Cyber Security Market Trends and Forecasts to 2023

This report contains TechMarketView’s latest market size and forecast data alongside an analysis of the trends shaping the UK enterprise security hardware, software and services market.

The ongoing requirement for effective cyber security protection did not dissipate with the onset of the coronavirus pandemic at the start of 2020, but it did lead to a fall in spending within certain categories. Most organisations shifted the focus of their provision to plugging newly extended gaps in their defences, particularly when it came to employees logging in from afar in the first half of the year. That change in emphasis precipitated mixed fortunes for different segments of the market and depressed the overall double-digit growth rates seen in the second half of 2019.

As new social and economic restrictions continue to be both implemented and eased by the UK government to curb the spread of the pandemic during 2020 and 2021, the situation remains extremely fluid. However based on our ongoing and detailed monitoring and analysis of supplier performance, we have revised our original forecasts to calculate that the UK enterprise cyber security market grew 6.1% to be worth just under £1.86bn in 2020, accounting for 3.6% of the total UK software and IT services (SITS) market (£51.8bn).

We also expect the UK enterprise cyber security market will start to recover its earlier pace of expansion in the second half of 2021 and into 2022 to deliver a CAGR of around 8% between 2019 and 2023.

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