A new report from the Department for Digital, Culture, Media, and Sport (DCMS) has revealed that the UK cybersecurity sector has grown to £8.3billion.
According to the report, the UK cybersecurity industry is worth £8.3billion following a growth of 44% in the number of active firms since 2017. The sector has seen significant growth in annual revenue and employment, as well as considerable investment in early-stage companies.
The report also highlights the growing diversification of the UK cyber sector with the growth of emerging security sub-sectors focusing on areas such as the Internet of Things, centralised systems that control and monitor infrastructure or facility-based processes, and post-quantum cryptography. The UK Cyber Security Sectoral Analysis 2020 named Darktrace as one of the most successful UK cybersecurity companies, which is one of the country’s 77 tech ‘unicorns’ – a company valued at over $1 billion.
Matt Warner, Digital Minister, said: “It’s great to see our cyber security sector going from strength to strength. It plays a vital role in protecting the country’s thriving digital economy and keeping people safe online.”
“We are committed to seeing it grow and are investing £1.9 billion over five years through our National Cyber Security Strategy to make sure we lead the way in cyber innovation, develop and attract the best talent.”
The findings from the report show:
- The number of active cyber security firms in the UK has increased 44 per cent – up from 846 in 2017 to over 1,200 at year-end 2019.
- There are now approximately 43,000 full-time employees working in the cybersecurity sector, up 37 per cent from 2017.
- Total revenues within the sector have increased by 46 per cent to an estimated £8.3 billion.
- 2019 was a record year for the sector with more than £348 million of investment.
- Over the last four years (2016-19), total investment identified within the cybersecurity sector has exceeded £1.1 billion, demonstrating how confidence has grown in the industry.
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