Spending on IT, data and computing market by military is expected to grow at a CAGR of 2.01 percent to $73.2 billion by 2027 from $60 billion in 2017.
The cumulative market for global expenditure on military IT, data and computing is estimated at $697.4 Billion over the forecast period.
The report said the main factor driving expenditure in the military segment is the transition of modern warfare, from battlegrounds to networks and cyber space. Military is spending significantly on the development of their defensive and offensive capabilities in the areas of network-centric warfare and cyber security.
North America dominates military IT, data and computing market, followed by Europe and Asia-Pacific.
The US is the highest spender in the global military IT, data and computing market, with a large number of programs being pursued in the areas of enterprise resource planning (ERP) software products, the tactical local area network (TACLAN) family of systems, software support for radars, net-centric networking products, a transition to cloud computing, and cyber security.
Europe is anticipated to emerge as the second largest market for military IT, data and computing, with a major portion of expenditure attributable to the UK, Russia, and France.
The report said major militaries in Asia Pacific are formulating programs to establish communication networks among various tactical units and securing critical networks and infrastructure from cyber espionage.
