Defense IT Spending Market to Garner $137.65 Billion by
Portland, Oregon, September 15, 2021 (GLOBE NEWSWIRE) – According to a report published by Allied Market Research, the global defense IT spending market generates $ 79.68 billion in 2020 and is expected to generate $ 137.65 billion by 2030, indicating a CAGR of 6.1% from 2021 to 2030. The report offers a comprehensive analysis of changing market dynamics, most the best segments, the key investment pockets, the value chain, the regional scenario and the competitive landscape.
Benefits such as proactive health monitoring and augmented reality distance learning and increased costs for information technology products and services by the defense forces of different nations worldwide stimulate the growth of global defense IT spending market. However, issues related to digital sovereignty limit market growth. On the other hand, the emergence of IoT analyzes in defense applications and the increase in defense spending worldwide present new opportunities in the coming years.
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Covid-19 scenario in the IT defense spending market:
- The COVID-19 pandemic has led to several challenges for the IT defense spending industry, such as disruptions in the supply chain of basic raw materials, logistics challenges, reduction of defense spending in different countries and others.
- On the other hand, defense IT hardware manufacturers and service providers had to reduce expansion and investment in research and development to withstand the decline in defense industry revenue and performance.
- The postponement of purchase orders and the slow pace of production were some of the challenges observed in the IT defense spending market during the year and are expected to continue for several years.
The report offers a detailed segmentation of the global IT defense spending market based on system, type, strength and region.
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Depending on the type, the services segment represents the highest share in 2020, contributing more than two-fifths of the total market share. The segment will continue its dominance during the forecast period. In addition, the same segment is expected to show the highest CAGR of 6.7% from 2021 to 2030.
Based on strength, the Defense Forces segment has the largest share in 2020, representing more than half of the global IT defense spending market, and is expected to maintain its leading position over the forecast period. However, the civilian force segment is expected to show the fastest CAGR of 6.6% from 2021 to 2030.
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Depending on the region, North America contributes the highest share in 2020, holding about two-fifths of the total and is expected to maintain its revenue leadership until 2030. The same region is expected to show the highest CAGR of 7.0% during the forecast period. Other provinces explored in the report include the Asia-Pacific region, Europe and LAMEA.
Leading players in the global defense IT spending market analyzed in the study include Accenture, 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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