Global Aviation Cyber Security Market is Expected to Reach USD 61.85 Billion by 2020

Date: 2015-12-23

The global aviation cyber security market is projected to grow from USD 39.59 Billion in 2015 to USD 61.85 Billion by 2020, at a CAGR of 9.34% from 2015 to 2020. This growth is mainly attributed to the growing incidence of cybercrimes and cyber-attacks on the aerospace and defense sector. The report forecasts the aviation cyber security market over the next five years. It also identifies and analyzes market application gaps, evolving technologies, recent developments, and high potential geographic regions and countries.

“Rise in cyber-attacks is a major factor increasing the procurement of aviation cyber security solutions and services, globally”

The on-cloud deployment market is projected to hold the highest share in terms of value by 2020. On the basis of component, the solution segment is expected to dominate the aviation cyber security market.

“The aviation cyber security market in Latin America is projected to grow at a rapid pace during the forecast period”

According to Civil Air Navigation Services Organization (CANSO), the air traffic in this region is growing at a rate of 7% per year. This growth is propelled by air traffic management that ensures effective handling of airport operations, by delivering safe and secured cyber solutions. It has further resulted in creating attractive market opportunities for the aviation cyber security service and solution providers, during the forecast period.

The key players operating in the global aviation cyber security include Cisco Systems, Inc., International Business Machines Corporation (IBM), Raytheon Company, Northrop Grumman Corporation, and BAE Systems plc. Agreements and contracts are two major growth strategies adopted by major players to strengthen their positions and enhance their product offerings.

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