According to the report, global Cyber Weapon Market was valued at around USD 406.77 billion in 2016 and is expected to reach approximately USD 524.27 billion by 2022, growing at a CAGR of slightly above 4.32% between 2017 and 2022.
Cyber weapons are software codes or programs used to violate the confidentiality of targeted systems. Cyber weapons help to report, monitor, detect and counter attack cyber threats in order to sustain confidentiality of information technology systems. The defensive cyber weapon market is highly segmented because of the existence of various companies offering advanced cyber-security services. Cyber weapons are used to define a malware agent deployed for military, paramilitary, or intelligence objectives. In the past couple of years, cyberspace has emerged as a novel warfare domain.
Increasing usage of internet in different application areas is responsible for the tremendous growth of the cyber weapon market. Growing economy and rising number of crimes are also the major drivers for the growth of this market. Furthermore, the necessity of systems surveillance, intellectual property, theft & destruction of target data, and crucial processes of manufacturing activities are expected to drive the cyber weapon market in near future.
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Major challenges to the global cyber weapons market are regulation imposed on the unregulated usage and development of cyber weapons as it leads to mass destruction and creates disharmony worldwide, if not used appropriately. Further, cyber weapons usage increases cyber warfare and anonymity among hackers, which may negatively impact the growth of cyber weapons market.
The market has enormous opportunity for growth in future due to the constant technological advancements to create smaller and smarter devices. Rising demand for defensive and offensive weapons by some nations, especially by U.S. may lead to significant growth in this market. Furthermore, complete security of networks is tedious which creates the demand for offensive cyber techniques. Cyber weapon market is majorly benefitted from the defensive cyber weapons segment. The defensive weapon market is anticipated to dominate the market throughout the forthcoming years.
Cyber weapon market is segmented on the basis of type, application, end-user and region. There two major types of cyber weapons available in the market include defensive and offensive weapons. At present, defensive technology is mostly widely used by the different organization. In terms of application, the market is fragmented into communication network, smart power grid, national defense system, air traffic control, hospital, automated transportation system, and industrial control system. Asia Pacific is expected to see the fastest growth during the forecast period on account of the presence of developing nations such as China and India. Europe and North America are early adopters to this technology, therefore will take up the large market share in coming years.
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The major players operative in the cyber weapons market is Boeing Company, Lockheed Martin Corporation, Cisco Systems, McAfee, General Dynamics Corporation, BAE Systems plc, Symantec Corporation, Northrop Grumman Corporation Raytheon Company, General Dynamics Corporation, BAE System plc, Avast software and AVG technologies among others.
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