Defense IT Spending Market Worth USD 110.89 Billion by 2027; Backed by High Investment in Defense Sector in North America, Says Fortune Business Insights™
Pune, India, March 18, 2021 (GLOBE NEWSWIRE) — The global defense IT spending market size is expected to experience significant growth by reaching USD 110.89 billion by 2027 while exhibiting a CAGR of 4.38% between 2020 and 2027. This is attributable to the growing demand for secure communication that is likely to surge the defense IT spending capacity of several countries worldwide. Fortune Business Insights in its latest report, titled, “Defense IT Spending Market Size, Share & COVID-19 Impact Analysis, By Type (Services, Hardware, and Software), By Application (IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics & Asset Management, and Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 81.28 billion in 2019.COVID-19 Impact: Halted Defense Modernization Programs to Restrain GrowthThe COVID-19 pandemic has abruptly disrupted several industrial operations and activities. Its effects have been felt across the defense sector as the governments of several countries have halted defense modernization programs to tackle the novel coronavirus. This is likely to affect the growth of the market in the near future.
List of the Companies Profiled in the Defense IT Spending Market:Leidos Holding Inc. (The US)Accenture (Ireland)IBM Corporation (The US)General Dynamics Corporation (The US)BAE Systems PLC (The UK)DXC Technology Company (The US)Dell Inc. (The US)Northrop Grumman Corporation (The US)Unisys CorporationAtos SE (France)Capgemini SE (France)Fujitsu Limited (Japan)Oracle Corporation (The US)SAP SE (Germany)Microsoft Corporation (The US)Amazon, Inc. (The US)AT&T Intellectual Property (Canada)CACI International Inc. (The US)Atkins (The UK)
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According to the report by Stockholm International Peace Research Institute (SIPRI), the military expenditure globally stood at USD 1,017 billion in 2019. This is estimated to be an increase of about 3.6 percent compared to 2018. Several governments are increasing their defense IT spending to develop advanced IT infrastructure to tackle several problems such as cyberattacks.
What does the Report Provide?The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
KEY DRIVING FACTORSGrowing Demand for Secure Communication Systems to Propel GrowthThe growing to avert cyberattacks to protect the sensitive defense data is propelling the government agencies to increase their budget on defense IT. For instance, the United States Department of Defense announced its defense budget for Fiscal Year 2020 that is a staggering USD 721.5 billion. A significant increase to develop secure communications and boost its IT infrastructure. Moreover, increasing political tensions and the growing demand for strengthening military capabilities is leading the countries to adopt advanced IT systems. These factors are likely to contribute to the global defense IT spending market growth in the forthcoming years.
SEGMENTATIONHardware Segment Held 43.47% Market Share in 2019The hardware segment, based on type, held a market share of about 43.47% in 2019 and is likely to gain momentum in the forthcoming years. This is ascribable to factors such as high defense IT spending by the defense department of several countries to develop cloud-based infrastructures.
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REGIONAL INSIGHTSNorth America to Remain at Forefront; High Investment in Defense Sector to Aid GrowthAmong all the regions, North America is expected to remain dominant and hold the highest position in the defense IT spending market share during the forecast period. This is attributable to the increasing spending on defense IT to modernize infrastructure by the governments in the region. North America stood at USD 30.16 billion in 2019.The market in Asia-pacific is anticipated to showcase considerable growth backed by the increasing incidence of cyberattacks that is likely to boost the defense IT spending capacity of countries such as China, Japan, and India in the region between 2020 and 2027.
COMPETITIVE LANDSCAPEThe global market is consolidated by the presence of major companies that are striving to maintain their positions by focusing on securing government contracts under the defense IT spending category. Moreover, the adoption of organic and inorganic strategies by other key players to maintain their presence is expected to bode well for the growth of the market in the forthcoming years.
Industry Development:June 2020 – Fujitsu Australia Limited, a subsidiary of Fujitsu Limited, secured a USD 21.0 million worth contract from the Department of Defense. Under the contract, the company will help with project delivery services by integrating defense capability in the Department’s IT infrastructure.
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Industry Developments –Mergers, Acquisitions and PartnershipsLatest technological AdvancementsPorters Five Forces AnalysisSupply Chain AnalysisQualitative InsightsImpact of COVID-19 on the Defense IT Spending MarketSteps Taken by the Industry/Government/Companies to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities due to COVID-19 OutbreakTOC Continued…!
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