Key companies covered in defense cyber security market are Lockheed Martin (U.S.), The Thales Group (France), BAE Systems (U.K.), General Dynamics (U.S.), Northrop Grumman Corporation (U.S.), Raytheon Technologies (U.S.), Booz Allen Hamilton (U.S.), Leonardo (Italy), Leidos (U.S.), L3Harris Technologies (U.S.) and others players profiled.
Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global defense cyber security market size was valued at USD 14.20 billion in 2022 and is projected to grow from USD 16.45 billion in 2023 to USD 46.00 billion by 2030, exhibiting a CAGR of 15.80% during the forecast period.
Defense cyber security encompasses a range of solutions utilized by the defense sector to safeguard sensitive data from internet-based cyber threats. These solutions involve monitoring, detecting, reporting, and countering attempts to compromise data through methods such as spyware, malware, and phishing. The primary goal is to maintain data confidentiality and protect critical information within defense systems. Fortune Business Insights™ presents this information in their report titled"Global Defense Cyber Security Market, 2023–2030."
Software & Service Segment Drives Market Growth with Rising Adoption of Defense Platforms
By platform, the market is bifurcated into hardware and software & service. The software & service segment is projected to have the highest CAGR due to the increasing adoption of defense platforms by key companies, both on premise and in the cloud. The growing importance of software in digitizing military operations is expected to fuel the segment's growth.
Cyber Threat Protection Solution Dominates Market with High Growth Potential
By solution, the market is segregated into cyber threat protection, threat evaluation, content security, and others. The cyber threat protection solution segment currently holds a dominant position in the market as these security solutions are specifically designed to help security professionals defend systems and networks against malware and specialized cyberattacks.
Application Security to Propel with Focus on Defense Sector Software Applications
By type, the market is segmented into critical infrastructure security & resilience, application security, cloud security, and others. The application security segment dominates the market as it encompasses the implementation of authentication, authorization, encryption, logging, and security testing measures within applications to protect against unauthorized access and alteration.
Land Armed Forces Lead Market with Strong Government Budget Allocation
By end user, the market is classified into land force, air force, and naval force. The land force segment holds a dominant position, as several governments allocated maximum budgets toward land force capabilities in 2022. Governments, in collaboration with trusted private players, are consistently leveraging innovative potential to provide operational superiority to their land forces.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Russia-Ukraine War Impact
Increased Expenditure Due to Russia-Ukraine War Drives Market Growth
The Russia-Ukraine war has prompted significant increase in defense expenditures globally. Many European countries, in response to Russia's invasion of Ukraine, have significantly raised their military spending. In 2022, Ukraine's military spending surged by almost 640%, while global military spending increased by 3.7% to reach USD 2.24 trillion, as reported by SIPRI.
The comprehensive defense cyber security research report encompasses various essential elements, including extensive R&D capabilities and streamlined operational services optimization. Furthermore, it provides valuable insights into emerging trends, regional assessments, meticulous Porter's five forces analysis, a competitive landscape overview, and most notably, it emphasizes crucial advancements within the industry. In addition to the aforementioned factors, the report elaborates on several key elements that have been instrumental in fostering significant growth within the market in recent years.
Drivers and Restraints
Cyber Security Market Driven by Escalating Cyber Threats and Advanced Technical Training
The market is witnessing growth due to increasing threat of cyber-attacks targeting critical resources by organized cyber criminals. Advanced technical training in the field of cyber security is also contributing to market expansion. According to a cyber security analysis by Check Point Software mentioned in Forbes, the number of reported cyber-attacks in 2022 has risen by 38% compared to the total volume of attacks in 2021.
However, the defense cyber security market growth may face hurdles due to the lack of skilled human resources and the high cost associated with training.
Regional Insights
North America Leads with Major Industry Transformations and Government Contracts
North America emerged as the dominant region in 2022. The region’s growth can be attributed to the efforts of major defense industries in transforming their cyber security capabilities. Additionally, the increasing number of government contracts aimed at bolstering military power has further fueled the market growth.
Asia Pacific is the second leading region as its growth is driven by the rising investment in cyber security initiatives by countries such as Japan, China, and Australia.
Competitive Landscape
Key Players Fuel Market Expansion through Cyber Security Innovation
Key players in the defense cyber security operate in a relatively fragmented landscape. They prioritize technological advancements, including multi-factor authentication, encryption techniques, and zero trusts. Additionally, they focus on product innovations such as diode solutions, secured phones, and secured gateways to address evolving cyber security challenges. Furthermore, they actively expand into emerging trends to increase their defense cyber security market share.
July 2022– BAE Systems secured a five-year contract of USD 699 million from the U.S. Army for providing support required for DSRC resources and networks to over 5,000 users, data analysis, and assessment services for scientific visualization and graphics support, and cyber security risk management support for all systems.
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