Newark, May 15, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the cyber weapon market will grow from USD 10.23 billion in 2022 and reach USD 26.53 billion by 2032. The high need for technological advances like machine learning (ML) and artificial intelligence (AI) has pushed the factor in the cyber weapons market.
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North America to account for largest market size during the forecast period.
North America is expected to have the largest market share in the cyber weapon market. The growth of the cyber weapon market in North America region is the increasing need for defensive and offensive cyber weapons by NATO countries, particularly the United States, to protect their cyberspace claims may push the cyber weapon market extensively. Further, non-NATO countries are expected to fund internet warfare capabilities, causing the need for cyber weapons. Similarly, North America is assessed to account for a substantial share of the global cyber weapon market, closely followed by APAC due to its advanced use in aerospace, defense, and intelligence units.
The defensive segment accounted for the largest market share of 58% and market revenue of 5.9 billion in 2022.
The type segment is divided into offensive, and defensive. The defensive segment dominated the market, with a market share of around 58% and market revenue of 5.9 billion in 2022. The cyber defense was a problem for big companies and government agencies, not the average person. But now, a new breed of hackers is targeting an individual’s credit card payments, smartphone, and personal data stored by small to medium-sized companies.
The national defense system segment accounted for the largest market share of 18% and market revenue of 1.84 billion in 2022.
The application segment is divided into air traffic control, national defense system, automated transportation system, hospital, smart power grid, communication network, and industrial control system. The national defense system segment dominated the market, with a market share of around 18% and market revenue of 1.84 billion in 2022. National Cyber defense is a collective act of resistance that guards information, systems, and networks from cyber-attacks by executing protective strategies like network detection and response (NDR), firewalls, and endpoint detection and response (EDR) to recognize, analyse, and report incidents that happen within a network.
The government segment accounted for the largest market share of 25% and market revenue of 2.55 billion in 2022.
The end-user segment is divided into BFSI, government, corporate, defense and others. The government segment dominated the market, with a market share of around 25% and market revenue of 2.55 billion in 2022. An expansion in defense spending to enhance the government's efficiency, effectiveness, and cybersecurity capability is anticipated to be a pushing element in deploying cyber warfare systems across all geographic regions.
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Advancement in Market
In June 2021, with the threat of cyberattacks mounting against the Indian armed forces, the Department of Military Affairs (DMA) planned to send up to 100 personnel to the United States to teach the latest cybersecurity technology and artificial intelligence (AI) to prospective warfare.
Market Dynamics
Drivers: Increase in Demand for Infrastructure Security
The advancement in demand for infrastructure security has pushed the development of the cyber weapons market. The dependence on technology and digital systems in different locations, like healthcare, finance, and transportation, has exposed these systems to cyber-attacks. Thus, there is an upsurge in the need for robust national critical infrastructure protection measures for electrical grids and banking systems.
Restraints: Increased in Government Regulation Could Hinder the Market Growth
The constant rise in government rules and regulations hinder the market growth during the forecast period.
Opportunities: Improvements in Technologies like ML (Machine Learning) and AI (Artificial Intelligence)
The high need for technological advances like machine learning (ML)and artificial intelligence (AI) has pushed the factor in the cyber weapons market. These weapons help companies discover and fix their systems' vulnerabilities before hackers exploit them. Organizations are willing to invest in cutting-edge solutions to protect their networks and techniques as the possibility of cyber-attacks and data breaches increases. For instance, At the beginning of September 2019, SolarWinds hacked and impacted multiple government agencies and effective organizations, highlighting the need for modern security measures to safeguard against these attacks. Resulting in the growth and production of AI-powered cyber weapons have grown immensely.
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Some of the major players operating in the cyber weapon market are:
• Airbus Group SE
• Avast Software
• AVG Technologies
• BAE Systems plc
• Boeing
• Cisco Systems
• Code Decode Labs
• EADS
• FireEye Inc.
• General Dynamics Corporation
• Kaspersky Lab
• Lockheed Martin Corporation
• Mandiant
• Mcafee
• Northrop Grumman Corporation
• Raytheon Company
• Symantec Corporation
Key Segments cover in the market:
By Type:
• Offensive
• Defensive
By Application:
• Air Traffic Control
• National Defense System
• Automated Transportation System
• Hospital
• Smart Power Grid
• Communication Network
• Industrial Control System
By End-User:
• BFSI
• Government
• Corporate
• Defense
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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