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| Global Defense Cyber Security Market Growth |
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:
The defense cyber security market deals with securing critical defense
infrastructure from cyber threats. This includes securing command and control
systems, weapons platforms, supply chains, communication networks and other
assets from cyber-attacks. Products offered in this market include network and internet
security software, antivirus software, firewalls, endpoint security solutions,
risk and compliance management solutions, identity and access management
solutions and data loss prevention solutions. These solutions help detect cyber
threats early on, protect crucial data and systems and ensure seamless
communication between defense organizations
Market key trends:
The rising number of sophisticated cyber threats targeting critical defense
infrastructure is a key driver of growth in the defense cyber security market.
State-sponsored groups and terrorist organizations are increasingly using cyber
means to compromise military secrets, disrupt command and control systems and
damage reputation. This has prompted defense agencies to significantly ramp up
their cyber security budgets and adopt advanced solutions. Another major trend
is the increased adoption of cloud solutions for defense networks. While cloud
migration improves efficiency, it also expands the attack surface,
necessitating robust security controls. Artificial intelligence and machine
learning are also being widely utilized to gain automated threat insights and
strengthen security posture.
Porter’s Analysis
Threat of new entrants: The Global
Defense Cyber Security Market Growth requires huge capital investment
and has extensive regulatory requirements which pose significant barriers for
new entrants.
Bargaining power of buyers: Defense organizations have considerable bargaining
power due to the critical nature of cyber security solutions and availability
of several vendors to choose from.
Bargaining power of suppliers: The presence of many solution providers
mitigates the bargaining power of individual solution suppliers in this market.
Threat of new substitutes: There are no close substitutes for the cyber
security solutions required for defense sector owing to their complex and
customized nature.
Competitive rivalry: The competition is intense among the key players in the
defense cyber security market due to their global presence and extensive product
portfolios.
Key Takeaways
The global defense cyber security market is expected to witness high growth,
exhibiting CAGR of 11% over the
forecast period, due to increasing spending on cyber security technologies by
defense organizations worldwide and growing incidences of cyber attacks.
North America dominates the defense cyber security market and is expected to
continue its dominance over the forecast period owing to heavy investments in
cyber security by the US government. The Asia Pacific region is expected to
grow at the fastest rate due to increasing defense budgets of major countries
like China and India along with prevalent threat of cyber attacks.
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 key players have extensively invested in research & development to
introduce technologically advanced and customized cyber security solutions for
defense sector.
Get more
insights on this topic: https://www.ukwebwire.com/defense-cyber-security-market-size/