The size of the cyber security market in the UK will exceed £1 billion by the end of 2023 due to increased demand and the growth of digitisation, according to new research.

The sector has grown every year over the past decade from £456.8 million to £9461.4 million, a study from digital identity provider ID Crypt Global found.

Last year the cyber security market grew by almost 11 per cent, the third highest annual increase since 2013. The report says that the market is expected to grow by a further seven per cent in 2023.

There are around 188 businesses in the sector in the UK, an increase of 132 per cent compared to a decade ago.

The study suggests that the average revenue per business increased six per cent over the past year to £5.1 million.

Commenting on the news Lauren Wilson-Smith, the chief executive and founder of ID Crypt Global, said that the world was becoming increasingly digitised.

“Everything from the way we shop, travel, communicate and even prove our identity is now done digitally and while it may provide a heap of benefits, it also increases our susceptibility to cyber criminality,” she said. “Therefore, it’s no surprise that the cyber security sector has seen such remarkable growth in recent years, but it’s important that the sector continues to innovate and evolve with the landscape.”

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