Defense IT Spending Market 2024 | Trends, Top Companies, Share, Size, Industry Growth Analysis & Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Defense IT Spending Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $12.46 billion In 2028 At A CAGR Of 17.3% :

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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Defense IT Spending Market Major Segments
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

Key Driver - Rising Political Turmoil Drives Demand For Advanced Defense It Systems

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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Prominent Trend - Defense It Spending Market Embraces Product Innovation To Enhance Military Capabilities

Product innovation is a key trend gaining popularity in the defense IT spending market. Major companies operating in the defense IT spending market are focused on developing new product solutions to strengthen their position in the market. For instance, in May 2022, BAE Systems, a UK-based company operating in defense IT spending, launched a new lightweight head-up display LiteWave®for use in commercial and military aircraft. The product has unique features such as it can be fitted in aircraft with even the most limited cockpit space. It's also up to 80% faster to install and its simple design makes maintenance quicker and cheaper. It marks the next stage in bringing state-of-the-art digital technology to the marketplace and is available to begin flight trials for future customers on commercial and military aircraft.

Defense IT Spending Market Players
Major companies operating in the defense it spending market report are Leidos Holdings Inc., Accent*ure 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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the defense IT spending market in 2023. The regions covered in the defense it spending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Defense IT Spending Market Report Structure
3. Defense IT Spending Market Trends And Strategies
4. Defense IT Spending Market - Macro Economic Scenario
5. Defense IT Spending Market Size And Growth
…..
27. Defense IT Spending Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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