The prime minister told MPs a new four-year funding deal would protect "hundreds of thousands" of jobs and create 40,000 roles.
"I have decided that the era of cutting our defence budget must end, and it ends now," he said.
Labour welcomed more defence spending but asked how it would be funded.
Party leader Sir Keir Starmer asked Mr Johnson whether the money would be raised through spending cuts or tax rises, or both.
Outlining the new package in the Commons, the PM - speaking over video link as he is self-isolating - said the benefits "will go far beyond our armed forces".
Mr Johnson described the increase in defence spending as being worth £16.5bn in new money over four years.
However Ben Zaranko, from the Institute of Fiscal Studies, said that while this represented a big rise in spending, the figure of £16.5bn was a "misleading way to present this announcement".
He continued: "It would be more accurate to say that by 2024-25, defence spending will be £7 billion higher than it would have been under previous plans."
Mr Johnson said: "From aerospace to autonomous vehicles, these technologies have a vast array of civilian applications opening up new vistas of economic progress, creating 10,000 jobs every year - 40,000 in total - levelling-up across our country and reinforcing our union."
He added: "Our plans will safeguard hundreds of thousands of jobs in the defence industry, protecting livelihoods across the UK and keeping the British people safe."
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November 19, 2020 at 08:19PM
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Defence funding boost 'extends British influence' - BBC News
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