Market Size of Intelligence Surveillance Reconnaissance Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Intelligence Surveillance and Reconnaissance (ISR) Market Analysis
The intelligence, surveillance, and reconnaissance (ISR) market is expected to register a CAGR of over 4.5% during the forecast period.
The COVID-19 pandemic had a moderate effect because of the disruption in the supply chain in 2020. However, the market became stable within a short time and has also grown in 2021 and 2022. With the increase in the defense budget by countries worldwide, the market is further expected to grow. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure in 2021 crossed USD 2 trillion for the first time ever, which was a 0.7% increase compared to the global military expenditure in 2020. The global military budget has been increasing yearly for the past 8 years. With tensions between the nations, the military expenditure by various nations is expected to increase, which will result in a surge in investments for the development and procurement of intelligence, surveillance, and reconnaissance technologies and devices during the forecast period.
Rapid technological developments are breeding disruptive technologies in the defense industry. The impact of defense majors' portfolio capabilities creates unexpected competition, particularly in the case of ISR. The increasing use of small unmanned systems for surveillance is further expected to generate demand for electronic components used in ISR missions.
