The significant growth of the cyber security market represents a key economic opportunity for the UK. The sustained revenue growth of cyber security providers, who are buying in solutions from small-to-medium enterprises shows how intertwined the cyber ecosystem is to maximise security and digitalisation. This is also expected to return broader growth through the adoption of security standards and investments of all companies to implement cybersecurity for their system, including artificial intelligence.
Government spending on cybersecurity contracts have increased in value and volume according to Trussell data in the report which identifies a steep upward curve from £262M spending in 2019 to £931M in 2024. The government’s own funding injection into the private and public sector boosts their statement on empowering cybersecurity as widely-available technologies like AI become commodities for every sector.
Procurement supports the “health” of the cyber security sector to sell the best-in-class solutions to public sector buyers and allow the ecosystem to be fluid. The foundations are laid with improving public sector engagement with innovative cyber security start-ups.
There are currently 2,165 firms active within the UK providing cyber security products and services and 66 firms active in the UK that clearly offer cyber security for AI systems.
