CHICAGO, March 7, 2019
CHICAGO, March 7, 2019 /PRNewswire/ -- According to the new market research report "Signals Intelligence (SIGINT) Market by Type (Electronic Intelligence (Elint) & Communications Intelligence (Comint)), Application (Airborne, Naval, Ground (Vehicle-Mounted, Soldiers, & Base Station), Space, & Cyber), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global SIGINT market size is expected to grow from USD 12.8 billion in 2018 to USD 15.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period.
The major driving factors for the SIGINT market are the increasing terrorism, growing defense budget of major countries across the globe, and modernization or replacement of an aging defense system.
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Electronic Intelligence (ELINT) type segment is expected to account for a higher market share during the forecast period.
The ELINT type is expected to be the largest SIGINT market, owing to its increasing need across air, naval, and ground. ELINT is the information gathered by the use of electronic sensors. It involves gathering data about the enemy's electronic defense network, particularly electronic devices such as radars, surface-to-air missile systems, aircraft, and electronic transmitters. The increasing complexity of threats across the globe is driving the ELINT market as the ELINT technology assists in detecting, recognizing, and countering the threats.
Airborne application is expected to account for the highest market share during the forecast period.
SIGINT solutions provide actionable real-time information and enable universal situational awareness, in-depth collaborative mission planning, and management to air forces. The solutions ease the routine operations of air forces as regular information transmission plays a vital role in real-time decision-making. The solutions provide the right information at the right time and are responsible for collecting information related to any unwanted movements and activities to offer authorities the information for quick decision-making.
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North America is expected to account for the highest market share during the forecast period.
North America is expected to dominate the global SIGINT market as its defense forces are investing a lot in developing more technologically-advanced SIGINT systems. The increase in military support to other countries and increasing terrorism are the major factors driving the North American SIGINT market. The region comprises the US and Canada. The US accounts for the highest share of the SIGINT market.
Major vendors in the global Signals Intelligence (SIGINT) Market include BAE systems (UK), Lockheed Martin (US), Northrop Grumman (US), Thales (France), Raytheon (US), Elbit Systems (Israel), General Dynamics (US), Israel Aerospace Industries (Israel), Saab (Sweden), Mercury Systems (US), Rolta India (India), Rheintmetall (Germany), Systematic (Denmark), Harris (US), and Cobham (UK).
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