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Defense IT Spending Market
The report offers detailed segmentation of the global defense IT spending market based on system, type, force, and region.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 6, 2024 /EINPresswire / -- The Defense IT Spending Market report offers an extensive analysis of changing market dynamics, top segments, key
investment pockets, value chain, regional scenario, and competitive landscape. Benefits such as proactive
health surveillance and augmented reality remote training and rise spending on information
technology products and services by the different nation's defense forces globally drive the growth of the global defense IT spending market. However, issues associated with of digital sovereignty restrain the market growth. On the other hand, advent of IoT analytics in defense applications and surge in defense spending globally present new opportunities in the coming years.
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The global defense IT spending market was valued at $79.68 billion in 2020, and is projected to reach $137.65 billion in 2030, registering a CAGR of 6.1%.
Rise in spending on information technology products and services by defense forces of different nations globally and benefits such as proactive health surveillance and augmented reality remote training are expected to drive the defense IT spending market during the forecast period. However, issues related with digital sovereignty are anticipated to hamper growth of the market. Moreover, emergence of IoT analytics in defense applications and rise in defense spending globally are expected to offer lucrative opportunities for the market in future.
The key players profiled in this report include
ORACLE CORPORATION, Amazon, Inc., INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM), MICROSOFT CORPORATION, Hewlett Packard Enterprise Development LP, BAE SYSTEMS PLC, GENERAL DYNAMICS CORPORATION, NORTHROP GRUMMAN CORPORATION, Dell Inc., Accenture
By type, the defense IT spending market size is divided into services, hardware, and software. The services segment accounted for the highest revenue in 2020, owing to efficiency of IT services provided across a wide range of defense processes and applications.
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By system, the market is categorized into IT infrastructure, cybersecurity, logistics & asset management, and others. The cybersecurity segment accounted for the highest revenue in 2020, owing to high demand for a number of reliable and efficient cybersecurity systems and services to check cyber-attacks targeting a military database.
Based on type, the services segment accounted for the highest share in 2020, contributing to more than two-fifths of the total market share. The segment would continue its dominance throughout the forecast period. In addition, the same segment is also estimated to manifest the highest CAGR of 6.7% from 2021 to 2030.
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By force, the defense IT spending market share is bifurcated into defense forces and civilian forces. The defense forces segment accounted for the highest revenue in 2020, owing to high budget allocation for defense forces regarding IT spending.
Based on region, North America contributed the highest share in 2020, holding around nearly two-fifths of the total share, and is expected to maintain its lead in terms of revenue by 2030. Same region is estimated to manifest the highest CAGR of 7.0% during the forecast period. Other provinces studied in the report include Asia-Pacific, Europe, and LAMEA.
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Based on force, the defense forces segment held the largest share in 2020, accounting for more than half of the global defense IT spending market, and is estimated to maintain its leadership position during the forecast period. However, the civilian forces segment is expected to manifest the fastest CAGR of 6.6% from 2021 to 2030.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.