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Global military cybersecurity to grow to $16.01 billion

by on01 November 2019


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Beancounters at Frost & Sullivan have been shuffling their tarot cards and concluded that the global military cybersecurity market will grow to $16.01 billion by 2023.

Frost & Sullivan Research Analyst Ryan Pinto said: “Militaries across the globe are budgeting for and pursuing the development of new enabling, next-generation technologies for cybersecurity. These technologies will open up significant growth opportunities by improving the speed and accuracy of logistics battlefield planning, increasing autonomous functionality of systems, aiding decision-making, lowering overhead costs, and enabling less soldier risk.”

Military cybersecurity will need solutions with a range of applications—a one-stop-shop for systems and add-on services that will allow quicker and cheaper implementation.

Defence contracts announced to counter the threat will increase significantly across North America, Europe and APAC. Less developed and small countries may not have the budgets to procure and implement advanced cybersecurity solutions, and the Chinese military market, although significant, is blocked for global companies.

“Industry consolidation and Tier II contractors winning lucrative awards will increase competition. However, defence companies could grow market share through M&A and using current positioning in the defence market”, said Pinto.

Frost & Sullivan said to capitalise on future possibilities; vendors should focus on:

• Increasing R&D investment in companies with robust funding for research programs.
• Establishing public-private partnerships to improve innovation and national cybersecurity posture.
• Offering training-as-a-service to improve positioning on contracts.
• Developing a broad range of cyber solutions that will enhance capabilities to defend and attack the full spectrum range.
• Creating widespread military cyber solutions that allow quicker and cheaper integration with legacy components.

Pinto said: that despite promising growth drivers, there are several substantial drawbacks that don’t allow double-digit market advancement.

“The main factors restraining market advancement include insufficient funding, compatibility issues, and protectionism of nations trying to develop domestic industrial capabilities on the one hand and, on the other, trying to minimise the reliance of their military on foreign entities with high-level access,” he said.

 

Last modified on 01 November 2019
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