Technology theft one of biggest challenges for defense industry, study saysNews
July 30, 2020
AMSTERDAM. The total global defense budget -- estimated at around $1.8 trillion in 2020 -- is expected to grow to more than $2 trillion by 2028, at a combined annual growth rate of around 3%, according to a study by Market Forecast, "Global Defense Budget Analysis - Forecast to 2028."
According to the study, technology imitation -- especially with respect to design -- is one of the major challenges for the defense industry; theft of sensitive design data by hackers who target major defense programs remove the advantage from the nation that developed the original technology.
The study authors found that the U.S. accounted for the majority of the global spending on defense, with China running a distant second, spending less than half the defense budget of US. The top-spending five countries -- accounting for more than 60% of the market -- are the U.S., China, India, Russia, and Saudi Arabia.
Also detailed in the study: Defense spending in Europe increased by around 4.2% in 2019 compared with the previous year; the study authors attribute the increase in defense spending in the NATO nations to mounting unease about Russian military behavior. Moreover, the study asserts, defense spending in Asia has increased by 50% in the last 10 years due to China’s rise as a regional superpower and the increase in GDP of the Asian nations.
For additional information on the study, visit the Market Forecast website.