Property management group Savills has predicted that cyber security firms will occupy 1m sq ft of offices in UK regions by 2023.
That’s up from 148,000 sq ft of office space leased in 2017.
Savills says the demand from business for extra IT security measures, plus investment from the VC community into cyber security to the tune of £220 million last year, means the sector is poised for substantial growth – physically as a well as economically.
Its research pinpointed clusters of start up activity in places like Oxford and Edinburgh – also close to university research hubs – as the result of inward investment.
Earlier this year Zion Research predicted the global cyber security market will reach $181.77 billion by 2021, equivalent to a CAGR of 9.5% from 2015 to 2021.
The data naturally cites increasing stringency of government regulations and growing cyber threats as key reasons for the growth.
Furthermore, rising severity of cyber-crimes, the popularity of cloud security, rapid adoption of cloud computing, data center, and wireless communication are expected to boost the cyber security market in the near future.
