Aerospace Cyber Security Market is Projected to Grow Expeditiously: to Reach USD 58.9 Billion by 2032, Report

Allied Market Research published a report, titled, "Aerospace Cyber Security Market by Type (Network Security, Wireless Security, Cloud Security, and Content Security), Deployment (On-Premise and Cloud), Application (Aircraft, Drones, and Satellites), and Component (Services and Solutions): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global aerospace cyber security industry size generated $26.3 billion in 2022 and is anticipated to generate $58.8 billion by 2032, witnessing a CAGR of 8.4% from 2023 to 2032.

Prime Determinants of Growth

The growth of the global aerospace cyber security market is driven by factors such as increase in cyber threats, rise in trend of digitization & connectivity, and integration of advanced technologies in the aerospace sector. However, high installation & operational costs and regulatory challenges hamper the growth of the market. On the contrary, technological advancements and innovation, coupled with strengthening of cyber regulations in the aerospace industry, are expected to offer remunerative opportunities for the expansion of the aerospace cyber security market during the forecast period.

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Impact of Russia-Ukraine War Scenario

On February 24, 2022, Russia invaded Ukraine, leading to the Russia-Ukrainian war that began in 2014. Due to geopolitical conflicts, there is an emergence of global economic uncertainties. In times of economic unpredictability, aviation companies or airports budgets can be affected, potentially influencing the allocation of funds for aerospace cybersecurity. This, in turn, could impact the adoption and integration of aerospace cybersecurity products or ability to invest in cybersecurity services.

Furthermore, in times of conflict, governments might have to redirect their resources to deal with urgent security and humanitarian needs. This could mean changing their budget priorities, which might result in less money allocation for the investment in cybersecurity.

The network security segment to maintain its leadership status throughout the forecast period

Depending on type, the network security segment held the highest market share in 2022, accounting for more than one-third of the global aerospace cyber security market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that modern aerospace systems are becoming increasingly connected, with the integration of Internet of Things (IoT) devices and other interconnected components. However, the cloud security segment is projected to register the highest CAGR of 8.9% from 2023 to 2032, owing to increase in penetration of leveraging cloud platforms for data storage, processing, and analysis.

Recent Developments in the Aerospace Cyber Security Sector

In January 2023, The Aerospace Corporation introduced the Space Attack Research and Tactic Analysis (SPARTA) framework, pinpointing distinct hacker risks to space systems.
July 2023 saw Honeywell International's confirmation of acquiring SCADAfence, a leading provider of cybersecurity solutions for operational technology (OT) and Internet of Things (IoT) in monitoring extensive networks.
March 2022 marked Northrop Grumman Corporation's announcement of establishing the 100th U.S. Air Force training site on the company's distributed mission operations network (DMON), fostering secure global connectivity for combat air force (CAF) crews.
In April 2022, Thales inaugurated its sixth cybersecurity center in Morocco, reinforcing its commitment to cybersecurity in the African continent.
November 2021 witnessed Honeywell International, Inc. launching Honeywell NAVITAS, a software amalgamating AI, big data, machine learning, cybersecurity, and human-centered design principles.
May 2021 saw the Air Force Life Cycle Management Center (AFLCMC) collaborating with Lockheed Martin to establish the rogue blue software factory, producing mission planning and command and control applications for the U.S. Strategic Command.

In February 2021, Lockheed Martin Corporation secured a basic ordering agreement (BOA) from the U.S. Air Force for Platform One software DevSecOps services, encompassing DevSecOps engineering, software development, cybersecurity, operations, and IT support.

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The on-premise segment to maintain its leadership status throughout the forecast period

On the basis of deployment, the on-premise segment held the highest market share in 2022, accounting for more than half of the global aerospace cyber security market revenue, and is anticipated to maintain its leadership status throughout the forecast period as there are stringent regulations and compliance standards, often requiring organizations to adhere to specific data handling and security practices. Moreover, the cloud segment is projected to attain the highest CAGR of 7.8% from 2023 to 2032, owing to high investment in cybersecurity measures, offering advanced security features and protocols.

The aircraft segment to maintain its lead position during the forecast period

By application, the aircraft segment acquired the largest share in 2022, accounting for more than half of the global aerospace cyber security market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is growing need for robust cybersecurity measures to protect against potential cyber threats targeting these connected aircraft systems. Moreover, the drones segment is projected to register the highest CAGR of 8.5% from 2023 to 2032, owing to widespread adoption that has led to an expanded attack surface, making drones attractive targets for cyber threats.

North America to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting less than one-third of the market revenue, and is likely to dominate the market during the forecast period, as there is highly advanced and technologically sophisticated aerospace industry, with a focus on innovation, research, and development. However, Asia-Pacific is expected to witness the highest CAGR of 7.8% from 2023 to 2032, owing to governments in Asia-Pacific that are recognizing the importance of cybersecurity in the aerospace sector and are implementing initiatives and regulations to enhance cybersecurity resilience.

Report Key Highlights:

The aerospace cybersecurity market analysis spans over 15 countries, offering a comprehensive breakdown of values ($million) from 2022 to 2032.
Our research integrates top-tier data, expert opinions, and in-depth analysis, accompanied by substantial independent perspectives. This method is designed to furnish a well-rounded view of the global market, aiding stakeholders in making informed decisions for ambitious growth objectives.
A meticulous review process encompassed over 3,700 product catalogs, annual reports, industry descriptions, and similar resources from major industry players, enhancing our understanding of the market dynamics.

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Leading Market Players
Astronautics Corporation of America
BAE Systems
DXC Technology Company
Eurocontrol
Honeywell International Inc.
Lockheed Martin Corporation
Northrop Grumman Corporation
Boeing
Thales Group
The Aerospace Corporation

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