The first annual Global Defense Snapshot by Forecast International’s International Military Market (IMM) group indicates continued growth in the worldwide market following relatively flat investment over the course of the 2015-2016 periods.
An increasingly multi-polar global security environment buffeted by healthy economies and ongoing military modernization cycles contributed to a 3.3 percent year-on-year rise in consolidated worldwide defense spending for 2017.
This figure combines spending from over 120 nations across the world, capturing 99.92 percent of the estimated figure for total global expenditure.
As the market shifts into 2018 and the years ahead, Forecast International anticipates accelerating spending growth as geopolitical pressure points and future threats reinforce government investment in military and security requirements. While 2017 marked a healthy spike in market growth, topline worldwide spending remained below the 2014 threshold of $1.526 trillion. This latter figure will be surpassed in 2018, with the $1.6 trillion ceiling being broken by 2020.
Primary national drivers of future spending growth will come from China, India, Saudi Arabia, Iran, South Korea, Germany, the UAE and the United States, with many smaller markets undergoing their own respective military modernization drives that will spike national spending.
Forecast International figures are derived from topline defense totals country-by-country, excluding pension funding wherever applicable. The International Military Markets catalog spans the globe, covering all the world’s regions and major and mid-tier military markets.