CHICAGO, July 4, 2023 /PRNewswire/ — The global market for world defense budget analysis is estimated to be USD 2,004.7 billion in 2023 and expected to reach USD 2,546.9 billion by 2028 at a CAGR of 4.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Various regions across the globe face unique security challenges, such as territorial disputes, regional rivalries, and cross-border conflicts. Countries allocate substantial defense budgets to address these concerns and ensure regional stability.
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Browse in-depth TOC on “World Defense Budget Analysis Market”
188 – Tables40 – Figures340 – Pages
World Defense Budget Analysis Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$2,004.7 billion |
|
Estimated Value by 2030 |
$2,546.9 billion |
|
Growth Rate |
Poised to grow at a CAGR of 4.9% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Allocation Type, Departmental Allocation, Platform Allocation, System Allocation, Domain Allocation, Technology Allocation and Sales Allocation and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Complexity of defense procurement |
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Key Market Opportunities |
Technological advancements |
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Key Market Drivers |
Geopolitical tensions and security threats |
For instance, in the Asia-Pacific region, the rise of China’s military capabilities has prompted neighboring countries to bolster their defenses. Similarly, the Middle East faces security threats from terrorism, internal conflicts, and external aggression, leading nations to allocate significant resources to protect their interests. Regional defense cooperation and alliances also influence defense budget allocation as countries seek to enhance collective security and deter potential aggressors. These factors are driving the world defense budget in the forecast period.
The advanced technology subsegment is expected to be at the highest CAGR during the forecast period.
The advanced subsegment is expected to dominate the defense budget analysis in the technology allocation segment of the defense budget. Advanced technology plays a critical role in modern defense strategies as the world becomes increasingly interconnected. This subsegment includes investments in cybersecurity, information technology infrastructure, data analytics, and advanced communication systems.
With the rise of cyber threats and the growing importance of securing critical infrastructure and sensitive information, governments prioritize investments in digital capabilities. This includes developing robust cybersecurity measures to protect against cyber-attacks, enhancing intelligence gathering through advanced data analytics, and improving communication systems for seamless coordination among military forces.
The army domain is expected to dominate the budget analysis till 2028.
In the domain allocation segment of the defense budget, the army subsegment is expected to dominate the defense budget analysis. This is due to the primary focus on maintaining a capable and well-equipped military force to ensure national security and defense preparedness. The army segment includes personnel, training, operations, equipment procurement, research and development, and maintenance expenditures. The increasing global security threats, geopolitical tensions, and the need to adapt to evolving defense landscapes further drive allocating a significant portion of the defense budget toward military forces. As a result, the army domain is anticipated to hold a significant market share in the defense budget allocation, reflecting the importance of maintaining a robust and modern military capability.
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North America is expected to account for the largest share in 2023.
The world defense budget analysis has been studied in North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to have the largest share in the world defense budget allocation market. This dominance is driven by the substantial defense budget of the United States, the presence of advanced defense industries, and the region’s active military engagement and global security responsibilities. Additionally, North America’s emphasis on technological advancements and its unique security challenges contribute to its significant market share in defense budget allocation.
Major countries operating in the world defense budget analysis companies are the US, France, Russia, India, China, the UK, Canada, and Saudi Arabia are some of the critical countries.
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