Allied Market Research published a report, titled, “Defense Cyber Security Market by Type (Endpoint Security Solutions, Network Security Solutions, Content Security Solutions), by Deployment (On-Premises, Cloud), by Solution (Threat intelligence and Response Management, Identity and Access Management, Data Loss Prevention Management, Security and Vulnerability Management, Unified Threat Management, Enterprise Risk and Compliance, Managed Security, Others), by Application (Military, Public Utilities, Communication Networks, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global defense cyber security industry generated $21.3 billion in 2021, and is estimated to reach $43.4 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
A growing risk of cyber threat to critical infrastructures by structured criminal groups, technological improvement in the cyber security industry, increase in demand for defense IT expenditure, transition of conventional military aircrafts into autonomous aircrafts, and increased dependency of military organizations on the internet drive the growth of the global defense cyber security market. However, limited awareness related to cyber security and lack of cyber security professionals or workforce hamper the global market growth. On the other hand, increase in threats and warnings related to cyber-attack on officials and adoption of IoT in cyber security technology present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic rendered the military sectors in some nations to meet with shortfalls of the looming budget.
- Nevertheless, various governments worldwide adopted cyber security automation solutions for their military applications by focusing on minimizing the operating expenditures (OPEX) while taking appropriate measures against cyber threats.
- For instance, in June 2020, the Australian government allocated $1.35 billion towards enhancing the nation’s cyber security capabilities over the next decade, under the Cyber Enhanced Situational Awareness and Response (CESAR) package. Under this CESAR, $35 million is allocated toward a new cyber threat-sharing platform which assists government to share intelligence about cyber activity and block emerging threats in the future.
The military segment to rule the roost during the forecast period
Based on application, the military segment was the largest market in 2021, contributing to more than one-third of the global defense cyber security market share, and is expected to maintain its leadership status during the forecast period. This is due to the growing frequency and sophistication of cyber-attacks due to the increasing dependency of military organizations on the internet network. To counter all these vulnerabilities, there is a major focus on adopting cyber security solutions in the defense sector. On the other hand, the communication networks segment is projected to witness the fastest CAGR of 9.0% from 2022 to 2031. This is due to the fact that different sectors adopt more technologies to improve their communications and infrastructure, and there is a parallel rise in cyber threats to these networks.
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The endpoint security segment to maintain its dominance during the forecast period
Based on type, the endpoint security segment held the largest market share of more than two-fifths of the global defense cyber security market in 2021 and is expected to maintain its dominance during the forecast period. This is due to the fact that endpoint security solutions are one of the most important assets of the defense sector. The high penetration of the segment is attributed to the increasing use of automation and behavioral analysis for threat detection, growing amount of data across verticals, and rising investments by key players. On the other hand, the network security solutions segment is projected to witness the largest CAGR of 8.5% from 2022 to 2031. This is due to the rise in frequency and sophistication of cyber-attacks owing to the increasing dependency of military organizations on the internet network. To counter all these vulnerabilities, there is a major focus on adopting network security solutions in the defense sector.
Asia-Pacific to achieve the largest revenue and fastest growth by 2031
Based on region, North America was the largest market in 2021, capturing nearly one-third of the global defense cyber security market share, owing to increasing investment in cyber security services by many companies in the region. However, Asia-Pacific is expected to lead in terms of revenue and manifest the fastest CAGR of 9.2% during the forecast period. This is due to the high rate of modernization of police force, increased annual budgetary spending on homeland security, and rise in instances of terrorist activities in the region.
Leading Market Players
- Intel Corporation
- AT&T Inc.
- Northrop Grumman
- IBM Corporation
- Lockheed Martin Corporation
- BAE Systems plc
- Thales
- EclecticIQ B.V.
- SentinelOne
- Boeing
- DXC Technology Company
- Cisco Systems, Inc.
- Raytheon Technologies Corporation
- Secureworks, Inc.
- Privacera, Inc.
