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30 Jan 2023

Cyber Security to be worth almost half a trillion dollars by 2030

Cyber Security to be worth almost half a trillion dollars by 2030
Source: UK MOD

Demand for cyber security products is expected to remain high in coming years with some predicting a global valuation of nearly half a trillion ($478.68 billion) by 2030. Defence Engage takes a look at national strategies, as well as market leaders and SMEs who are leading the way in cyber defence.

The global cyber security market is estimated to be worth $478.68 billion by 2030 according to Strategic Market Research. This would represent 9.51% compound annual growth during the period from 2021 to 2030. The cyber frontier is home to various forms of security, such as: cloud security, endpoint security, application security, network security, data security, infrastructure security and more. Market leaders include McAfee, Inc., Cisco Systems, VMware Palo Alto Networks, Broadcom and CrowdStrike. Notable institutions include: National Cyber Security Centre (UK), Cyber Security Council (UK), Cyber and Infrastructure Security Agency (USA), Cyber Security Centre (Australia), Centre for Cyber Security (Canada), ANSSI (France) and BSI (Germany).


What is driving cyber security’s growth?

The main catalysts for growth in the cyber security market are historical breaches and an increase in cyberattacks. The WannaCry cyber-attack in 2017 cost the UK’s NHS an estimated £100 million. The ransomware, which had been described as “relatively unsophisticated” caused outages that disrupted appointments, services and encrypted accounts, before demanding payment for access. In this case, £150 million was allocated over three years to upgrade NHS cyber security following the attack. The attackers managed to take advantage of out-dated software and lax investment in cyber capabilities.

However cyberattacks are becoming more sophisticated, as the latest Australian Cyber Security Threat Report notes:

  • Threats are increasing. Whether from Nation states, proxies or individuals and groups.
  • Criminal use of the dark web is promoting the purchase and sale of illicit commodities and identities which can be used in ransomware.
  • Sophisticated encryption is allowing criminals to hide their identities from law enforcement
  • Worldwide, critical infrastructure is under attack
  • The hyperconectivity that exists between citizens and organisations is increasingly being weaponised by malign actors


Strategic frameworks for the cyber domain

Released in 2022, the UK’s latest ‘National Cyber Strategy’ (NCS) is founded upon a public-private approach to securing the cyber domain, for civilians, defence, intelligence and wider industry. The five pillar strategy is consistent with similar approaches by governments across the world, seeking to protect their data, markets and populations from increasingly sophisticated cyber threats. The UK’s 5 cyber strategy pillars are:

  • Strengthening the UK cyber ecosystem
  • investing in our people and skills and deepening the partnership between government, academia and industry
  • Building a resilient and prosperous digital UK
  • reducing cyber risks so businesses can maximise the economic benefits of digital technology and citizens are secure online and confident that their data is protected
  • Taking the lead in the technologies vital to cyber power
  • building our industrial capability and developing frameworks to secure future technologies
  • Advancing UK global leadership and influence
  • working with government and industry partners and sharing the expertise that underpins UK cyber power
  • Detecting, disrupting and deterring adversaries
  • making more integrated, creative and routine use of the UK’s full spectrum of levers


As a part of the UK MOD’s strategic investments in emerging technology, the cyber domain is one of its 25 science and technology programmes. The vision for the cyber frontier is one of consistent and effective defence of the UK’s networked infrastructure and data. The key technical challenges which the MOD focuses upon are: autonomous resilient cyber defences, military systems information assurance, reducing the cyber-attack surface, cyber mission assurance and adaptive cyber resilience.


The US Defence Innovation Unit (DIU) has been working on its own exploitation of cyber security techniques and strategy. Particular lines of effort include creating capable threat assessments and securing systems against attack (similar to the UK’s second and third pillars), as well as defending those systems and enabling credible retaliation (much like the UK’s fifth pillar).


NATO’s cyber approaches are primarily focused around the military networks of the alliance, however, in association with national cyber bodies it seeks to adapt to the increased frequency and virulence of cyber-attacks. NATO and its Allies rely on strong and resilient cyber defences to fulfil the Alliance’s core tasks of collective defence, crisis management and cooperative security.


SME Cyber Specialists

Defence Engage members specialising in cyber security include:

  • Riskaware, a market leading incident modelling company operating across various sectors supporting both governmental and commercial organisations. Their ability to model cyber incidents in real time allows them to offer their clients critical decision-making support. Alongside the cyber domain, they have ‘Urban’, ‘Marine’, ‘Space’ and ‘Bio’ consultancy solutions.
  • Akimbo Technologies, offering in-vehicle cyber defences. Akimbo’s DEFENSA ‘deep tech’ software is purposefully designed for the automotive market, whilst they have been awarded defence contracts including one for the Canadian Department of National Defence.
  • Logiq Consulting with their DISX® cloud-based secure system. The product has seen popularity amongst commercial buyers, governments and primes who are looking to secure their data and cyber infrastructure. Their ‘disruptive approach’ has seen them grow to become a trusted MOD supplier.


Defence Engage helps innovative SMEs improve their discoverability in the defence market, with cyber security or other products and services. Apply for a profile to join the Defence Engage network.



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