The global defense cybersecurity market is set to gain momentum from the increasing usage of the Internet of Things (IoT) to transmit and collect data on situational metrics, such as status, location, usage, and temperature. In March 2020, for instance, Northrop Grumman Corporation bagged a new contract worth USD 982 million from the U.S. Army to deliver premium cyber and electronic warfare capabilities to warfighters. Fortune Business Insights™ presented this information in a new report, titled, “Defense Cybersecurity Market, 2023-2028.” The report further states that the defense cybersecurity market size is projected to grow from USD 19.96 billion in 2020 to USD 29.81 billion in 2028 at a CAGR of 5.36% during the forecast period.

Informational Source:

https://aerospacenanddefencenews.blogspot.com/2024/01/defense-cyber-security-market-overview.html

A list of renowned defense cybersecurity providers operating in the global market-

• Leidos Holding Inc.
• Accenture
• IBM Corporation
• General Dynamics Corporation
• BAE Systems PLC
• DXC Technology Company
• Dell Inc.
• Northrop Grumman Corporation
• Unisys Corporation
• Atos SE
• Capgemini SE
• Fujitsu Limited
• Oracle Corporation
• SAP SE
• Microsoft Corporation
• Amazon, Inc.
• AT&T Intellectual Property
• CACI International Inc.
• Atkins
• Safran SA

Segments-

Hardware Segment to Grow Steadily Fueled by Rising Modernization Programs

Based on the platform, the market for defense cybersecurity is trifurcated into service, hardware, and software. Out of these, the hardware segment earned 43.47% in terms of the defense cybersecurity market share in 2020. This growth is attributable to the increasing programs to modernize the defense IT infrastructure in countries, such as India, China, and the U.S. Lastly, by the security type, it is classified into network security, cyber threat intelligence, IT infrastructure, logistics and operations security, and training services.

Report Coverage-

The report of the market for defense cybersecurity provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it delivers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of prominent organizations.

Drivers & Restraints-

Rising Expenditure on Defense by Developing Countries to Aid Growth

As per our analysis, North America will be overtaken by Asia Pacific by the end of 2029 because of its high spending on regional defense. In significant countries, such as India, Japan, and China, the increasing expenditure to refine the security of military services by government bodies will propel the defense cybersecurity market growth in the near future. In 2020, for instance, the defense budget of South Korea was USD 44 billion. However, the small and medium-sized enterprises (SMEs) often lack quality certifications to maintain robust partnerships with multiple companies. It may obstruct the demand for defense cybersecurity services.

Regional Insights-

Presence of Prominent Companies to Help Europe Remain in Second Position

Geographically, North America held USD 7.34 billion in 2020 in terms of revenue. It is set to remain at the forefront backed by the increasing agreement signing between companies and counties. The U.S. and India, for instance, signed a new agreement in October 2020 to gain access to the former’s sensitive military intelligence. On the other hand, Europe will be in the second position throughout the forthcoming years because of the presence of reputed defense cybersecurity firms, such as BAE Systems PLC, Atos SE, and SAP.

Competitive Landscape-

Key Players Focus on Acquisitions & Contract Signings to Gain Competitive Edge

The global market for defense cybersecurity contains several companies that are persistently striving to gain a competitive edge. To do so, they are mainly adopting strategies, such as acquisitions and bagging new contracts. Below is one of the latest industry developments:

• June 2019: Accenture signed an agreement to acquire BCT Solutions, a technology consultancy, to augment the former’s technical expertise, deep cybersecurity, and cyber defense. The company is aiming to strengthen its position in the industry.