Market Size of Military Cybersecurity Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.19 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Military Cybersecurity Market Overview
The military cybersecurity market is anticipated to grow from USD 18.75 billion in 2022 to USD 26.75 billion in 2028, registering a CAGR of 7.19% during the forecast period.
The global military cybersecurity market witnessed unprecedented challenges due to the COVID-19 pandemic. The onset of the pandemic led to various countries around the world imposing strict lockdown regulations as well as closing their borders to prevent free trade and supply. This restriction has harmed various software companies in finding the manpower which is essential to design and develop cybersecurity software for military officials. Moreover, with the increase in lay-offs by various companies during the pandemic times has also contributed to one of the major problems which have hindered the development of military cybersecurity applications and software. On the other hand, the decline in the COVID-19 pandemic has led to various governments opening their borders which has led to free trade and supply. In addition, the decline of the global pandemic has also led to an increase in the workforce globally which has led to an increase in the manufacturing of new cybersecurity software with advanced technologies.
In the present scenario, cybersecurity is one of the most critical threats which is being faced by various countries across the globe. Moreover, countries around the world are now keenly focused on developing their defense security norms as a preliminary action against defense cyber security threat management.
Moreover, an expansion in spending on services programs for R&D of cyber safety solutions for the battle-ground communication systems is also expected to fuel the growth of the market during the forecast period.
The high adoption of cloud-based storage solutions is expected to influence the growth of the military cybersecurity market. Also the rise in the investments undertaken by various governments to curb the threat of cyber-attacks and make sure better levels of security solutions are also anticipated to flourish the growth of the military cybersecurity market. Furthermore, the rapid innovations and technological advancements resulting in the accessibility of unmanned vehicles requiring better levels of security services to ensure a reduction of chances of hacking of these products and improved peripherals are also likely to positively impact the growth of the market in the coming years.
