United Kingdom Cybersecurity Market to Prosper Positively: Projected Grow at a CAGR of 8.4% by 2027
Published | 20 October 2021
United Kingdom cybersecurity market is growing at a high CAGR because of the increasing adoption of cloud computing and digitization in businesses and increasing cases of cyberattacks in the country..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the United Kingdom cybersecurity market was worth USD 11.1 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 8.4%, earning around USD 19.5 billion by the end of 2027. United Kingdom cybersecurity market is gaining significant traction because of the increasing adoption of cloud computing and digitization in businesses. Cloud computing may be more vulnerable to cyberattacks, particularly in the absence of cybersecurity solutions such as encryption and firewalls. Another element fueling market growth is the country's increasing number of cyberattacks. It is estimated that over 65,000 attempts are made each year to attack small and medium-sized enterprises, leading organizations to implement cybersecurity solutions and services. Furthermore, stringent government restrictions and increasing automation in cybersecurity are expected to present significant development possibilities for the market throughout the forecast period.
United Kingdom Cybersecurity Market - By Organization Size
Based on organization size, the United Kingdom cybersecurity market is segmented into small & medium-sized enterprises and large enterprises. Large enterprises account for the largest share because of their high financial capability to invest in advanced cybersecurity solutions and services. Furthermore, a large volume of data with large enterprises increases the risk of potential cyberattacks such as phishing, malware attacks, crypto-jacking, etc. This raises the need for cybersecurity among large organizations. However, small & medium-sized enterprises are expected to emerge with a high growth rate with the increasing adoption of cloud computing for their operations.
United Kingdom Cybersecurity Market - By Software
Based on software, the United Kingdom cybersecurity market is segmented into antivirus/antimalware, disaster recovery, advanced persistent threat, encryption, network access control, threat intelligence, intrusion detection, risk & compliance management, security & information event management, prevention system, firewall, security, & vulnerability management, secure web gateway, security orchestration automation and response, identity and access management, and others. The identity and access management (IAM) segment accounts for the largest share in the market. Various large and small companies and organizations invest in Identity and Access Management to manage authorization and access privileges in the entire system to increase security while limiting time and cost investment.
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United Kingdom Cybersecurity Market - By End-User
Based on end-users, the United Kingdom cybersecurity market is segmented into aerospace & defense, government, banking, financial services, & insurance (BFSI), IT, healthcare, retail, manufacturing, energy & utilities, telecommunication, media, & entertainment, and others. Among these, the banking, financial services, & insurance (BFSI) sector dominates the United Kingdom cybersecurity market. The UK has the largest banking sector and has a relatively large share of global banking assets, which is likely to grow only in the upcoming years. With this growth, the increasing risk of cyberattacks on banks and other financial firms is one of the major concerns. Therefore, this sector significantly invests in cybersecurity services to protect from potential data breaches. On the other hand, the government sector holds a substantial market share since it holds vital information about its nation's security.
Impact of COVID-19 on United Kingdom Cybersecurity Market
The United Kingdom cybersecurity market significantly expanded following the sudden outbreak of the COVID-19 pandemic. As the business rapidly shifted towards cloud computing and digitization to keep their operations going during the lockdown period, the number of cyberattacks and data breach cases spiked significantly. Consequently, the demand for cybersecurity has increased, especially from smaller and medium-sized businesses. In addition, the emergence of cloud deployment of cybersecurity solutions also presented enormous growth opportunities to the United Kingdom cybersecurity market during COVID-19.
United Kingdom Cybersecurity Market Competitive Landscape
The leading players in the United Kingdom cybersecurity market are PwC UK Cyber Security, 10Duke, 7Safe, Activereach, Acunetix Ltd., Acuris Risk Intelligence - C6, ADACOM, Aderma Security, CensorNet, Codified Security, Bulletproof (Cyber Security), and other prominent players.
The market is highly fragmented, with the presence of established cybersecurity firms with advanced security features. The companies significantly focus on offering real-time solutions and a wide range of cybersecurity services to grab a larger share in the market. They are also extensively investing in adopting advanced technologies like automation, artificial intelligence (AI), machine learning (ML), etc. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., are also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United Kingdom cybersecurity market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United Kingdom cybersecurity market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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