UK cybersecurity firms hit $12 billion revenue in 2020

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Cybersecurity has never been more important, as the pandemic forced many people to shift towards remote work. Also with most entertainment venues closed, people used the web more to fill up their free time. This situation was a great opportunity for online businesses, and cybersecurity companies did not miss the chance to capitalize on it.

Atlas VPN’s research team found that in the 2020 financial year, online security companies in the UK raked in nearly 8.88 billion GBP of revenue which is equivalent to 12.51 billion US dollars, a 7% increase from last year’s 8.3 billion GBP (11.69 billion USD

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. Large enterprises are those with 250 or more employees.

Says Rachel Welch, COO of Atlas VPN: 

“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 ever-improving hacking strategies.

“Therefore, cybersecurity firms will potentially sign a significant amount of new contracts as companies shift to seek proper digital security solutions for their businesses.”

Cybersecurity businesses by size

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. 

To read the full report, head over to: https://atlasvpn.com/blog/uks-cybersecurity-firms-hit-over-12-billion-in-2020-revenue

 

Chris Price
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