REPORT: GLOBAL MILITARY CYBERSECURITY MARKET TO REACH $13.8BN BY 2027
The global military cybersecurity market is expected to reach $13.8bn in value by 2027, according to a report by Strategic Defence Intelligence (SDI). Titled ‘The Global Military Cybersecurity Market 2017-2027’, the report anticipates the market to witness a compounded annual growth rate (CAGR) of 3.53 per cent over the ten-year forecast period, growing from $9.8bn in 2017. The cumulative market value during the forecast period is estimated to be $130.7bn, driven majorly by North America, followed by Asia Pacific and Europe.
Ongoing and future procurements of cybersecurity systems are expected to make North America sustain its biggest market share. This is estimated to be 62.6 per cent. North America’s cumulative expenditure on cybersecurity systems during the forecast period is estimated to be $81.8bn. Asia Pacific and Europe are expected to have global market shares of 14.9 per cnet and 11.8 per cent respectively. Another key market is anticipated to be the Middle East, which is expected to have a market share of 7.6 per cent during the forecast period. Latin American and African regions are expected to account for the remaining share. The highest spending is expected to be in the network security segment at 38.5 per cent given the increase in cyber attacks on military networks, followed by data security systems at 25.6 per cent, identity and access at 19.3 per cent, and Cloud protection at 16.6 per cent.