Defense IT Spending Market to grow by USD 23.53 billion from 2023 to 2028; Growth Driven by Development of autonomous systems - Technavio

NEW YORK, Dec. 19, 2023 /PRNewswire/ -- The "defense IT spending market by type (service, software, and hardware), application (cyber security, IT infrastructure, logistic and asset management, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America) - Forecast and Analysis 2024-2028" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the defense IT spending market between 2024 and 2028 is USD 23.53 billion.

The development of autonomous systems is a key factor driving market growth. Autonomous systems can be defined as advanced technologically driven systems capable of carrying out many functions on their own without assistance from humans. Furthermore, such systems can improve operational efficiency, reduce the risk to human life, enhance situational awareness, and give a greater level of accuracy and precision in military operations

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Market Challenge

Issues related to digital sovereignty are one of the significant challenges restricting market growth. Data privacy and the protection of vulnerable information against cyber threats are emphasized by the increasing use of digital technologies such as enhanced reality in defense systems. In addition, there are several issues concerning data protection, company dependence, interoperability, knowledge gaps, International Regulations, and Economic Impact associated with digital sovereignty on the Defence Information Technology Spending Market. 

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The defense IT spending market has been segmented by type (service, software, and hardware), application (cyber security, IT infrastructure, logistic and asset management, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America). 

• The service segment is estimated to witness significant growth during the forecast period. Consulting services, system integration, application development and maintenance, management services, cybersecurity services, training and supporting services as well as data analytics services are some of the major service segments in this market. In addition, consultancy services are a key service segment within defense companies. Furthermore, defense companies are advised of new technologies integration, system performance optimization, and the consolidation of their existing IT infrastructure through these services.

• North America is estimated to contribute 46% to the growth of the global market during the forecast period. 

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Key Companies in the Defense IT Spending Market:

Accenture Plc, Amazon.com Inc., BAE Systems Plc, CRON AI, Cubic Corp., CyAmast Pty Ltd., Dell Technologies Inc., General Dynamics Corp., Hewlett Packard Enterprise Co., Holo Light GmbH, International Business Machines Corp., Kratos Defense and Security Solutions Inc., Leidos Holdings Inc., ManTech International Corp., Microsoft Corp., Northrop Grumman Corp., Oracle Corp., Pennant International Group PLC, Science Applications International Corp. Inc., and Palantir Technologies Inc.

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The Internet of Things market size is forecast to increase by USD 1,036.83 billion between 2022 and 2027, accelerating at a CAGR of 15.12%. 

The network as a service market size is forecast to increase by USD 19.99 billion between 2022 and 2027, accelerating at a CAGR of 19.9%.

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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