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January 2024
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The global Defense Cyber Security Market is estimated to be valued at US$ 21.62 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: The Artificial Intelligence in Security Market provides security solutions and services which leverage machine learning and deep learning techniques. These solutions help organizations identify network anomalies and vulnerabilities, perform identity and access management, protect data from threats and detect phishing attempts and malware attacks in real-time. AI enhances security operations by automating tasks, reducing risks and strengthening cyber defenses. Market key trends: One of the major trends driving the growth of artificial intelligence in security market is the increasing adoption of AI by organizations to tackle security challenges. With the rapid digital transformation across industries, the threat landscape is also evolving exponentially. This has pushed organizations to incorporate AI-powered solutions that can learn from threats, optimize detection capabilities over time and respond to unknown threats autonomously. AI analyzes huge volumes of data at machine speed to detect subtle patterns and anomalies that may be missed by traditional rule-based systems. This has increased the demand for AI-based security solutions that can strengthen cyber defenses and minimize risks through continuous learning and adaptation. Porter's Analysis Threat of new entrants: The defense cyber security market requires heavy investments in research and development making it difficult for new players to enter the market. Bargaining power of buyers: The bargaining power of buyers is moderate as they have a few established vendors to choose from for their cybersecurity needs. However, the switching costs are also moderate. Bargaining power of suppliers: Large defense organizations possess high bargaining power over smaller technology suppliers due to their scale of operations and deep pockets. Threat of new substitutes: The threat from substitutes is low as cybersecurity solutions fulfill very specific needs of defense organizations. Competitive rivalry: Intense due to the presence of global players. SWOT Analysis Strengths: Technological leadership, international presence, strong portfolio of security solutions. Weaknesses: High R&D costs, vulnerability to budget cuts, dependency on large contracts. Opportunities: Growth in digital technologies, increasing instances of cyber attacks, rising geopolitical tensions. Threats: Stringent regulations, increasing disruptions from startups, data privacy concerns. Key Takeaways The Global Defense Cyber Security Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing instances of cyber-attacks on critical assets. North America currently dominates the defense cyber security market owing to heavy investments in cyber defense by US agencies. Regional analysis: The defense cyber security market in North America is expected to maintain its dominance during the forecast period owing to robust budgets for cybersecurity initiatives by US government agencies like Pentagon and NSA. Asia Pacific is projected to be the fastest growing market for defense cyber security due to increasing defense budgets and growing cyber warfare capabilities of countries like China and India. Key players: Key players operating in the defense cyber security market are General Dynamics-CSRA, Booz Allen Hamilton Holding Corp., Northrop Grumman, Raytheon Technologies Corporation, Leidos Holdings Inc., SAIC, Lockheed Martin Corporation, Viasat Inc., CACI International Inc. and L3 Harris Technologies. These companies are focusing on developing advanced cybersecurity solutions through partnerships and mergers & acquisitions to strengthen their market position. Get more insights on this topic: https://www.rapidwebwire.com/defense-cyber-security-is-the-largest-segment-driving-the-growth-of-defense-cyber-security-market/
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