Dublin, April 29, 2024 (GLOBE NEWSWIRE) -- The "Cyber Weapons Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global cyber weapons market has grown rapidly in recent years. It will grow from $10.41 billion in 2023 to $11.59 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be credited to the rising demand for data traffic and bandwidth, the widespread adoption of cloud computing, the emphasis on business continuity and disaster recovery, the globalization of enterprises, and efforts towards data center consolidation. 
The cyber weapons market is expected to see strong growth in the next few years. It will grow to $16.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The projected growth in the forecast period can be ascribed to the emergence of big data and analytics, government regulations and compliance, the prevalence of hybrid and multi-cloud deployments, a heightened focus on security, and sustainability initiatives. Noteworthy trends anticipated in the forecast period encompass the swift adoption of coherent optical technology, an increased demand for cloud connectivity, a focus on integrating software-defined networking (SDN), the advancement of hybrid and multi-cloud connectivity solutions, and the expanding role of edge data centers.
The anticipated surge in international conflicts is expected to drive the expansion of the cyber weapon market in the future. As of September 2023, the Council on Foreign Relations Highlights reported over 40 ongoing international conflicts globally, including civil wars, insurgencies, and other forms of strife. Additionally, the Armed Conflict Location & Event Data Project (ACLED) recorded over 139,000 incidents of political violence worldwide in 2023, marking a 27% increase from the previous year. Consequently, the rise in international conflicts is a driving force behind the growth of the cyber weapons market.
The growth of the cyber weapon market is expected to be propelled by increasing defense budgets. For instance, in March 2023, the United States Department of Defense allocated $776.6 billion, with an enacted budget of $851.8 billion for 2023. This financial support is crucial in enhancing a nation's capabilities to protect against and respond to cyber threats, thereby driving the growth of the cyber weapons market.
The high costs of development are anticipated to impede the growth of the cyber weapons market. The substantial financial investment required for the development of cyber weapons, ranging from $90 million to $290 million according to Rand Corporation, acts as a significant deterrent. These exorbitant costs hinder widespread deployment and effectiveness, restraining the overall growth of the cyber weapons market.
Major companies operating in the cyber weapons sector are investing in innovative technological tools incorporating artificial intelligence and machine learning algorithms. These advanced technologies enhance threat detection and response capabilities, automate various stages of cyber attacks, and analyze vast amounts of personal data, enabling attackers to create highly targeted and convincing phishing attacks. For example, in November 2023, CPX Holding, a UAE-based cybersecurity solutions provider, launched the CPX Intelligent Threat Detection Platform, an AI-based cybersecurity solution designed to combat modern threats through advanced threat detection technology.
In January 2023, Iron Bow Technologies LLC, a US-based IT solution company, completed the acquisition of GuardSight Inc. for an undisclosed amount. This strategic move expands Iron Bow's cybersecurity solution portfolio by integrating its public-sector cybersecurity engineering expertise with GuardSight's private-sector SECOPS and MDR capabilities. GuardSight Inc., a US-based cybersecurity provider, serves military, government intelligence, and enterprise security professionals.
North America was the largest region in the cyber weapons market in 2023. The regions covered in the cyber weapons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cyber weapons market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Defensive; Offensive
2) By Application: National Defensive System; Industrial Control System; Communication Network; Automated Transportation System; Smart Power Grid; Other Applications
3) By End-User: Government; Banking, Financial Services And Insurance; Defense; Corporate; Other End-Users
Key Companies Mentioned: Raytheon Technologies Corporation; The Boeing Company; Lockheed Martin Corporation; Cisco Systems Inc.; General Dynamics Corporation
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $11.59 Billion |
| Forecasted Market Value (USD) by 2028 | $16.92 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Raytheon Technologies Corporation
- The Boeing Company
- Lockheed Martin Corporation
- Cisco Systems Inc.
- General Dynamics Corporation
- Northrop Grumman Corporation
- Broadcom Inc.
- BAE Systems PLC
- DXC Technology Company
- Booz Allen Hamilton Inc.
- Fortinet
- McAfee L.L.C
- Airbus S.A.S
- AO Kaspersky Lab
- Gamma Group
- Avast Software Company
- FireEye Inc.
- Leonardo S.p.A.
- Endgame Inc.
- NSO Group
- Birmingham Cyber Arms Ltd.
- Bull Guard Ltd.
- Symantec Corporation
- Akamai Technologies
- RSA Security Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vp5q5y
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