Defense Cyber Security Market to Record 15.80% CAGR from 2023 to 2030; Lockheed Martin Secures USD 2.76 Billion Contract for Rocket Pods and Cybersecurity Services

The global defense cyber security market size was valued at USD 14.20 billion in 2022. The market is projected to grow from USD 16.45 billion in 2023 to USD 46.00 billion by 2030, exhibiting a CAGR of 15.80% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Defense Cyber Security Market Size, Share, Russia-Ukraine War Impact Analysis, By Platform (Software & Service and Hardware), By Solution (Cyber Threat Protection, Threat Evaluation, Content Security, and Others), By Type (Critical Infrastructure Security & Resilience, Application Security, Cloud Security, and Others), By End User (Land Force, Naval Force, and Air Force), and Regional Forecast, 2023-2030”.

In the defense industry, the need for reliable and advanced defense cyber security network solutions has become paramount. This is driven by advancements in information technology, the deployment of upgraded weapons systems, and the ever-increasing volume of classified data. The rising demand for cybersecurity services and solutions across various applications within the defense and military sectors is expected to fuel market growth in the forecast period.

Russia-Ukraine Conflict Drives EU-NATO Collaboration for Enhanced Cyber Defense

The ongoing Russia-Ukraine conflict is fueling increased collaboration between the EU and NATO in the partner nations' security and defense. This collaboration encompasses various aspects such as education, training, situational awareness, and exercises focused on cyber defense. The conflict has prompted a stronger bond among nations with shared views, particularly in building resilient and effective cyber defenses. This includes providing support for partner nations, including EU candidate nations, in developing their cyber defense capabilities, facilitated through initiatives such as the European Peace Facility (EPF).

U.S. Cyber Command Allocates USD 89.4 Million for Offensive Cyber Platform

In a significant development, the U.S. Cyber Command has unveiled its budget request for FY 2024, allocating USD 89.4 million for a crucial offensive cyber platform in April 2023. This marks the first time that budget figures for this system have been made accessible to the public. The platform, known as the Joint Common Access Platform (JCAP), enables the Department of Defense's cyber operators to connect with their targets beyond friendly firewalls. Since 2020, the Army has been managing JCAP as the executive agent for Cybercom.

Digitalization and AI Empowerment Propel Market Growth

The integration of digitalization and artificial intelligence (AI) is playing a crucial role in providing warfighters with a technological advantage in the military and defense sector. This trend is a key driving factor for the defense cyber security market growth. With the increasing number of digital equipment in use, securing networks, storage, and applications has become paramount. An example of this digital transformation is the U.S. Department of Defense (DoD) investing USD 13.5 billion in FY 2024 to further the Digital Modernization Strategy (DMS) in cyberspace.

However, lack of skilled human resources and the high cost of training may stifle the market growth of defense cyber security.

Industry Leaders Drive Growth through Partnerships and Acquisitions

Leading players in this industry are actively seeking partnerships with established and emerging IT companies specialized in the cybersecurity domain. These collaborations aim to provide secure services and products to national defense departments. A notable example is Thales' acquisition of two European cybersecurity companies, S21sec and Excellium, in October 2022. The acquisition brought together these companies under the holding company Maxive Cybersecurity, enabling Thales to expand its capabilities and offer comprehensive cybersecurity solutions.

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https://www.fortunebusinessinsights.com/defense-cyber-security-market-105139

Notable Industry Development

• April 2021 – Lockheed Martin received USD 2.76 billion contract from the U.S. Army to supply low-cost reduced range practice, unitary and alternative warhead rocket pods for GMLRS, cybersecurity and integrated product support services under the cost-plus-fixed-fee, and firm-fixed-price contract.

List of Companies Profiled in the Report:

• Lockheed Martin (U.S.)
• The Thales Group (France)
• BAE Systems (U.K.)
• General Dynamics (U.S.)
• Northrop Grumman Corporation (U.S.)
• Raytheon Technologies (U.S.)
• Booz Allen Hamilton (U.S.)
• Leonardo (Italy)
• Leidos (U.S.)
• L3Harris Technologies (U.S.)

Further Report Findings:

• North America held a dominant defense cyber security market share with a valuation of USD 6.59 billion in 2022, owing to major defense industries' efforts to enhance capabilities and increased government contracts for military cybersecurity.
• Asia Pacific ranked second, driven by investments from countries such as Australia, China, and Japan in cyber security initiatives.

Table of Segmentation