To maintain a competitive edge in the global arms trade, it is necessary to understand the dynamics of an evolving market shaped by the emergence of new exporters and military technologies. Significant gaps remain in understanding the market’s fundamental characteristics, including the multifaceted interactions among participants—not only governments and industry but also non-state actors and illicit networks—and the resulting patterns of trade and international armament cooperation (both government-to-government agreements and industry-to-government offsets). Research is needed on the drivers of exporter and importer behavior, particularly how states decide which capabilities to acquire and whether to do so through indigenous production, cooperative production, or importation. Of particular interest is how public and government perceptions of major exporters and export systems, such as the U.S. Foreign Military Sales and Direct Commercial Sales systems, develop and evolve over time.