Boeing is the world's largest aerospace company and second largest defense contractor. It generates over $60 billion in annual revenue from commercial airliners, military aircraft, weapons, space systems, and other services. Boeing competes with Airbus, Lockheed Martin, and European Aeronautic Defence and Space Company in commercial and defense markets. It aims to leverage its expertise in aerospace to develop new products and services through strategies outlined in its "Vision 2016" plan.