Digitisation driving boom in cyber security and fraud detection sectors
Research by digital identity security specialists, ID Crypt Global, has shown that the market size of both the fraud detection software development and cyber security software development sectors have increased notably year on year, with this growth expected to continue through to 2025.
ID Crypt Global analysed the estimated market size of both sectors and how they have grown in recent years, as well as estimating where they will sit come 2025.
Fraud Detection Software Development (FDSD)
The figures show that the size of the FDSD sector currently sits at £877m, having increased by 16.9% in the last year alone – the second highest annual rate of increase seen in the last decade.
The current market size of the FDSD sector has also increased by 66.5% since the start of the pandemic and is now some 161.3% larger than it was a decade ago.
Cyber security software development (CSSD)
Like the FDSD sector, the CSSD sector has shown strong growth over the last year, with a 10.7% increase in market size placing the size of the sector at £961.4m in 2022.
The sector has also grown by 29.5% since the pandemic and is some 110.5% larger than it was a decade ago.
Future growth forecast
It’s estimated that the growth of both sectors is set to continue, as the world we live in becomes increasingly digitised and we become increasingly susceptible to fraudsters.
By 2025, the size of the FDSD sector is forecast to hit £1.244bn, a further increase of 41.8% in market size, while the CSSD sector is expected to increase by a further 27%, hitting £1.220bn.
CEO and Founder of ID Crypt Global, Lauren Wilson-Smith, commented: “Both cyber security and fraud detection have become increasingly important sectors in recent years as the way we do everything from purchasing a home, to banking and more, has become more and more digitised and, as a result, increasingly more susceptible to fraudsters.
“Our way of life looks set to become digitally disrupted to an even greater extent, particularly with the government’s focus on introducing a singular digital identity.
“While a great idea in theory, such a move would essentially mean storing all of our personal information in one place, making it much easier for fraudsters to access everything they need in one foul swoop.”