Defense Segment Is The Largest Segment Driving The Growth Of The Global Defense Cyber Security Market
The global 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:
Defense cyber security refers to technologies, processes and practices designed to protect networks, computers, programs and data from cyber attacks, damage or unauthorized access in the defense sector. Defense cyber security prevents cyber espionage, damage to systems, theft of sensitive information or disruption of military technology and operations.
Market key trends:
The increasing prevalence of cyber threats and cyber-attacks on defense networks and systems is a major factor driving growth of the global defense cyber security market. Defense networks and systems store highly sensitive and classified information related to defense technologies, weapons, military strategies, intelligence, among others. According to a report by McAfee in 2020, more than 60% of organizations in the defense sector reported experiencing cyber-attacks. This has increased the adoption of advanced cyber security solutions among defense agencies and militaries globally to secure their networks and IT systems.
SWOT Analysis
Strength: The defense cyber security market caters to critical government infrastructure, ensuring strong and consistent funding. Security solutions in this sector utilize the latest encryption, malware detection, and network monitoring technologies.
Weakness: Due to confidentiality requirements, vulnerabilities exploited in defense networks may not be publicly disclosed, delaying resolution. High costs associated with upgrading legacy systems and maintaining specialized workforces.
Opportunity: Growth of networked IoT devices increases the attack surface and need for comprehensive perimeter protection and monitoring across land, air, sea, and space domains. Adoption of cloud computing and mobility presents new opportunities for virtual security platforms.
Threats: Sophisticated state-sponsored and terrorist hacking groups pose severe risks to classified networks and supply chains. Insider threats from compromised personnel with high-level clearances are difficult to detect and prevent.
Key Takeaways
The Global Defense Cyber Security Market Growth is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing digitization of military infrastructure and adoption of networked platforms.
Regional analysis: North America dominates the global defense cyber security market, accounting for more than 35% revenue share in 2023. Major U.S. defense contractors have strong footholds across advanced security solutions. Asia Pacific is expected to be the fastest growing region, driven by increasing defense modernization programs of large economies like China and India.
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. Industry leaders are focused on offering full-spectrum solutions from network infrastructure hardening to threat intelligence and integration across air, ground, naval, and space-based assets.
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