The aerospace and defense industry is now well into a new era of powerful market forces and disruptive technologies. These present entirely new mandates for building, operating and maintaining commercial, military and space products. These forces are reshaping the future of aerospace and defense. Some offer exciting opportunities. Others present clear threats and challenges. All require a decisive response.READ MORE
Accenture highlights powerful market forces to consider as the aerospace and defense industry passes 100 years of commercial services.
Global defense acquisition spend of $461 billion is expected to grow by a very moderate 0.7 percent over the next five years.
New aircraft program durations have doubled from four to eight years.
Competition for science and technology talent comes from other, more visibly digital industries and demand for these skills are expected to grow at double the rate of other occupations.
The $738 billion airline industry is expected to grow by 6 percent or higher over the next few years.
Aircraft are generating unprecedented volumes of data raising demand for big data capabilities.
Slashed defense budgets mean that upgrades, rather than platform replacements, are taking priority. Commercial operators are seeking greater insight into operational data to fine tune support operations and reduce costs.
Adding to the market forces affecting the aerospace and defense industry are significant developments in digital technologies that are exerting an increasingly decisive influence on the future shape of all industries.
Here is how these important technology drivers are manifesting themselves in the aerospace and defense industry.
Aerospace and defense businesses are embracing greater use of technologies such as robotics on the production line and predictive maintenance for in-service support.
Companies are investing in tools such as wearable technology to keep pace with constant change in the digital era. But there is typically a critical factor that is falling behind: an adaptable, change-ready workforce.
The ability to operate across digital platforms and ecosystems is seen by over half the aerospace and defense executives as mission critical to the future success of their business.
Every business now understands the transformational power of digital. However, the majority of aerospace and defense executives see disruption as more likely to emerge from within the industry than from outside.
With the globalization of aerospace and extended supply networks, digital security and protection is more important than ever. The challenge of operating digitally will increasingly stretch the abilities of aerospace and defense companies to manage the risks that arise from being a data-driven, digitally-enabled business.
While digital has been prevalent in the aerospace and defense industry for some time, the sector is far from exempt from the transformational changes that digital is driving. Digital is driving decisive changes in the way aerospace and defense companies operate, interact and integrate with the world around them.
Aerospace and defense companies have been relentlessly developing digital capabilities for many years. But the urgency to fully embrace these emerging technology trends is increasing.READ MORE
New technology trends fueled by digital disruption are creating significant opportunities for aerospace and defense companies. It’s time for a fundamental shift in how aerospace and defense companies apply these innovations to more effectively operate, differentiate and grow their businesses.
Digital strategies offer new and improved ways to optimize the supply chain, reduce time to market and increase revenue. As a result, many aerospace and defense companies are considering how they use digital to generate and sustain business results.