Defense IT Spending Global Market Report 2024 - By Size, Growth, Trends, Report, Forecast To 2033

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Defense IT Spending Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The defense it spending market size has grown strongly in recent years. It will grow from $90.05 billion in 2023 to $94.89 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to cybersecurity concerns, shift to cloud services, advancements in ai and analytics, iot integration..

The defense it spending market size is expected to see strong growth in the next few years. It will grow to $119.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to autonomous systems development, mobile solutions emphasis, focus on interoperability, modernization efforts, iot expansion, advancements in ai and analytics.. Major trends in the forecast period include supply chain security, satellite communication and space-based technologies, ai-enabled autonomous systems, focus on mobility solutions, interoperability and integration, modernization initiatives..

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Key Market Players:
Major companies operating in the defense it spending market report are Leidos Holdings Inc., Accenture* plc, International Business Machines Corporation, General Dynamics Corporation, BAE Systems PLC, DXC Technology Company, Dell Inc., Northrop Grumman Corporation, Unisys Corporation, Atos SE, Capgemini SE, Fujitsu Limited, Oracle Corporation, SAP SE, Microsoft Corporation, Amazon Inc., AT&T Intellectual Property, CACI International Inc., Atkins, Raytheon Technologies Corp., Lockheed Martin Corporation, Aerojet Rocketdyne Holdings Inc., L3Harris Technologies Inc, Science Applications International Corporation, Kratos Defense & Security Solutions Inc., Mercury Systems Inc., Cubic Corporation, Parsons Corporation, Hewlett Packard Enterprise Development LP, Viasat

Market Drivers:
Rising political tensions are expected to propel the growth of the defense IT spending market going forward. Geopolitical tensions are the political concerns that produce tension or turmoil between two or more countries. These tensions can be triggered by a variety of circumstances, including power, commerce, military activities, climate change, or significant events. Rising geopolitical tensions are leading countries to adopt advanced IT systems, as a result, increasing geopolitical tensions increase the demand for the defense IT spending market. For instance, in June 2022, according to Uppsala University, a Sweden-based public university, 119,000 people died in organized violence in 2021. This is an increase of 46 percent compared to the previous year. The Uppsala Conflict Data Program (UCDP) at Uppsala University registered 54 different conflicts where a state was involved on one or both sides during 2021. Therefore, the rising geopolitical tensions are driving the growth of the defense IT spending market.

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The defense it spending market covered in this report is segmented -
1) By Type: Services, Hardware, Software
2) By Force: Defense Forces, Civilian Forces
3) By Application: IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics and Assets Management, Other Applications

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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