Estimated revenue of the cybersecurity sector in the UK 2017-2023

The estimated total revenue of the cyber security sector in the United Kingdom in 2023 was 11.86 billion British pounds. This was the largest revenue within the period highlighted, representing a value more than twice as high as the one recorded in 2017.

Cybersecurity remains in-demand

With the world having to digitalize more than ever, a trend that started with the COVID-19 pandemic, demand for cybersecurity remains high. In 2024, the total spending on cybersecurity is expected to reach 87 billion U.S. dollars, the largest amount recorded in the period under review. 

Highest growth expected for cloud security sector

Globally, the information security technology market is set for rapid growth and is forecasted to hit 300 billion dollars by 2030, as spending on cybersecurity products and services grows. Services that fall under this category include data protection, prevention of unauthorized access to systems, and efforts to reduce negative impact in the event of a breach. While the highest global spend in IT security has been in the area of security services, in a 2024 forecast cloud security was named the sector expected to see the highest rate of growth within the year, at roughly 25 percent. This took into account the COVID-19 pandemic and includes policies, applications and technologies specifically implemented to protect cloud-based computing and its infrastructure.