The Defense Cyber Security Market Is Estimated To Witness High...

The Defense Cyber Security Market Is Estimated To Witness High Growth Owing To Increased Adoption of Cloud Services

Veröffentlicht 2023-12-14 13:04:38

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 comprises products and services that are deployed to protect defense agencies, defense contractors, critical infrastructure and systems from cyber-attacks, security breaches and ensure safety of sensitive and classified defense information. Key products in the market include firewalls, virtual private network (VPN), disaster recovery, antivirus/antimalware etc. These products are widely used across military networks, defense equipment, weapons systems and critical infrastructure to secure them from cyber espionage, data thefts and information leakages.

Market Dynamics:
One of the key drivers for growth of defense cyber security market is increasing adoption of cloud services across defense agencies. Defense agencies are increasingly adopting public, private and hybrid cloud infrastructure to improve collaboration, data sharing and enhance productivity. However, this has also increased susceptibility of defense networks and assets to cyber threats if not properly secured. Thus, defense agencies are making significant investments in advanced cyber security solutions to safeguard critical data and systems hosted on cloud platforms. Another factor fueling the market growth is growing number of sophisticated cyber-attacks on defense networks. State-sponsored hacking groups and terrorist outfits are regularly attempting to breach defense networks of many countries to steal strategic and intelligence data. This has prompted defense organizations to strengthen their cyber defenses with next-gen solutions.

SWOT Analysis
Strength: The defense cyber security market has strong government support and funding. Many countries are increasing their defense budget to boost cyber security. Established players in the market have huge expertise and resources to cater to complex cyber security challenges.

Weakness: High investment and training required for advanced cyber security solutions pose challenges especially for smaller players and countries. Additionally, the dynamic nature of cyber threats makes it difficult to tackle all vulnerabilities effectively.

Opportunity: Growing digitization and network connectivity across defense agencies and armed forces is increasing the scope of cyber attacks. This is creating demand for innovative and comprehensive security solutions. Moreover, emerging technologies like AI/ML, blockchain etc provide opportunities to enhance defense cyber security capabilities further.

Threats: Sophisticated hacking techniques and tools available make it challenging for defensive measures to keep pace at all times. Additionally, involvement of nation state actors and militant groups in cyber attacks poses critical threats.

Key Takeaways:

The Global Defense Cyber Security Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing investments in network centric technologies by defense agencies. digitization of mission critical systems has expanded the attack surface for cyber threats against defense organizations. This is driving governments worldwide to significantly boost their spending on advanced cyber security solutions.

Regional analysis: North America dominated the global market in 2023, accounting for around 35% of the total share. This was attributed to heavy investments by US and Canada in securing critical military infrastructure and weapon systems. Asia Pacific is anticipated to be the fastest-growing region during the forecast period, expanding at a CAGR of over 12.5%. Growing defense outlays of China and India to modernize their armed forces will drive the regional market.

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 are focusing on R&D to build full spectrum security capabilities covering areas like network security, cloud security, application security and internet of things security. Strategic partnerships are also being pursued to augment domain expertise across different segments.