Defense IT spending around the world to top $137 billion by 2030, study saysNews
September 15, 2021
PORTLAND, Ore. The global market for defense IT spending, which saw $79.68 billion in 2020, is estimated to generate $137.65 billion by 2030, with a combined annual growth rate (CAGR) of 6.1% during the covered period, according to a study from Allied Market Research, "Defense IT Spending Market."
The study authors found that growth in the defense IT market around the globe will be driven by such factors as increases in proactive health surveillance, remote training using augmented-reality technologies, and and a general rise in spending on information technology products and services by national defense forces. Moreover, new opportunities for growth in the market include such areas as the advent of IoT [Internet of Things] analytics used in defense plus regional surges in defense spending.
Potential barriers to growth in the defense IT market, however, may include complications surrounding the issue of digital sovereignty, or the questions about data and ownership of digital assets.
For additional information visit the Allied Market Research website.