Military cybersecurity market will grow to $16 billion by 2023, study says
SANTA CLARA, Calif. The global military cybersecurity market will increase at a compound annual growth rate (CAGR) of 3.6% to reach $16.01 billion by 2023, according to a study from Frost & Sullivan, “Global Military Cybersecurity Market, Forecast to 2023.”
Key to this growth will be the fact that global defense industries are transforming their operations and capabilities through significant investments in disruptive technologies and platforms that are driving changes in military cybersecurity requirements.
“Militaries across the globe are budgeting for and pursuing the development of new enabling, next-generation technologies for cybersecurity,” said Ryan Pinto, Research Analyst, Frost & Sullivan. “These technologies will open up significant growth opportunities by improving the speed and accuracy of logistics battlefield planning, increasing autonomous functionality of systems, aiding decision-making, lowering overhead costs, and enabling less soldier risk.”
According to the study authors, with the growing concern surrounding cyberwarfare, defense contracts announced to counter the threat will increase significantly across North America, Europe, and the Asia-Pacific; they also found that less-developed and small countries may not have the budgets to procure and implement advanced cybersecurity solutions. Moreover, the Chinese military market, although relatively large, is out of bounds for global companies.