Cybersecurity solutions aid in the monitoring, detection, reporting, and countering of cyber threats, which are online attempts to compromise data confidentiality by utilising spyware, malware, and phishing to compromise or damage information systems.
UK Cybersecurity Market Driving Factors and Challenges
The nation has strengthened its defensive capabilities as a result of its response to the growing number of cyberattacks. Furthermore, the need to manage the risks associated with using third-party suppliers and the increased demand for digitization and scalable IT infrastructure have been driving the growth of cybersecurity services and solutions. This growth is further aided by the implementation of a cloud-first strategy. Cooperation between the government and telecom companies is intended to raise security standards in the UK telecom industry in the face of the spread of 5G and fibre broadband networks. Furthermore, a trend that is anticipated to continue during the projection period is the growing prevalence of IoT devices, especially in the context of smart city efforts, which increases susceptibility to various cyberthreats.
In the BFSI industry, cybersecurity plays a critical role in protecting infrastructure, client data, and financial transactions. Maintaining client trust, adhering to legal requirements, and guaranteeing data confidentiality, integrity, and availability are its main goals. Applications encompass safeguarding consumer databases, transactions, online platforms, and regulatory compliance. Digitalization, changing risks, regulatory oversight, and the emergence of fintech and mobile banking are some of the factors propelling adoption.
Numerous challenges face the cybersecurity sector in the United Kingdom. One significant issue that prevents organisations from strengthening their defences is the lack of competent cybersecurity specialists. Strong cybersecurity measures also come at a high cost, which is especially difficult for small and medium-sized businesses (SMEs) with tight resources. It can be difficult to implement and manage cybersecurity solutions, particularly for organisations with limited IT resources and experience. Due to a lack of understanding of the significance of cybersecurity, several organisations wait to invest in the technology until they encounter a cyber event. Furthermore, regular changes to security processes and technology are required due to the ever-changing threat scenario. Because the BFSI industry is vulnerable to cyberattacks, it encounters difficulties integrating new technologies while maintaining strong cybersecurity.
Impact of COVID-19 on UK Cybersecurity Market
The UK cybersecurity market has been severely hit by the COVID-19 pandemic. The increasing use of digital technologies and the quick transition to remote work have led to a rise in cyber dangers. Businesses were more vulnerable to ransomware, phishing scams, and data breaches. As a result, there is a rising need for cybersecurity solutions to safeguard infrastructure and private information. Investments in cybersecurity solutions to counteract the changing threat landscape are being driven by the increasing requirement to secure cloud environments, remote access, and collaborative technologies.
UK Cybersecurity Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BAE Systems Inc., Broadcom Limited, Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., IBM Corporation, Intel Security (Intel Corporation), Mcafee, LLC, Palo Alto Networks, Trend Micro Incorporated (UK), Others.
UK Cybersecurity Market Segmentation:
By Offering: Based on the Offering, UK Cybersecurity Market is segmented as; Security Type (Cloud Security, Consumer Security, Data Security, Identity Access Management, Infrastructure Protection, Network Security, Other Types), Services.
By Deployment: Based on the Deployment, UK Cybersecurity Market is segmented as; Cloud, On-premise.
By End User: Based on the End User, UK Cybersecurity Market is segmented as; BFSI, Government & Defense, Healthcare, IT and Telecommunication, Manufacturing, Other End Users.
By Organization Size: Based on the Organization Size, UK Cybersecurity Market is segmented as; Large Enterprises, Medium Enterprises, Small Enterprises.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.