by The defense cyber security market is estimated to be valued at US$ 21.62 Bn in 2023 and is expected to exhibit a CAGR of 11. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The defense cyber security market consists of products and services that help defend against cyber-attacks targeted at defense networks and systems. This includes threat intelligence and information management, sandboxing, endpoint security solutions, and other security solutions. With rising digitalization across the defense sector, the risks of cyber threats have also increased exponentially in recent years.
Market Dynamics:
Growing instances of cyber threats: Nation state actors and hacktivists are increasingly using cyber capabilities to gain strategic advantage or conduct espionage against defense organizations. Ransomware attacks and data breaches have also emerged as major threats. This has boosted investments in advanced cyber security solutions by militaries globally.
Adoption of cloud and mobile technology: The adoption of cloud platforms and BYOD policies within defense networks has expanded the attack surface area and vulnerabilities. Many legacy systems lack capabilities to detect and prevent sophisticated attacks on modern platforms. This is driving defense organizations to procure new age cyber security technologies.
SWOT Analysis
Strength: The defense cyber security market provides strong platforms for securing confidential government data from cyber threats. Many established players offer advanced solutions like firewalls, antivirus software and identity access management. There is huge funding and budgets allocated by governments globally for defending critical infrastructure.
Weakness: Developing customized solutions according to the changing nature of threats is a challenge for players. Lack of skilled cyber security professionals can also impact operations.
Opportunity: Growth of IoT and 5G networks opens up opportunities for players to expand offerings for these sectors. Developing markets offer solid growth prospects as they boost cyber security spend.
Threats: Ever evolving technologies used by hackers to compromise networks poses constant threats. Stringent regulations regarding data privacy and protection vary across regions.
Key Takeaways
The Global Defense Cyber Security Market Growth is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing investments by governments to secure critical information infrastructure against cyber attacks. North America dominates the market currently due to large defense budgets and early adoption of advanced solutions in the region.
Regional analysis: North America accounts for over 35% market share currently led by US. Asia Pacific is forecast to grow at fastest pace due to rising concerns of China and India regarding security of confidential data. Countries are allocating increased spend towards implementing robust cyber security protocols.
Key players operating in the defense cyber security market are General Dynamics-CSRA, Booz Allen Hamilton Holding Corp., Northrop Grumman, Raytheon Technologies Corporation, Leidos Holdings Inc., SAIC, Lockheed Martin Corporation, Viasat Inc., CACI International Inc. and L3 Harris Technologies. These companies provide comprehensive suite of offerings to government entities worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
