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The global defense IT spending market size is expected to showcase exponential growth by reaching USD 110.89 billion by 2027. The growth is attributable to the increasing adoption of digitization in the defense sector that is likely to surge the defense IT spending capacity of countries worldwide. This information is published by Fortune Business Insights in its latest report, titled, “Defense IT Spending Market Size, Share & COVID-19 Impact Analysis, By Type (Services, Hardware, and Software), By Application (IT Infrastructure, Cybersecurity, Defense Cloud Computing, Data Analytics, IT Application, Logistics & Asset Management, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 81.28 billion in 2019 and is projected to exhibit a CAGR of 4.38% between 2020 and 2027.
Fujitsu Introduces Advanced Digital Trust Management Technology to Ensure Authenticity in Business Data
In October 2020, Fujitsu Laboratories Ltd., a wholly owned subsidiary of Fujitsu Limited, announced the development of first-ever industrial technology that enables assign and manage authentic digital signatures for businesses without the need for specialized business systems. Additionally, the technology helps manage, integrate, and verify data creation processes efficiently through the help of cloud services. The technology is favorable for several government and private agencies that handle sensitive data and require optimum level of security.
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Increasing Adoption of Digitization Services to Promote Growth
The evolving nature of warfare demands higher adaptability to situations and advanced weapons. It is critical to take necessary strategic decisions during battlefield operations to avoid loss of personnel and infrastructure. Therefore, several governments are focusing on adopting digitization that includes incorporation of advanced technologies such as artificial intelligence (AI), machine learning, and others to develop advanced drones and weapon equipment. Moreover, the rising IT spending in defense by the government agencies primarily focuses on improving IT infrastructure to mitigate external threats. This is likely to boost the global defense IT spending market growth in the forthcoming years.
Product Innovation by Companies to Strengthen Their Market Positions
The global defense IT spending market is fragmented by the presence of major companies that are striving to maintain a stronghold by developing innovative IT products to cater to the growing demand from defense organizations. Moreover, the high defense IT spending capacity of several countries presents a lucrative opportunity for several companies to maintain their presence by adopting strategies such as partnerships and collaborations.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Type; Application and Geography