Global Defense Cyber Security Market is valued approximately USD 21.3 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.7% over the forecast period 2022-2029. Cybersecurity includes the safety of assets from cybercrime and network service disruptions, which can possibly affect operations. It helps defense organizations to monitor, detect and counter internet-based cyber threats to damage or disrupt information systems and hack critical information breaches confidentiality. The Defense Cyber Security market is expanding because of factors such as growing severity of cyber-attacks on military/government organizations and increasing government initiatives to secure critical data. However, less awareness related to cyber security may halt market growth. Its prevalence has progressively increased during the last few decades due to enhanced spending on R&D of cyber safety solutions for the battle-ground communication systems.
According to the Statista, in 2020, the average cost of a single data breach across all industries worldwide stood at nearly USD 4 million. The annual spend on cyber security and insurance worldwide has been on the rise, from USD 75.6 billion in 2015 to USD 124 billion in 2019. Furthermore, in 2022 the Department of Homeland Security (DHS) proposed a budget of USD 2.6 billion for its entire cyber security ecosystem. With overall cyber security spending is projected to increase up to USD10.46 billion by 2023.Moreover, in 2021 The Cybersecurity and Infrastructure Security Agency announced a new agency the Joint Cyber Defense Collaborative to lead the development of cyber defense operations, and execute plans in coordination with federal interagency, private sector, state, and local government stakeholders. However, less awareness regarding the Cyber Security breaches stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Defense Cyber Security Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the space in terms of revenue, owing to the leading players operating in the defense cyber security. According to the Statista, in 2021 United States led the ranking of countries with highest military spending with 801 billion U.S. dollars which constitute about 38% of the total military spending worldwide. Moreover, Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as an increasing number of cyber security breaches and enhanced number of technological investments through government initiatives in the market space.
Major market player included in this report are:
AT&T Inc., Northrop Grumman
Lockheed Martin Corporation
BAE Systems plc
DXC Technology Company
Cisco Systems, Inc
Recent Developments in the Market:
? In Aug 2022, BAE Systems unveiled its latest networking product, NetVIPR?, which provides intelligent and secure military communication networks linking everything from small reconnaissance drones to combat vehicles, fighter jets, aircraft carriers out military commands.
Global Defense Cyber Security Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Solution, Deployment, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Threat intelligence and Response Management
Data loss Prevention Management
Security and Vulnerability Management
Rest of the World