In 2019, the global defense IT spending market was valued at $81.28 billion. However, due to the unprecedented impact of the COVID-19 pandemic, there was a decrease in demand for defense IT spending worldwide. In 2020, the market experienced a lower growth rate of 1.1% compared to the average growth rate from 2016 to 2018. Nevertheless, it is projected that the market will recover and grow from $82.12 billion in 2020 to $110.89 billion in 2027, with a compound annual growth rate (CAGR) of 4.38% during the period of 2020 to 2027.
Informational Source:
https://www.fortunebusinessinsights.com/defense-it-spending-market-105030
The increase in CAGR is attributed to the expected recovery in demand and growth in the defense IT spending market once the pandemic is over. The Stockholm International Peace Research Institute (SIPRI) reported that global military expenditure reached $1,017 billion in 2019, showing a 3.6% increase compared to 2018. The United States, China, and India experienced significant growth in defense spending, with increases of 5.3%, 5.1%, and 6.8% respectively compared to 2018. This has led these countries to allocate more funds towards defense IT spending due to the growing number of cyber-attacks.
Key Companies Covered in Defense IT Spending Market are: