According to IMARC Group’s latest research report, titled “Defense IT Spending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” presents a comprehensive analysis of the industry, covering global defense IT spending market share, opportunity, overview, size, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
How big is the Defense IT Spending Market?
The global defense IT spending market size reached US$ 92.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 120.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
What is Defense IT Spending?
Defense spending represents the money paid by the government to provide its military with weapons, equipment, and soldiers. It includes the cost of military operations, such as maintenance of equipment, training, and planning, and most of the military healthcare system. Defense spending reflects how strongly a country perceives the likelihood of threats against it or the amount of aggression it wishes to invoke. In addition, it also gives an idea of how much financing should be provided for the upcoming fiscal year. The size of defense spending reflects the ability of a country to finance military activities.
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What are the Growth Prospects and Trends in the Defense IT Spending Market?
The escalating demand for IT solutions in military applications, owing to exponential evolution in the type and frequency of attacks across the globe, is among the primary factors driving the defense IT spending market. Besides this, the launch of several policies by the government bodies across countries to spend on military operations and promote the utilization of these solutions in the armed forces is further augmenting the market growth. Moreover, the inflating investments in acquiring defense IT solutions and services to prevent cyberattacks and protect critical national security data and the rising conflicts and digital dangers are also catalyzing the global market. Apart from this, the increasing political tensions and the elevating requirement for building up military capabilities are bolstering the nations to embrace cutting-edge IT systems, which are acting as significant growth-inducing factors. Furthermore, the extensive usage of advanced hardware, software, and services, such as real-time combat surveillance, superiority in air and space, smart weapons, and battlefield management in a network-centric environment, is anticipated to propel the defense IT spending market over the forecasted period.
Who are the key Players Operating in the Industry?
- Accenture Plc
- Amazon Web Services Inc (Amazon.com Inc.)
- BAE Systems plc
- Capgemini SE
- DXC Technology Company
- General Dynamics Corporation
- International Business Machines Corporation
- Leidos Holding Inc.
- Microsoft Corporation
- Northrop Grumman Corporation
- Oracle Corporation
- SNC Lavalin Inc.
What is included in Market Segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Services
- Hardware
- Software
Force Insights:
- Defense Forces
- Civilian Forces
Application Insights:
- IT Infrastructure
- Cybersecurity
- Defense Cloud Computing
- Data Analytics
- IT Application
- Logistics and Asset Management
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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