Defense and Space

Global Military Cybersecurity Market Analysis 2024 – Estimated Market Size And Key Drivers

Uday Kiran

Global Military Cybersecurity Market Analysis 2024 – Estimated Market Size And Key Drivers

The Military Cybersecurity Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Military Cybersecurity Global Market Report 2024, The military cybersecurity market size has grown strongly in recent years. It will grow from $13.28 billion in 2023 to $14.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increasing cyber threats, rise in state-sponsored cyber warfare, critical infrastructure protection, focus on information assurance, regulatory compliance requirements.

The military cybersecurity market size is expected to see strong growth in the next few years. It will grow to $19.63 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to cybersecurity skill shortages, heightened focus on supply chain security, proliferation of cyber threat vectors, national security imperatives, international collaboration on cybersecurity. Major trends in the forecast period include rapid technological advancements, AI and machine learning integration, integration of IoT and connected technologies, cloud security for military operations, zero trust security framework.

An increased number of cyberattacks is expected to propel the growth of the military cybersecurity market going forward. A cyberattack is an attempt to access a computer system or network to cause damage illegally. It can steal data, deliberately disable machines, or utilize a compromised computer as a launching pad for more attacks. The military must have secure information resources to ensure the integrity of its operations. Military cybersecurity prevents attacks on social networks and safeguards data, networks, net-centric capabilities, and other designated systems. For instance, in April 2023, according to Parachute Technology, a US-based IT solutions company, globally, cyberattacks on governments rose by 95% in the second half of 2022. The average overall cost of a data breach in the government's public sector increased by 7.25%, from $1.93 million in 2021 to $2.07 million in 2022. Therefore, an increasing number of cyberattacks is driving the growth of the military cybersecurity market.

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The military cybersecurity market covered in this report is segmented –

1) By Type: Defensive Cybersecurity, Offensive Cybersecurity

2) By Platform: Hardware, Service, Software

3) By Security Type: Network Security, Cyber Threat Intelligence, IT Infrastructure, Logistics And Operation Security, Training Services

4) 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, Other Solutions

5) By Application: Ground Force, Air Force, Marine Force

Major companies operating in the military cybersecurity market are focused on developing innovative technology, such as mobile device security solution, to sustain their position in the market. A mobile device security solution is a set of tools and technologies designed to protect smartphones, tablets, and other portable devices from unauthorized access, malware, data breaches, and other security threats. For instance, in April 2022, the Centre for Development of Advanced Computing (C-DAC), an India-based premier R&D organization of the Ministry of Electronics and Information Technology, launched M-Kavach 2, an Android-based mobile device security solution that assists users in locating security and privacy misconfigurations in their devices and offers guidance on locking the device, encrypting data, configuring notification settings to prevent OTP leaks, and other related topics.

The military cybersecurity market report table of contents includes: