Rising focus on cyber security to boost the growth of the global Defense Cyber Security Market

Global Defense Cyber Security Market Growth
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/

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