by Cyber security solutions help governments and defense organizations secure their critical infrastructure, military networks, and intelligence from cyber threats. They provide security monitoring, detection, and response to avert any potential cyber-attacks. Intrusion prevention systems, antivirus/antimalware solutions, identity and access management tools, data loss prevention software, and firewalls are some key products used in the defense cyber security domain. With the growing adoption of technologies like artificial intelligence, cloud computing, internet of things, autonomous vehicles and weapons systems, the threats from advanced cyberweapons and non-state attacks have also increased. This has propelled defense organizations to invest more in advanced cybersecurity measures to counter evolving threats.
The global defense cyber security market is estimated to be valued at US$ 21.62 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The defense cyber security market is expected to witness high growth owing to the use of advanced technologies. One of the key drivers for the market’s growth is the increasing dependency of military systems and networks on digital technologies which has expanded the attack surface for hackers and nation state actors. This has compelled governments globally to spend more on securing their critical cyber infrastructure with next-generation cyber defense solutions leveraging technologies like blockchain, quantum computing, cloud and big data analytics. For example, according to reports, the US plans to invest $17.5 billion annually on defense cyber programs by FY2023 to modernize their cyber capabilities. Similarly, countries like the UK, Israel, Russia, China, India are also aggressively investing in this domain considering it as an important element of their national security.
SWOT Analysis
Strength: The defense cyber security market has a strong demand owing to rising concerns regarding cyber threats. Many governments are increasing their spending on cyber security solutions to protect critical infrastructure and weapons systems. The market players offer advanced solutions such as encryption, authentication, authorization, access control, and data loss prevention capabilities.
Weakness: High costs associated with research and development of innovative cyber security solutions can be a challenge for market players. Some small defense organizations may not have adequate budgets to afford advanced cybersecurity tools.
Opportunity: The adoption of AI, machine learning and cloud computing technologies present lucrative opportunities in the defense cyber security market. Such technologies help automate threat detection and responses. Additionally, the growing deployment of IoT devices in the defense sector increases the scope for cybersecurity vendors.
Threats: Sophisticated hacking techniques and involvement of nation state actors pose challenges for companies. Insider threats due to unintentional or intentional sharing of credentials can also compromise the cyber defenses. stringent regulations in certain countries may restrict foreign players.
Key Takeaways
The Global Defense Cyber Security Market Share is expected to witness high growth over the forecast period. Supported by rising government investments in cyber defense, the market size is projected to reach US$ 21.62 Bn by 2024.
Regional analysis: North America region currently dominates the defense cyber security market owing to heavy investments by the U.S. and Canada. The U.S. spends billions annually on strengthening national cyber defenses. Asia Pacific is expected to exhibit the fastest growth during the forecast period with increasing spend on cyber security by China and India. Both nations considers cyber defense as part of their military modernization programs.
Key players: Key players operating in the defense cyber security market are Henan Lingrui Pharmaceutical Ltd, Purdue Pharma Manufacturing LP, Luye Pharma Group, 3M Company, Mylan (Viatris), Teva Pharmaceutical Industries Ltd, Samyang Biopharmaceuticals Corp. (Samyang Holdings), Novartis, and Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd). These companies offer advanced cybersecurity solutions such as network security, endpoint security, application security, and cloud security. Some players have also partnered with national governments on cyber defense projects.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
