UK Cyber Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

UK Cyber Security Market Analysis

The UK Cybersecurity Market size is estimated at USD 15.72 billion in 2024, and is expected to reach USD 25.81 billion by 2029, growing at a CAGR of 10.42% during the forecast period (2024-2029).

• Increasing cyberattacks in the country have propelled it to strengthen its defensive capabilities, and the rising demand for digitalization and scalable I.T. Infrastructure, the increasing need to tackle risks from third-party vendor risks, and the adoption of a cloud-first strategy has been driving the growth of cybersecurity solutions and services in the country.
• The British government recently launched a new National Cyber Security Strategy, hailed as a 'blueprint' to protect the U.K. from cyber threats and 'solidify its position as a global cyber power.' The strategy also signals further moves to reduce the U.K.'s reliance on international suppliers or technologies that do not share 'the U.K.'s values.
• According to gov. uk, the U.K.'s cybersecurity sector is quickly increasing, with over 1400 businesses making £8.9 billion in revenue last year, supporting 46,700 skilled jobs, and attracting significant outside investment. This business is vital to cyber power, security, global influence, and economic development.
• For Vision 2030, the United Kingdom and India collaborated in April 2022 to strengthen their mutual cyber resilience by advancing a comprehensive and whole-of-society approach. To accomplish the alliance, the states emphasized their commitment to a collaborative program of cooperation concentrating on cyber governance, resilience, deterrence, and capacity building.
• With the growing 5G and total fiber broadband networks in the country, the government, in collaboration with telecommunication companies, is taking initiatives to tackle cyberattacks and improve security standards and practices across the United Kingdom's telecoms sector.
• The increased rate of cybercrimes has driven the focus on developing new solutions to tackle them, which has characterized the country's investment landscape. For instance, Bridewell Consulting, a cybersecurity services company dealing with Managed Detection Response and Security Operations Centre, acknowledged a multi-million dollar investment from Growth Capital Partners, a private equity firm, to expand its operations in the U.K. and the rest of Europe.
• The U.K. is also home to the largest cybersecurity event in Europe, Infosecurity Europe. The event has over 400 exhibitors, including over 120 U.S. companies, that showcase their latest information security solutions and products to over 19,500 industry professionals.
• Further, the vulnerability and exposure to diverse cyber-attacks have increased with the increased Internet of Things (IoT) devices. Along with smart city initiatives, the trend of increasing IoT and connected devices in the country is expected to continue during the forecast period.

UK Cyber Security Market Trends

Cloud Deployment Segment is Expected to Register a Significant Growth in the Market

UK Cyber Security Industry Segmentation

Cybersecurity solutions help an organization monitor, detect, report, and counter cyber threats that are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing to maintain data confidentiality. The study is structured to track the revenues accrued by cybersecurity vendors through sales of various solutions and allied services.

UK Cybersecurity Market is segmented by Offering (Security Type {Cloud Security, Data Security, Identity Access Management, Network Security, Consumer Security, Infrastructure Protection}, Services), by Deployment (Cloud, On-Premise), and by End User (BFSI, Healthcare, Manufacturing, Government & Defense, IT, and Telecommunication). The market sizes and forecasts are provided in terms of value in USD for all the segments.