The global defense cyber security market size is projected to reach USD 29.81 billion in 2028. Nowadays, various companies are using IoT for a large number of military applications, such as AR remote training, autonomous reconnaissance, real-time fleet and vehicle management, and monitoring of combat health. This information is given by Fortune Business Insights™ in a new study, titled, “Defense Cyber Security Market, 2021-2028.” As per the study, the market stood at USD 19.62 billion in 2020. It is set to exhibit a CAGR of 5.36% during the forecast period between 2021-2028. The study further mentions that numerous countries are redesigning their defense security norms to protect their crucial data. The U.S. Department of Defense (DoD), for instance, launched new guidelines in January 2020 through Cybersecurity Maturity Model Certification (CMMC) for defense-based contractors.
BAE Systems Receives USD 94 Million Contract from NAWCAD
In November 2020, BAE Systems bagged a new contract worth USD 94 million from the Webster Outlying Field (WOLF) of the Naval Air Warfare Center Aircraft Division (NAWCAD). It would enable the company to supply evaluation support, test, and engineering for communication, weapon systems, control, and sensors. These will be provided for unmanned and manned airborne platforms.
Rising Cyberattacks Owing to Flexibility in Working Norms amid COVID-19 Pandemic to Affect Growth
The global market for defense cyber security showcased a lower growth of 1.8% in 2020 owing to the COVID-19 pandemic. It has also surged the number of cyberattacks because of the flexibility in working policies for military personnel. In Switzerland, for instance, over 100 to 150 cyber-attacks occurred in 2019 after the pandemic started. We are providing accurate research reports to help you overcome this grave situation.
The report studies decisive segments of this market containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. In addition to this, it will help out clients to accurately determine the size of this industry to guide them in choosing the right segment for their business growth.
Information source: https://www.fortunebusinessinsights.com/defense-cyber-security-market-105139