According to a new report published by Allied Market Research, titled, โDefense Cyber Security Market,” The defense cyber security market was valued at $21.3 billion in 2021, and is estimated to reach $43.4 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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The concept of defense cyber security is typically attributed to a series of security protocols and controls that are layered throughout an IT network to preserve the integrity and privacy of defense organizations. Every organization has vulnerabilities that an attacker can exploit to gain access and cause damage. Hence, the in depth strategy of defense cyber security is to protect against a wide range of threats and close all of an organizationโs security holes in order to protect it effectively against cyber threats.
In addition, the defense cyber security market has witnessed significant growth in recent years, owing to the increased dependency of military organizations on the internet network, growing advancements in information technology, and increasing government initiatives to secure critical data. For instance, in March 2021, the government announced its plans regarding National Cyber Force and set up a Cyber Corridor in north of England. This is expected to set out the importance of cyber security to the countryโs defense, extending from cyber enhanced battlefield capabilities for the armed forces to internet security for household users.
Also, the increased adoption of machine-to-machine technologies in the aerospace domain and the focus of the governments on enhancing cyber security to counter cyber terrorism has led to the growth of the cyber security market in this sector in the past decade. For instance, in October 2022, BAE Systems introduced a new maintenance capability, Viper Memory Loader Verifier II (MLV II), to defend the onboard systems of F-16 fighter aircraft from cyber-attacks.
The new system helps increase the aircraft defense against cyber threats and provides the flight-critical ability to install and verify various software and mission data files onto the aircraft. Furthermore, the companies operating in the global defense cyber security market have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in August 2022, Raytheon Intelligence & Space, a Raytheon Technologies business, entered into a partnership with CrowdStrike, a leader in cloud-delivered protection of endpoints, cloud workloads, identity, and data, to integrate its complementary endpoint security products into RI&S’ Managed Detection and Response (MDR) service.
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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.
KEY FINDINGS OF THE STUDY
- By type, the network security solutions segment dominated the global Defense Cyber Security market in terms of growth rate during the forecast period.
- By deployment, the cloud segment dominated the global defense cyber security market in terms of growth rate during the forecast period.
- By solution, the managed security segment dominated the global defense cyber security market in terms of growth rate.
- By application, the communication networks segment dominated the global Defense Cyber Security market in terms of growth rate.
The leading players operating in the defense cyber security market are AT&T, BAE Systems, Boeing, Cisco Systems, Inc., DXC Technology Company, EclecticIQ B.V., IBM Corporation, Intel Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Privacera, Inc., Raytheon Technologies Corporation, SentineIOne, Secureworks, Inc., and Thales Group.
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