According to a research report "Global Defense Industry Outlook 2024 - A Look Ahead at the Defense Landscape" published by MarketsandMarkets, the global military expenditure is estimated to be USD 2,012.1 billion in 2023 and is expected to reach USD 2,132.0 billion in 2024, growing at an annual rate of 2.74% from 2023 to 2024.

Various regions around the world confront distinctive security challenges, including but not limited to territorial disputes, regional rivalries, and cross-border conflicts. In response to these concerns and to maintain regional stability, countries commit substantial portions of their financial resources to defense. For instance, in the Asia-Pacific region, the escalating military capabilities of China have compelled neighboring nations to fortify their defense capabilities. Similarly, the Middle East contends with security threats emanating from terrorism, internal conflicts, and external aggression, prompting regional nations to allocate significant financial resources to safeguard their interests. The strategic allocation of defense budgets is also influenced by regional defense cooperation and alliances, as nations strive to bolster collective security and deter potential aggressors. These factors are anticipated to exert a considerable impact on global defense budgeting in the forecast period.

Key players in the study include Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), Oshkosh Corporation (US), Hanwha Defense (South Korea), among others.

The Airborne platform segment is expected to lead the budget allocation in 2024 and beyond.

Globally, the Airborne platform is seeing new investments along with new programs and developments. This is due to an increased focus on precision engagement, rapid global mobility, agile combat support, electronic warfare, strategic mobility, and global reach. Due to these investments and factors, the Airborne platform is projected to grow from USD 72 billion in 2023 to USD 75 billion by 2024 at an annual rate of 2.1%. The Army, across the globe, has seen multiple modernization initiatives with upgrading future soldier systems, developing new armored vehicles, accuracy and range improvements in artillery and missile systems, counterinsurgency operations, urban warfare, and logistics post the Russia-Ukraine war. For instance, the Indian Army has ongoing modernization programs with 93 projects worth USD 18.4 billion. The Naval platform has witnessed an increased focus on the acquisition of new naval vessels, the development of aircraft carriers, nuclear-powered submarines, unmanned submersibles, and surface vessels, and the improvement of Anti-Access/Area Denial (A2/AD) owing to rising territorial disputes and maritime security.

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The army domain is expected to dominate the budget analysis in 2024.

The army domain subsegment is expected to continue its dominance in the world’s military budget analysis and is projected to grow from USD 621.3 billion in 2023 to USD 655.1 billion by 2024 at an annual rate of 2.7%.

In 2024, a notable upswing in global military budgets is anticipated, driven by heightened investments in the army domain. Nations worldwide are expected to allocate increased financial resources to strengthen their ground forces, responding to evolving geopolitical landscapes and emerging security challenges. The surge in investment reflects a strategic emphasis on enhancing troop readiness, modernizing equipment, and fortifying defense capabilities on land. Factors such as rising tensions, territorial concerns, and the need to address asymmetric threats contribute to this anticipated boost in army-related expenditures. Additionally, advancements in military technology and the imperative to maintain a credible deterrent further underscore the significance of increased investments in the army domain. This trend aligns with the broader global focus on ensuring national security and defense preparedness in an increasingly complex geopolitical environment.

North America region is estimated to account for the largest share in 2024 while the Asia Pacific region is expected to witness substantial investments in defense industry across countries.

The world military expenditure 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. The upswing in expenditures on modernization initiatives in the Asia Pacific region is driven by several factors, including the growing sophistication of weapon systems, the necessity to replace aging equipment, and the aspiration to maintain a technological edge. Countries like India, Japan, South Korea, and Australia are channeling substantial investments into novel weapons systems such as fifth-generation fighters, stealth bombers, and missile systems.

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