The UK’s cyber security industry is now worth an estimated £8.3bn, with total revenues in the sector up 46% from £5.7bn in 2017.
The sector has seen significant growth in annual revenue and employment, as well as considerable investment in early-stage companies.
The findings from the report show:
- The number of active cyber security firms in the UK has increased by 44% – up from 846 in 2017 to over 1,200 at year-end 2019. This growth is the equivalent to a new cyber security business being set up in the UK every week.
- There are now approximately 43,000 full-time employees working in the cyber security sector, up 37% from 2017.
- Total revenues within the sector have increased by 46% to an estimated £8.3bn. On average, revenue per employee reached £193,500 – an increase of 7% since 2017.
- 2019 was a record year for the sector with more than £348m of investment.
- Over the last four years (2016-19), total investment identified within the cyber security sector has exceeded £1.1bn, demonstrating how confidence has grown in the industry.
The UK Cyber Security Sectoral Analysis 2020 named Darktrace as one of the most successful UK cyber security companies, which is one of the country’s 77 tech ‘unicorns’ – a company valued at over $1bn. Darktrace has its global head office in Cambridge as well as a US base in San Francisco and 44 offices around the world employing over 1,000 people.
Ahead of his speech at international cyber security conference SINET, Digital Minister Matt Warman 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 £1.9bn 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.”