The global software defined radio (SDR) market will reach $27.3 billion by 2020, according to a forecast by market research firm ASDReports. This reflects a compound annual growth rate of 12.5 percent from 2014.

Major players will be Rockwell Collins, ITT, BAE, Northrop Grumman, Harris Corp., Thales, FlexRadio Systems, Datasoft, L-3. and Raytheon. The Asia-Pacific market will see the largest growth, with Japan leading the increase.

"The competitive landscape of the market presents a very interesting picture, where players from different blocks of the software defined radio value chain have got together to become a force to reckon with," the report noted. "The market is witnessing a large-scale collaboration and partnership across the value chain with a number of tier-one players around the globe."