Revenues from sales of arms and military services by the 100 largest companies in the industry reached $632 billion in 2023, a real-terms increase of 4.2 per cent compared with 2022.

Arms revenue increases were seen in all regions, with particularly sharp rises among companies based in Russia and the Middle East. Overall, smaller producers were more efficient at responding to new demand linked to the wars in Gaza and Ukraine, growing tensions in East Asia and rearmament programmes elsewhere.