UK cyber security sector worth £8.3 billion says Queen's University research
THE UK’s cyber security industry is now worth an estimated £8.3 billion, with total revenues in the sector up 46 per cent since 2017, research from Queen’s University in Belfast has revealed.
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, in collaboration with Belfast-based economic and policy advisory practice Perspective Economics and market research company Ipsos MORI, show:
• The number of active cyber security firms in the UK has increased 44 per cent - 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 per cent from 2017.
• Total revenues within the sector have increased by 46 per cent to an estimated £8.3 billion. On average, revenue per employee reached £193,500 - an increase of seven per cent since 2017.
• 2019 was a record year for the sector with more than £348 million of investment.
• Over the last four years (2016-19), total investment identified within the cyber security sector has exceeded £1.1 billion, demonstrating how confidence has grown in the industry.
Among examples, Belfast-based B-Secur, which commercialises the application of patented ECG algorithms for a range of uses, was one firm that secured significant investment during the period.
The company, which currently employs 35 staff, has raised $13m to date and has collaborated on a range of research and development projects with Queen's University’s Centre for Secure Information Technologies (CSIT) since 2015.