The defense it spending global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Defense IT Spending Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The defense it spending market size has grown strongly in recent years. It will grow from <b>$90.05 billion in 2023 to $94.89 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. </b> The growth in the historic period can be attributed to cybersecurity concerns, shift to cloud services, advancements in ai and analytics, iot integration.
The defense it spending market size is expected to see strong growth in the next few years. It will grow to <b>$119.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. </b> The growth in the forecast period can be attributed to autonomous systems development, mobile solutions emphasis, focus on interoperability, modernization efforts, iot expansion, advancements in ai and analytics. Major trends in the forecast period include supply chain security, satellite communication and space-based technologies, ai-enabled autonomous systems, focus on mobility solutions, interoperability and integration, modernization initiatives.
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Scope Of Defense IT Spending Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Defense IT Spending Market Overview
Market Drivers –
Rising political tensions are expected to propel the growth of the defense IT spending market going forward. Geopolitical tensions are the political concerns that produce tension or turmoil between two or more countries. These tensions can be triggered by a variety of circumstances, including power, commerce, military activities, climate change, or significant events. Rising geopolitical tensions are leading countries to adopt advanced IT systems, as a result, increasing geopolitical tensions increase the demand for the defense IT spending market. For instance, in June 2022, according to Uppsala University, a Sweden-based public university, 119,000 people died in organized violence in 2021. This is an increase of 46 percent compared to the previous year. The Uppsala Conflict Data Program (UCDP) at Uppsala University registered 54 different conflicts where a state was involved on one or both sides during 2021. Therefore, the rising geopolitical tensions are driving the growth of the defense IT spending market.
Market Trends –
Product innovation is a key trend gaining popularity in the defense IT spending market. Major companies operating in the defense IT spending market are focused on developing new product solutions to strengthen their position in the market. For instance, in May 2022, BAE Systems, a UK-based company operating in defense IT spending, launched a new lightweight head-up display LiteWave®for use in commercial and military aircraft. The product has unique features such as it can be fitted in aircraft with even the most limited cockpit space. It’s also up to 80% faster to install and its simple design makes maintenance quicker and cheaper. It marks the next stage in bringing state-of-the-art digital technology to the marketplace and is available to begin flight trials for future customers on commercial and military aircraft.
The defense it spending market covered in this report is segmented –
1) By Type: Services, Hardware, Software
2) By Force: Defense Forces, Civilian Forces
3) By Application: IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics and Assets Management, Other Applications
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Regional Insights –
North America was the largest region in the defense IT spending market in 2023. The regions covered in the defense it spending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the defense it spending market report are Leidos Holdings Inc., Accenture plc, International Business Machines Corporation, General Dynamics Corporation, BAE Systems PLC, DXC Technology Company, Dell Inc., Northrop Grumman Corporation, Unisys Corporation, Atos SE, Capgemini SE, Fujitsu Limited, Oracle Corporation, SAP SE, Microsoft Corporation, Amazon Inc., AT&T Intellectual Property, CACI International Inc., Atkins, Raytheon Technologies Corp., Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., L3Harris Technologies Inc, Science Applications International Corporation, Kratos Defense & Security Solutions Inc., Mercury Systems Inc., Cubic Corporation, Parsons Corporation, Hewlett Packard Enterprise Development LP, Viasat
Table of Contents
1. Executive Summary
2. Defense IT Spending Market Report Structure
3. Defense IT Spending Market Trends And Strategies
4. Defense IT Spending Market – Macro Economic Scenario
5. Defense IT Spending Market Size And Growth
…..
27. Defense IT Spending Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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