Cybersecurity - United Kingdom

United Kingdom

The United Kingdom's Cybersecurity market is expected to experience significant growth, with projected revenue reaching €10.09bn in 2024.
Among the various segments, Security Services is set to dominate the market, with a projected market volume of €5.86bn in the same year.
This indicates a strong demand for security services in the country.
Furthermore, the Cybersecurity market in the United Kingdom is anticipated to display a steady annual growth rate (CAGR 2024-2029) of 8.68%.
As a result, the market volume is projected to reach €15.30bn by 2029.
This growth rate demonstrates the increasing importance of cybersecurity measures and the commitment of businesses and organizations to protect their digital assets.
In terms of spend per employee, the average in the United Kingdom's Cybersecurity market is projected to reach €290.30 in 2024.
This figure highlights the significance that businesses place on investing in robust cybersecurity measures to safeguard their operations and data.
While in the United Kingdom shows promising growth in the Cybersecurity market, it is worth noting that in a global comparison, United States is expected to generate the highest revenue.
With a projected revenue of €74,670.0m in 2024, United States remains a significant player in the global cybersecurity industry.
The United Kingdom is experiencing a surge in demand for cybersecurity solutions due to increasing cyber threats and government initiatives to strengthen digital security.

Key regions: United States, Canada, Brazil, India, Belgium

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Analyst Opinion

Cybersecurity is a topic practically every company must tackle in order to ensure and enhance the success of the digital transformation of their operational activities (e.g., automated processes, cloud-based tools, or software support). Driven by the increasing awareness of data risks and threats, the global Cybersecurity market has witnessed robust growth over the last few years with revenue increasing from US$83.32 billion in 2016 to approximately US$166 billion in 2023.

Furthermore, the adoption of cybersecurity is expected to grow with the increasing internet penetration among developing and developed countries. Whilst it was common to dismiss cybersecurity as a task for the IT department, it is now increasingly becoming the dominant part of top-level strategic planning.

The COVID-19 crisis led to many organizations facing more cyberattacks due to the security vulnerability of remote work as well as the shift to virtualized IT environments, such as the infrastructure, data, and network of cloud computing. The market is expected to continue showing strong growth, with North America as the dominant region in this market. Cloud Security is the fastest-developing market.

Methodology

Data coverage:

Data encompasses B2C, B2B and B2G enterprises. Figures are based on security spending excluding VAT and the number of cyberattacks.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial statements of the market-leading companies and industry associations, national statistical offices, and specific countries’ security organizations (e.g., German Cyber Security Council, Canadian Centre for Cyber Security). Furthermore, we use relevant key market indicators and data from country-specific associations, such as GDP and internet penetration. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. Possible techniques are, for example, exponential trend smoothing and the autoregressive integrated moving average (ARIMA) forecasting algorithm. The main drivers are GDP, internet users, level of digitization, and consumer attitude towards data and IT security.

Additional notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.