United Kingdom Cyber Security Market to be dominated by BFSI industry till 2027
Ongoing technological advancements and rapid adoption
of cloud-based platforms in enterprises are expected to drive the
demand of the United Kingdom cyber security market throughout the forecast
period.
According to TechSci Research report, “United Kingdom Cyber Security Market By Security Type (Network Security, Endpoint
Security, Cloud Security, Application Security, Content Security and Others),
By Solution Type (Firewall, Antivirus & Antimalware, Risk & Compliance
Management, Identity & Access Management, Data Loss Prevention, Intrusion
Detection/Prevention System, Encryption & Decryption, Secure Web Gateways,
Email Filtering, Others), By Deployment Mode (On-Premise and Cloud), By
End-User Industry (BFSI, IT & Telecom, Defense, Energy & Power, Retail,
Healthcare & Others), By Region, Competition Forecast & Opportunities,
2027”, the United Kingdom commercial is expected to grow with a
single-digit CAGR in the forecast period. The surge in phishing and malware
threats among organizations and the ongoing trend of bringing your own device
and adoption of internet of things technology, and ongoing advancements in the
cybersecurity market are the key factors driving the growth of the United
Kingdom cyber security market. Also, the rise in the adoption of mobile-based
applications and platforms is bolstering the need for strong authentication
methods is expected to offer numerous growth opportunities for the market in
the forecast period.
However, budget constraints of small and medium
enterprises prevent them from making heavy investments in advanced
cybersecurity solutions, which may restrain the market growth through the next
five years.
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United
Kingdom cyber security market is segmented into security type, solution type, deployment mode, end-user
industry, regional distribution, and company.
Based on security type, the
market is divided into network security, endpoint security, cloud security,
application security, content security, and others. The network security
segment is expected to capture the largest market share in the forecast period owing
to the need to protect the network from unwanted access.
Based on solution type, the
market is divided into the firewall, antivirus & antimalware, risk &
compliance management, identity & access management, data loss prevention,
intrusion detection/prevention system, encryption & decryption, secure web
gateways, email filtering, and others. Identity & access management is
expected to account for significant market share in the forecast period due to
the growing importance of employee tracking solutions in organizations and
special access to employees for specific applications. Organizations actively
seek identity and access management solutions to meet compliance requirements
and track different user-related security incidents. Growing investments and
focus to strengthen the IT infrastructure in enterprises are expected to boost
the United Kingdom cyber security market growth for the next five years.
Based on deployment mode, the
market is bifurcated into on-premise and cloud. The on-premise cybersecurity
model is expected to hold the dominant market share in the forecast period as
it provides enhanced control to organizations to have more control over the
cybersecurity solutions such as next-generation firewall detection systems.
Based on the end-user
industry, the market is divided into BFSI, IT & telecom, defense, energy
& power, retail, healthcare & others. The retail industry is expected
to account for a significant market share in the forecast period due to an
increase in the tech-savvy youth population in the country. The rise in the
market players in the retail industry and the growing proliferation of smart
devices among consumers is accelerating the number of consumers using online
platforms to buy products of their use. Consumers enter personal and financial
information on these platforms, which is at risk of exposure. With the growing
cyber-attack threat and gaining customer trust, retail companies actively adopt
advanced cybersecurity solutions.
Major
market players operating in the United Kingdom cyber security market are:
·
Broadcom Limited UK
·
Palo Alto Networks
·
Mcafee, LLC
·
Cisco Systems, Inc.
·
Dell Technologies Inc.
·
Fortinet Inc.
·
BAE Systems Inc.
·
Check Point Software Technologies Ltd.
·
Trend Micro Incorporated (UK)
·
International Business Machine Corporation UK
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“United
Kingdom is emerging as a cyber superpower through the adoption of cutting-edge
technologies which is pushing the adoption of cybersecurity solutions across
various enterprises. Implementation of National Cyber Strategy by the
government with an aim to make the United Kingdom continues to lead the
cybersecurity market through 2030 is expected to influence the market growth.
The government promotes collaboration and knowledge sharing across industries
and educational institutions through the UK Cyber Cluster Collaboration (UKC3)
program. Increased government focus and investments and growing awareness about
the benefits of adopting cybersecurity solutions in enterprises and individuals
are expected to propel the growth of the United Kingdom cybersecurity market
growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a global research-based management consulting firm.
“United Kingdom Cyber
Security Market By Security Type (Network Security, Endpoint Security, Cloud
Security, Application Security, Content Security and Others), By Solution Type
(Firewall, Antivirus & Antimalware, Risk & Compliance Management,
Identity & Access Management, Data Loss Prevention, Intrusion
Detection/Prevention System, Encryption & Decryption, Secure Web Gateways,
Email Filtering, Others), By Deployment Mode (On-Premise and Cloud), By
End-User Industry (BFSI, IT & Telecom, Defense, Energy & Power, Retail,
Healthcare & Others), By Region, Competition Forecast & Opportunities,
2027” has evaluated the future growth potential of United
Kingdom cyber security market and provided statistics & information on
market size, shares, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
of United Kingdom cyber security market.
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