporation (The U.S.)
- Robert Bosch GmbH (Germany)
- Johnson Controls (Ireland)
- Qualcomm Technologies, Inc. (The U.S.)
- Advanced Micro Devices, Inc (The U.S.)
- Pleora Technologies Inc. (Canada)
- BAE Systems (UK)
- Collins Aerospace (The U.S.)
- BERTIN INSTRUMENTS (France)
- Axis Communications AB (Sweden)
- Sensara Inc. (The U.S.)
- Among others
Increasing Incidence of Cyber Security Thefts to Favor Growth
According to the data by Cybersecurity Ventures, it is estimated that cybercrime will cost losses worth USD 6 trillion by 2023. The increasing incidence of cybersecurity thefts is propelling the companies to adopt advanced security and surveillance systems across the globe. Furthermore, the increasing government initiatives to ensure public safety and disaster management are fueling the demand for better situational awareness systems globally. Such initiatives are expected to contribute to the growth of the global situational awareness market in the forthcoming years.
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Presence of Established Manufacturers in North America to Promote Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global situational awareness market during the forecast period. The dominance is attributable to the presence of established manufacturers such as the Boeing Company, General Electric, and Microsoft that are developing advanced situational awareness systems in the region. Additionally, the increasing adoption of advanced situational awareness systems in industrial applications such as homeland security, military & defense, and maritime security in countries such as the U.S. is expected to favor growth.
The market in Asia-Pacific is expected to showcase a considerable growth backed by the adoption of smart appliances and the growing demand for internet-based services between 2019 and 2023.
Signing of Contract by Major Companies to Boost Their Sales Revenue
The global situational awareness market is fragmented by the presence of several major companies that are striving to maintain their presence by signing contracts with the others to expand their product portfolio and boost sales revenue. Furthermore, the adoption of strategies such as merger and acquisition, collaboration, and partnership by key players will contribute to the growth of the market during the forecast period.
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- December 2019 – Edgybees announced the signing of multiple AFWERX contracts with the U.S. Air Force. According to the contract, it will provide innovative computer vision technology in the form of Argus, its augmented reality (AR) software solution. This is expected to boost the situational awareness for the U.S. Air Force during complex operational scenarios.
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