The Global Defense IT Spending Market is estimated to grow at a moderate CAGR during the forecast period. Due to the exponential expansion in the type and frequency of attacks around the globe, the use of IT solutions in defence operations has become vital. Many countries are continuing to build up their military capabilities to combat the rise in inter-state conflicts and cyber-threats. Defence information technology systems are becoming a critical component of security and are being used to thwart possible threats. Several countries have begun to develop and implement policies relating to the adoption of IT technologies by defence forces.
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The increased need to protect sensitive defence data from hackers is driving government agencies to boost their defence IT budgets. For instance, the US Department of Defense recently announced a defence budget of $721.5 billion for the Financial Year 2020. A large increase in funding will be made to establish secure communications and improve IT infrastructure. Furthermore, rising political tensions and growing demand for military capabilities are driving governments to acquire modern IT systems. In the future years, these factors are projected to contribute to the global defence IT spending market’s growth.
According to a report published by the Stockholm International Peace Research Institute (SIPRI), global military spending in 2019 totalled $ 1,017 billion. In comparison to 2018, this is expected to represent a 3.6% increase. Several governments are expanding defence IT investment to develop advanced IT infrastructure to address a variety of issues, including cyberattacks. The increased use of IT hardware, software, and services has led to a variety of improvements in the military sector, including real-time combat surveillance, air and space superiority, smart weapons and battlefield management in a networked environment, and software-based force multipliers.
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Market Coverage
- Segment Covered-
o By System
o By Type
o By Force
Competitive Landscape: Accenture, Amazon.com, Inc., BAE Systems plc, Dell, Inc., General Dynamics Corp.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Defense IT Spending Market by Segments
By System
- IT Infrastructure
- Cybersecurity
- Logistics and Asset Management
- Others
By Type
- Services
- Hardware
- Software
By Force
- Defence Forces
- Civilian Forces
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