Analysts said contractors competing for the U.S. Navyâs information technology programs face major opportunities as the serviceâs IT budget is predicted to climb from $11.3B in fiscal year 2019 to $12B in 2020, National Defense reported Wednesday.
The Navyâs cybersecurity spending is projected to increase to $1.6B in 2020 and overall IT spending is expected to reach $12.3B by 2024, according to presentation slides by Cameron Leuthy, a senior budget analyst with Bloomberg Government.
âIt doesnât look like much compared to the rest of the contract spend for the Navy, but itâs big money,â Leuthy said of the serviceâs IT budget.
According to the report, some of the serviceâs IT initiatives with the largest budgets for 2019 include the Navyâs standard integrated personnel system; enterprise resource planning; maritime maintenance enterprise platform; and base communications office.
Leuthy said a variety of companies have a considerable presence in the IT market.
âYouâve got an interesting mix of hardcore, traditional big defense contractors and specialized IT companies in this space,â he said. âSome of these top vendors werenât big in Navy contracting overall, but theyâre big in the IT space.â