UK Cybersecurity Industry Sees Record Growth, Faces Skills Gap Challenge
The UK's cybersecurity industry has seen significant growth and international interest, with companies like ASUS and NVIDIA expanding their presence. However, the sector faces challenges such as a widening skills gap and affordability issues in cybersecurity awareness.
The UK's cybersecurity industry generated £13.2bn in revenue last year, a 12% increase. This growth is accompanied by a rise in the number of cybersecurity firms operating in the UK, now estimated at 2165, up from 2091 the previous year. Most of these firms offer services (59%), followed by products (26%), MSSPs (12%), and resellers (3%).
The industry added 6600 full-time jobs in the past year, bringing the total to 67,300. However, the cybersecurity awareness skills gap has increased by 27% to reach 93,000. This skills shortage, along with regional disparities, lack of investment, and SME apathy, are challenges that Andy Kays, CEO of Socura, suggests could be addressed to further grow the industry.
Despite these challenges, the UK's cybersecurity sector recorded a 21% increase in gross value added (GVA) to £7.8bn. The top two challenges facing the industry remain a lack of technically skilled candidates (47%) and unaffordable salary demands (46%).
Internationally, companies outside the UK with an international presence in the British cybersecurity sector include ASUS, which strengthened its presence in Europe's three largest cybersecurity markets through the acquisition of doIT solutions. US company NVIDIA is also significantly expanding its AI infrastructure in the UK, indirectly supporting cybersecurity awareness capabilities. These companies are mainly strongest in Europe and North America.
The UK's cybersecurity industry continues to grow, with increased revenue, jobs, and firms. However, addressing the widening cybersecurity awareness skills gap and affordability issues will be key to further growth. International companies are taking notice, with ASUS and NVIDIA expanding their presence. The industry's future depends on tackling these challenges and encouraging investment.
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