Military Cybersecurity Market to Reach $68.5 Billion, Globally, by 2033 at 15.4% CAGR: Allied Market Research

PORTLAND, Ore., May 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Military Cybersecurity Market by Type (Endpoint Security Solutions, Network Security Solutions, Content Security Solutions), Deployment (On-Premises, Cloud), and Solution (Threat Intelligence and Response Management, Identity and Access Management, Data Loss Prevention Management, Security and Vulnerability Management, Unified Threat Management, Enterprise Risk and Compliance, Managed Security, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the military cybersecurity market was valued at $15.7 billion in 2023, and is estimated to reach $68.5 billion by 2033, growing at a CAGR of 15.4% from 2024 to 2033.

The global military cybersecurity market is driven by factors such as growing demand for end-point security solutions and surge in cyber-attacks which are increasing need for military cybersecurity.

Prime Determinants of Growth

The global military cybersecurity market is driven by factors such as an increase in demand for defense IT expenditure. Adoption of IoT in cyber security technology provides lucrative growth opportunities. On the other hand, limited awareness related to cybersecurity is projected to hinder market growth.

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

Based on type, the endpoint security solutions segment held the highest market share in 2023, accounting for more than two-fifths of the global military cybersecurity market revenue and is estimated to maintain its leadership status throughout the forecast period.

Endpoint security solutions are undergoing continuous evolution to combat the ever-changing landscape of cybersecurity threats. One prominent trend is the widespread adoption of Endpoint Detection and Response (EDR) solutions. EDR offers real-time monitoring of endpoint activities, allowing for swift detection and response to advanced threats.

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

Based on deployment, the on-premises segment held the highest market share in 2023, accounting for more than half of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. However, the cloud segment is projected to manifest the highest CAGR of 15.88% from 2023 to 2033. Moreover, cloud computing offers advanced security features and capabilities that strengthen military cybersecurity defense. Leading cloud service providers invest heavily in robust security measures, such as encryption, identity and access management, and threat detection, to protect data and applications hosted in the cloud.

The identity and access management segment to maintain its leadership status throughout the forecast period

Based on solution, the identity and access management segment held the highest market share in 2023, accounting for nearly one-fifth of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. Moreover,

Identity and access management (IAM) plays a crucial role in military cybersecurity by ensuring that only authorized personnel can access sensitive information and critical systems. IAM encompasses processes, policies, and technologies designed to manage digital identities, control access to resources, and protect against unauthorized access and insider threats.

North America to maintain its dominance by 2033

Based on region, North America held the highest market share in terms of revenue in 2023, accounting for more than half of the global military cybersecurity market revenue and is likely to dominate the market during the forecast period. The advancements in sensor technology, artificial intelligence, and communication systems have contributed to the evolution of military cybersecurity, enabling greater autonomy, flexibility, and effectiveness in engaging both stationary and moving targets with reduced collateral damage.

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Leading Market Players:

• AT&T
• BAE Systems
• Boeing
• Cisco Systems, Inc.
• DXC Technology Company
• EclecticIQ B.V.
• IBM Corporation
• Intel Corporation
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Privacera, Inc.
• SentineIOne
• Secureworks, Inc.
• Thales Group

The report provides a detailed analysis of these key players in the global military cybersecurity market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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