According to the report, The Cyber Warfare Market Reach USD 127.1 Billion by 2032 Exhibiting 13.3% CAGR . The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The global generated $37.5 billion in 2022 and is estimated to reach $127.1 billion by 2032, exhibiting a CAGR of 13.3% from 2023 to 2032.
Surge in rise in advance cyberattacks and increased dependence on technology drive the growth of the market. However, shortage of shared real-time information on rapidly evolving threats and insufficiently trained workforce to address new threats is expected to hamper the growth of the market. Furthermore, increase in reliance on connected systems and technology is expected to create lucrative growth opportunities for the market.
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Recent Upgradation/Development in the Market
● On May 2023, BAE Systems demonstrates cognitive electronic warfare capabilities and cyber warfare capabilities at Northern Edge 2023 an F-15 flies through the clouds. The rendering of an artist electronic warfare capabilities emanates from the aircraft.
● On April 2023, Cisco System Inc enhanced its cyber security portfolio and updated the latest progress towards its vision of the Cisco Security Cloud, a unified, AI-driven, cross-domain security platform. The new XDR solution of Cisco and the release of advanced features for Duo MFA is expected to help organizations better protect the integrity of their entire IT ecosystem.
● On October 2023, Booz Allen Hamilton Inc. upgraded its security solutions and expanded its services to bring AI to government offices. Also, Booz Allen’s launched AI factory, aiSSEMBLETM, which provides a holistic approach to designing, developing, and fielding AI for the federal government with reusable components and configurable templates to foster scalable enterprise AI.
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Recent Expansion in the Market
● On March 2021, L3Harris Technologies, Inc expanded its security solutions and received a contract from Lockheed Martin for development of a new advanced electronic warfare system to protect the international F-16 multirole fighter aircraft against emerging radar and electronic threats.
Recent Product Launch in the Market
● On October 2022, BAE Systems launched cybersecurity system for F-16 fighter aircraft. It supports over 100 F-16 onboard systems, including flight- and mission-critical components such as radar, engine control, navigation, communications, crash data recorders, and electronic warfare, mission and flight control..
● On April 2023, Raytheon Technologies launched RAIVEN, a revolutionary electro-optical intelligent-sensing capability, which will enable pilots to have faster and more precise threat identification.
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On the basis of components, the hardware segment held the major share in 2022, garnering nearly one-third of the global cyber warfare market revenue, owing to the offer of equipment and tools created especially to enable cyber warfare operation, which includes firewalls, intrusion detection systems, network and security appliances, and advanced malware or exploit kits propels the market growth significantly. The software segment would also showcase the fastest CAGR of 15.6% during the forecast period, owing to offering a wide variety of capabilities, including data analysis, vulnerability assessment, intrusion detection and prevention, network reconnaissance and scanning, exploit development, and malware generation and distribution.
On the basis of end user, the aerospace and defense segment accounted for nearly one-fifth of the global cyber warfare market share in 2022 and is expected to rule the boost by 2032, owing to help identify and mitigate cyber threats, and share this information with government agencies, and collaborate with cybersecurity. The BFSI segment would also display the fastest CAGR of 17.8% throughout the forecast period, owing to the adoption of digitalization and rapid use of Fintech mobile apps has become a rage.
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On the basis of region, North America garnered the highest share in 2022, holding nearly one-third of the global cyber warfare market revenue in 2022, and is projected to retain its dominance by 2032, owing to factors such as the increasing use of smartphones and enhanced internet connectivity aiding the growth of the cyber warfare market. The Asia-Pacific region would also portray the fastest CAGR of 16.4% during the forecast period, owing to enabling enterprises and managed security service providers to improve operational efficiencies, cost-effectiveness, and security outcomes is expected to fuel the market growth in Asia-Pacific.
Leading Market Players-
IBM
BAE Systems
Intel Corporation
Cisco Systems, Inc.
DXC Technology Company
L3harris Technologies, Inc.
RTX
AIRBUS
Booz Allen Hamilton Inc.
General Dynamics Corporation
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