The global cyber weapon market is expected to grow at a CAGR of 4% during the forecast period of 2021-2030. Cyber weapon is a malware agent mainly employed for intelligence objective, military and paramilitary. A cyber weapon performs such action which would require a spy and soldiers. Some of the key forces identified in the industry are increasing investments by the government organizations such as European Advanced Cyber Defense Centre and the NATO to identify zero-day vulnerabilities and growing requirements of security in critical infrastructure & utilities.
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Emergence of cyber warfare as a new domain for warfare is expected to act as an opportunity for the market players. It has its major applications in defense and critical infrastructure being more prone to cyber-attacks due to their vital importance to the economy. Significant growth witnessed in the number of cyber-attacks across the industries remains as the key market driver. In the current scenario, cyber criminals are becoming more organized and more industrialized. In 2020, the number of security incidents across all industries increase by 38%. Nearly 1million new malware threats released each day.
The market is majorly segregated on the basis of application and cyber weapon type. On the basis of application, the market is segmented into national defense system, communication network, industrial control system, smart power grid, air traffic control and automated transportation system. National Defense Security has gained the major market share of 25.7% in 2020 being the major application sector of the cyber weapons. The market can further be bifurcated on the basis of types of cyber weapons including defensive and offensive cyber weapons. In 2020, defensive cyber weapons held the largest market share of 74.5% and is expected to continue its dominance in the upcoming years.
The growth of defensive cyber weapons is being attributed by the increasing cases of cyber espionage that have influenced government as well as private organizations to concentrate on technologies in order to protect their critical infrastructure. Furthermore, rising need for the procurement of defensive capability in critical infrastructure such as military & defense, industrial control systems and automated transportation systems is expected to drive the growth of the defensive cyber weapons market in the coming years. On the basis of geography, the market is segregated into North America, Europe, Asia Pacific and Rest of the World. The regional paradigm of cyber weapons market depicts the growing Asia Pacific region.
The application of cyber weapons is increasing day by day due to huge investment by the organization in the field of cyber security. The national defense system holds the largest market share of around 26% in 2020. The growth in the national defense system is majorly attributed by the increasing investment by countries across the globe. Defensive cyber weapons are anticipated to have a CAGR of 4.5% for the year of 2021-2029. The defensive cyber weapons have its various advantages which is growing the market, the defensive cyber weapon market is the fastest growing market growing at a CAGR of 4.5% during the forecasted period. The global cyber weapon market is likely to grow reasonably in coming years. Increasing security breaches and huge investment by the organization are the major driving factor of global cyber weapon market. Whereas the automated transportation system is growing with the highest CAGR of 6.2% during the forecasted period which is expected to reach at $6887 million by 2022.
Globally, in 2020, North America holds the largest market share i.e. 41% in the total global cyber weapon market. America is dominating the global cyber weapons market by procuring a market share of 40.6% in 2020 and is anticipated to preserve its dominance over the projected period. In the U.S., internet is the backbone of critical infrastructure like military & defense, industrial control and air traffic control systems. High demand for Cyber weapon and existence of key market players in the region are the major reasons for this large market share. Furthermore, Asia Pacific is likely to grow with the highest CAGR 7.3% owing to huge spending on the defense.
KEY MARKET MOVEMENTS
- The global cyber weapon market is expected to grow at a CAGR of 4% during the forecast period of 2021-2030.
- Significant growth witnessed in the number of cyber-attacks across the industries remains as the key market driver.
- National Defense Security has gained a major market share of 25.7% in 2020 being the major application sector of the cyberweapons.
- In 2020, defensive cyber weapons held the largest market share of 74.5% and is expected to continue its dominance in the upcoming years.
- Defensive cyber weapons are anticipated to have a CAGR of 4.5% for the year of 2021-2030.
- The defensive cyber weapons have its various advantages which is growing the market, the defensive cyber weapon market is the fastest-growing market growing at a CAGR of 4.5% during the forecasted period.
- Automated transportation system is growing with the highest CAGR of 6.2% during the forecasted period which is expected to reach at $6887 million by 2022.
- Globally, in 2020, North America holds the largest market share i.e. 41% in the total global cyber weapon market.
- Asia Pacific is likely to grow with the highest CAGR 7.3% owing to huge spending on defense.
