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Cybersecurity market to grow to £180 billion by 2023

Recent research reveals that the global cybersecurity market is estimated to rise to £180.77 billion by 2023.

In 2018 the market reached £111.23 billion, and this estimated increased number represents a Compound Annual Growth Rate (CAGR) of 10.6 per cent.

Due to the numerous key individuals and tech companies residing in North America, this region is forecast to obtain the largest market size. Europe comes in second, with Asia-Pacific following.

Why the demand for cybersecurity?

The coronavirus pandemic and its enforced social distancing requirements caused a demand in cloud adoption, remote working technology advances and, therefore, the increased use of cybersecurity.

Additionally, due to recent hacks in the US, the market for informational security reached £93.89 billion in 2020 alone. The private company Microsoft was among one of the victims that got exposed to malware.

Malicious software’s design is to cause widespread damage to data, systems or to obtain unapproved access to a network.

Within cybersecurity, security services saw the highest spending, then infrastructure protection, followed by network security equipment.

Cybersecurity in the UK

In March 2020, the Government published its Cyber Security Breaches Survey 2020, which revealed 46 per cent of businesses, plus 26 per cent of charities had encountered cybersecurity violations between March 2019-2020. 

With the attacks becoming an increasing threat to UK organisations, the Government committed to investing £10 million in developing new cybersecurity technology solutions over the next four years.

Funded from the Digital Security by Design program (2018), nine grant winners will divide the funding to create or develop their software and solutions to decrease the risk of hacking attempts.

This initiative is part of the Government’s promise to drive innovation in the UK, through increasing investment into Research and Development (R&D) by 2.4 per cent by 2027.

Did you know that there is funding available from the Government for R&D-related projects? To see if you could be eligible, book a demo with our team now.

 

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