LONDON, Jan. 9 (UPI) -- Defense companies hoping to tap commercial markets amid continuing military budget cuts need to sharpen market knowledge, Frost & Sullivan says.
The market research and analysis firm's latest report, Dual-use Technology, finds that dual-use is not always a clear concept and the concept needs to be identified, defined and understood so companies can make the most of it.
A move towards commercial markets will require effort and a change of company mindset, it said, since selling military-inspired products to commercial organizations is a complicated process, companies need to familiarize themselves with practices and regulations at play in the commercial market to sell their products.
"Despite the opportunities, it is essential that defense companies are aware of the operating challenges in a commercial market -- fragmented supplier environment, fierce competition and shorter product development and to market cycles, self-funded R&D, and high volumes of production," said Frost & Sullivan Aerospace & Defense Consultant Thomas Saquer.
