By Daniel Webster, dWeb.News Publisher
Portland, OR, Sept. 15, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global defense IT spending market generated $79. 68 billion in 2020, and is estimated to generate $137. 65 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. This report provides an in-depth analysis of market dynamics, top segments and key investment pockets, as well as the value chain, regional situation, and competitive landscape.
Benefits such as proactive healthcare surveillance and augmented reality remote learning, and increased spending on information technology products by different nations’ defense forces worldwide drive the global defense ITC spending market .. The market growth is slowed by issues of digital sovereignty. However, the rise in defense spending worldwide and the advent of IoT analytics in defense applications offer new opportunities.
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Covid-19 Scenario of Defense IT Spending Market:
- COVID-19 pandemic led to several challenges for the defense IT spending industry such as disruption in the supply chain of essential raw materials, logistics challenges, reduction in defense spending across various countries, and others
- On the other hand, the defense IT hardware manufacturers and service providers had to reduce expansion and R&D investments to withstand the decline in revenue and operating performance of the defense industry.
- The postponement in purchase orders and slow production rate were some of the challenges witnessed in the defense IT spending market during the year, and are expected to continue for a few years.
The report offers detailed segmentation of the global defense IT spending market based on system, type, force, and region.
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Based on type, the services segment accounted for the highest share in 2020, contributing to more than two-fifths of the total market share. This segment will continue to dominate the market during the forecast period. In addition, the same segment is also estimated to manifest the highest CAGR of 6.7% from 2021 to 2030.
Based on force, the defense forces segment held the largest share in 2020, accounting for more than half of the global defense IT spending market, and is estimated to maintain its leadership position during the forecast period. However, the civilian forces segment is expected to manifest the fastest CAGR of 6.6% from 2021 to 2030.
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Based on region, North America contributed the highest share in 2020, holding around nearly two-fifths of the total share, and is expected to maintain its lead in terms of revenue by 2030. The forecast period shows that the same region will experience a 7.0% CAGR. The report also covers Europe, Asia-Pacific and LAMEA.
Leading companies in the global defense IT market are Accenture, Amazon.com, Inc., BAE Systems plc, Dell, Inc., General Dynamics Corporation, Hewlett-Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Northrop Grumman Corporation, as well as Oracle Corporation.
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