Cybersecurity has never been more important, as the pandemic forced many people to shift towards remote work.
Also, most entertainment venues are closed, so people use the web to fill up their free time. This situation is a great opportunity, and cybersecurity companies did not miss the chance to capitalize on it.
Atlas VPN research team found that in the 2020 financial year, online security companies in the UK raked in nearly 8.88 billion GBP which is equivalent to 12.51 billion US dollars, a 7% increase from last year’s 8.3 billion GBP (11.69 billion USD).
Rachel Welch, COO of Atlas VPN, shares her projections on UK’s cybersecurity firm earnings in 2021:
“We project that cybersecurity firm earnings in the United Kingdom in the year 2021 will surge past the 10 billion GBP (14.08 billion USD) mark without much trouble, as the digital threats online are projected to thrive amid home working and improving hacking strategies.
Therefore, cybersecurity firms will potentially sign a significant amount of new contracts as companies will shift to seek proper digital security solutions for their businesses.”
Data reveals that nearly three-quarters (74%) of the online security earnings go to large firms, amounting to almost 6.6 billion GBP or 9.3 billion USD in 2020.
In 2020 1,483 companies provided cybersecurity products and services. Compared to last year’s 1,221 businesses, this is a 21% growth.
Looking at the broader perspective, the number of digital security companies jumped by 85% from 846 firms in 2017 to 1,483 in 2020.
Let’s delve deeper into the size of registered cybersecurity firms in the UK within the most recent financial year.
In 2020, there were 144 companies with 250 or more employees, representing 10% of the grand total number of businesses.