Cyber Weapons Market to Reach $23.7 Billion, Globally, by 2031 at 10.1% CAGR: Allied Market Research

Surge in need for infrastructure protection, significant rise in international conflicts, increase in expenditure for cyber weapons by government and commercial entities, development of cyber weapons as a military tool, and rise in defense spending drive the global cyber weapons market.

PORTLAND, Ore., March 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Weapons Market by Type (Defensive, Offensive), by Application (National Defense System, Public Utility, Automated Transportation system, Smart Power Grid, Industrial Control System, Financial System, Communication Network, Others), by End User (Government, BFSI, Corporate, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global cyber weapons industry was valued at $9.2 billion in 2021 and is estimated to generate $23.7 billion by 2031, witnessing a CAGR of 10.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Surge in need for infrastructure protection, significant rise in international conflicts, increase in expenditure for cyber weapons by government and commercial entities, development of cyber weapons as a military tool, rise in defense spending, and rise in demand for cyber weapons due to increased cybercrime and related problems drive the global cyber weapons market. However, the high cost of deployment of cyber weapons and technical difficulties in the deployment of effective cyber weapons hinder the market growth. On the other hand, the increase in the demand for defense intelligence and surveillance in military operations and rise in the presence of relevant digital equipment for cyber warfare will present new growth opportunities for the global market in the coming years.

Covid-19 Scenario

• The COVID-19 pandemic had a positive impact on the global cyber weapons market, owing to regulatory restrictions brought on by the coronavirus and the increased cyber danger faced by remote workers.
• Since cyberattacks occurred frequently, all types of criminal activities moved online and affected many aspects of daily life. The spread of numerous types of cybercrimes was greatly influenced by social isolation since it allowed criminals to hide while viciously abusing their victims and exploiting societal flaws. These factors boosted the demand for cyber weapons, thereby driving the growth of the market during the pandemic.

The national defense system segment to dominate the market during the forecast period

By application, the national defense system segment contributed to the largest share of more than one-third of the global cyber weapons market and is expected to maintain its dominance during the forecast period. This is owing to an increase in demand for damaging the enemy's defenses or essential infrastructure. The communication network segment, on the other hand, is projected to witness the fastest CAGR of 12.1% from 2022 to 2031. This is owing to the increasing sophistication and frequency of cyberattacks against corporations, governments, and other organizations.

The government segment to grab the lion's share during the forecast period

Based on end user, the government segment grabbed the highest share of nearly three-fifths of the global cyber weapon market in 2021 and is expected to dominate the market in 2031. The growth is attributed to increasing use of cyber weapon by governments for offensive cyber activities. However, the corporate segment would witness the fastest CAGR of 10.9% from 2022 to 2031. This is due to the increase in adoption of cyber weapon by private businesses for corporate espionage.

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The defensive segment to maintain its leadership during the forecast period

Based on type, the defensive segment grabbed the highest share of more than three-fifths of the overall cyber weapon market in 2021 and is expected to dominate the market during the forecast period. This is because of the increase in demand from corporates to protect against the theft of intellectual property or the destruction of data and systems. The offensive segment on the other hand, is projected to witness the fastest CAGR of 12.2% from 2022 to 2031. The growth of segment is driven by increasing offensive cyber operations by developed countries against terrorist activities.

North America to achieve the largest revenue by 2031

Based on region, the market in North America was the largest in 2021, accounting for more than two-fifths of the global cyber weapon market and is likely to maintain its dominance during the forecast timeframe. This is due to a rise in government fundings to maintain stability in cyberspace in the region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 11.2% during the forecast period. The growth is attributed to increasing use by the military and governments the region to weaken an adversary's capabilities through supply-chain manipulation, domestic political division, deterioration of trust in governmental institutions, theft of databases.

Leading Market Players

• Northrop Grumman Corporation
• Broadcom Inc.
• AO Kaspersky Lab
• General Dynamics Corporation
• BAE Systems plc
• Booz Allen Hamilton Inc.
• Raytheon Technologies Corporation
• FireEye Inc.
• Lockheed Martin Corporation
• Cisco Systems Inc.

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The report analyzes these key players of the global cyber weapons market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Similar Reports We Have on Military Industry:

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Digital Battlefield Market Research Report 2023-2035

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