Defense IT Spending Market Size Worth USD 137.65 Billion By 2030 | Growth Rate (CAGR) of 6.1%

The global defense IT spending market generated $79.68 billion in 2020, and is estimated to generate $137.65 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030.

Benefits such as proactive health surveillance and augmented reality remote training and rise spending on information technology products and services by the different nation's defense forces globally drive the growth of the global defense IT spending market. However, issues associated with of digital sovereignty restrain the market growth. On the other hand, advent of IoT analytics in defense applications and surge in defense spending globally present new opportunities in the coming years.

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Rise in spending on information technology products and services by defense forces of different nations globally and benefits such as proactive health surveillance and augmented reality remote training are expected to drive the defense IT spending market during the forecast period. However, issues related with digital sovereignty are anticipated to hamper growth of the market. Moreover, emergence of IoT analytics in defense applications and rise in defense spending globally are expected to offer lucrative opportunities for the market in future.

COVID-19 Impact Analysis

The COVID-19 impact on the defense IT spending market is unpredictable and is expected to remain in force till fourth quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of non-essential items for most of 2020. This led to sudden fall in the availability of important raw materials.
Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative defense IT products and services globally.

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North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global defense IT spending market share in North America region in 2020, owing to increase in R&D activities, technological developments by big players, rapid adoption of innovative technologies in making reliable, precise, and efficient defense IT solutions. North America is expected to grow at a significant rate during the forecast period, owing to rise in adoption of dense IT solutions and services by both- defense forces and civilian, along with its digital sovereignty in IT space, owing to presence of major IT corporations such as Google, IBM, Microsoft, and Amazon (AWS).

Key players operating in the global Defense IT spending market include Amazon.com, Inc., BAE Systems plc, Dell, Inc., General Dynamics Corporation, Hewlett Packard Enterprise Development LP, International Business Machines Corporation (IBM), Microsoft Corporation, Northrop Grumman Corporation, and Oracle Corporation.

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