Cybersecurity represents five percent of all tech procurement contracts.
That’s according to a recent report by Tussell, Procurement in the UK Public Sector Cybersecurity Market.
Although the total value of cyber security contracts was lower in 2020, when compared with 2019, the number of contracts increased. And with cybersecurity representing five percent of all public sector tech contracts awarded since 2016, it appears to be an area growing in prominence.
In a market that’s dominated by tech contracts, there are also opportunities for suppliers who provide education, training, consulting and insurance services – as well as an increasing number of opportunities in Local Government, as more and more Local Authorities are procuring these services directly.
Here are the headline figures:
- 2000 cybersecurity contracts worth £1.6 billion have been agreed in the last five years
- The number of local authorities procuring cybersecurity product and service has increased by 61 percent in the last five years and is steadily rising
- NHS and Education bodies procuring cybersecurity product and services has increased by 95 percent in the last five years
- 450 cybersecurity-based contracts will be expiring in the next two years with a combined value of £302 million
Cybersecurity represents five percent of all tech procurement contracts, but also includes hundreds of non-tech contracts. There were 1500 tech contracts worth £1.1 billion, and 500 non-tech contracts worth £0.5 billion.
The cybersecurity market has been growing consistently since 2016, with more than 400 contracts now awarded annually.
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Only 10 percent of contracting authorities procured cybersecurity contracts in the past five years but that number is steadily increasing.
Large companies in the top 10 list earned 42 percent of the total contract value, but large SME share suggests cybersecurity needs are met by tailored products and specialised services
There are 480 cybersecurity contracts for £302m expiring in the next two years – firms who plan early for rebids are likely to be well positioned, says the report.
“Public sector cybersecurity is a growing market. The majority of contracts are for specialist IT services. The need for tailored products and services creates opportunities for companies of all sizes,” said the report.
Think Digital Partners has a Cybersecurity for Government event in June that you can be part of and also as a company you can list in our Cybersecurity Directory, which is the perfect marketing hub for suppliers and a great procurement tools for buyers, that we promote to our 21,000 public sector audience on a weekly basis.