Global Defense Industry Outlook worth $2,132.0 billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 14, 2023 /PRNewswire/ -- According to a research report " Global Defense Industry Outlook 2024 - A Look Ahead at the Defense Landscape" published by MarketsandMarkets, the global military expenditure is estimated to be USD 2,012.1 billion in 2023 and is expected to reach USD 2,132.0 billion in 2024, growing at an annual rate of 2.74% from 2023 to 2024.
- CHICAGO, Dec. 14, 2023 /PRNewswire/ -- According to a research report " Global Defense Industry Outlook 2024 - A Look Ahead at the Defense Landscape" published by MarketsandMarkets, the global military expenditure is estimated to be USD 2,012.1 billion in 2023 and is expected to reach USD 2,132.0 billion in 2024, growing at an annual rate of 2.74% from 2023 to 2024.
- In response to these concerns and to maintain regional stability, countries commit substantial portions of their financial resources to defense.
- For instance, in the Asia-Pacific region, the escalating military capabilities of China have compelled neighboring nations to fortify their defense capabilities.
- The strategic allocation of defense budgets is also influenced by regional defense cooperation and alliances, as nations strive to bolster collective security and deter potential aggressors.