UK Cybersecurity Market

UK Cybersecurity Market Overview:

The UK cybersecurity market size reached USD 14.05 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 37.13 Billion by 2032, exhibiting a growth rate (CAGR) of 10.70% during 2024-2032. There are various factors that are driving the market, which include rising number of cyber threats and remote working trends, favorable government initiatives, increasing adoption of cloud services, and the growing awareness about data privacy.     

UK Cybersecurity Market Trends:

Increasing Number of Cyber Threats            

In 2023, UK businesses faced approximately 7.78 million cyber-attacks as per Twenty Four IT Services. The rising frequency and sophistication of cyber threats is catalyzing the demand for cybersecurity in the country. Businesses, governing agencies, and other organizations are facing targeted attacks, such as ransomware, where hackers encrypt critical data and demand payment for its release. These attacks are making traditional security solutions less effective. Moreover, advanced persistent threats (APTs) are posing a long-term risk, where cybercriminals or state-sponsored actors infiltrate networks and remain undetected for extended periods, gathering sensitive data or waiting for the right moment to exploit the system. Furthermore, phishing attacks are also on a rise, tricking individuals into disclosing confidential information like passwords or financial details. Businesses are investing in more comprehensive cybersecurity strategies that include employee training and stronger technological defenses as attackers become more sophisticated. They are adopting next-gen cybersecurity tools such as artificial intelligence (AI)-driven threat detection, encryption technologies, and incident response systems to safeguard their operations and data.

Favorable Government Initiatives

On 19 July 2024, the UK Government announced a new Bill to strengthen its cybersecurity and resilience. The Bill is an important step forward in addressing the growing number of attacks on the UK’s digital economy by cyber criminals and state actors that are affecting public services and infrastructure. Governing agencies in the UK are enforcing stringent cybersecurity regulations, which is compelling organizations to adopt robust cybersecurity measures. Serious fines for breaking these rules are forcing companies to invest in cutting-edge cybersecurity solutions. In line with this, the Cyber Essentials certification benefits in encouraging businesses to adopt basic cybersecurity practices. It helps organizations guard against common cyber threats and enhances trust in digital transactions. The scheme is especially beneficial for small and medium-sized enterprises (SMEs), making cybersecurity more accessible. Furthermore, these initiatives are demonstrating the UK government’s commitment to building a strong cybersecurity framework, which, in turn, drives the growth of the cybersecurity market as organizations seek to meet regulatory requirements.  

UK Cybersecurity Market News: 

• 9 July 2024: IBM acquired SiXworks Limited (Ltd.), a UK-based consultancy serving the UK defense sector and specializing in digital transformation in highly secure environments. SiXworks is a trusted partner of the UK Ministry of Defence. Now SiXworks will add complementary capabilities to IBM’s existing cybersecurity, data, and artificial intelligence (AI) offerings in the UK. 
• 3 September 2024: BAE Systems acquired Kirintec, an innovative UK cyber and electromagnetic activities (CEMA) company, which specializes in counter-improvised explosive devices (IED), counter-uncrewed air systems (UAS) and electronic warfare products and solutions. BAE Systems will help the business to increase investment in product development and bring these innovative solutions across the UK and allied nations.   

UK Cybersecurity Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, deployment type, user type, and industry vertical.

Component Insights:

• Solutions
  • Identity and Access Management (IAM)
  • Infrastructure Security
  • Governance, Risk and Compliance
  • Unified Vulnerability Management Service Offering
  • Data Security and Privacy Service Offering
  • Others
• Services
  • Professional Services
  • Managed Services
     

The report has provided a detailed breakup and analysis of the market based on the component. This includes solutions (identity and access management (IAM), infrastructure security, governance, risk and compliance, unified vulnerability management service offering, data security and privacy service offering, and others) and services (professional services and managed services).

Deployment Type Insights:

• Cloud-based
• On-premises
   

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes cloud-based and on-premises.

User Type Insights:

• Large Enterprises
• Small and Medium Enterprises
   

The report has provided a detailed breakup and analysis of the market based on the user type. This includes large enterprises and small and medium enterprises.

Industry Vertical Insights:

• IT and Telecom
• Retail
• BFSI
• Healthcare
• Defense/Government
• Manufacturing
• Energy
• Others
   

A detailed breakup and analysis of the market based on the industry vertical have also been provided in the report. This includes IT and telecom, retail, BFSI, healthcare, defense/government, manufacturing, energy, and others.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Cybersecurity Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK cybersecurity market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK cybersecurity market?
• What is the breakup of the UK cybersecurity market on the basis of component?
• What is the breakup of the UK cybersecurity market on the basis of deployment type?
• What is the breakup of the UK cybersecurity market on the basis of user type?
• What is the breakup of the UK cybersecurity market on the basis of industry vertical?
• What are the various stages in the value chain of the UK cybersecurity market? 
• What are the key driving factors and challenges in the UK cybersecurity?
• What is the structure of the UK cybersecurity market and who are the key players?
• What is the degree of competition in the UK cybersecurity market? 

 Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK cybersecurity market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK cybersecurity market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK cybersecurity industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.