Defense Cyber Security Market to Reach $43.4 Billion, Globally, by 2031 at 7.7% CAGR: Allied Market Research
PORTLAND, Ore., Jan. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Defense Cyber Security Market by Type (Endpoint Security Solutions, Network Security Solutions, Content Security Solutions), by Deployment (On-Premises, Cloud), by Solution (Threat intelligence and Response Management, Identity and Access Management, Data Loss Prevention Management, Security and Vulnerability Management, Unified Threat Management, Enterprise Risk and Compliance, Managed Security, Others), by Application (Military, Public Utilities, Communication Networks, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global defense cyber security industry generated $21.3 billion in 2021, and is estimated to reach $43.4 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
- A growing risk of cyber threat to critical infrastructures by structured criminal groups, technological improvement in the cyber security industry, and an increase in demand for defense IT expenditure network drive the global defense cyber security market growth.
- According to the report, the global defense cyber security industry generated $21.3 billion in 2021, and is estimated to reach $43.4 billion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
- However, limited awareness related to cyber security and lack of cyber security professionals or workforce hamper the global market growth.
- Based on region, North America was the largest market in 2021, capturing nearly one-third of the global defense cyber security market share, owing to increasing investment in cyber security services by many companies in the region.