On 26 May 2020, a new report highlighted the growth of the safety tech sector in the UK.
The independent study, ‘Safer technology, safer users: The UK as a world leader in Safety Tech’, highlights that a number of online safety firms have doubled in the last five years, and investment has increased more than eight-fold in 2019. Almost 2000 people are working across over 70 companies in safety technology.
Further key points from the report include:
- In 2019, the safety technology sector generated £226 million in annual revenues and has grown rapidly with an estimated 35 per cent annual growth rate since 2016
- UK safety tech providers currently hold an estimated 25 per cent of the global market share
- Some of the most established companies (those earning in excess of £5 million) have grown at rates of up to 90 per cent a year, and the report estimates that safety tech revenues could exceed £1 billion by 2025
- In 2015, the safety tech sector raised £6 million in external investment across ten deals. By 2019, the figure had increased more than eightfold to £51 million across nineteen deals.
- The report anticipates the UK is likely to see its first safety tech unicorn (a company worth over $1 billion) emerge in the coming years, with three other companies also demonstrating the potential to hit unicorn status in the early 2020s
- Overall, the report indicates that the UK’s expanding safety tech sector is helping make the online world safer for millions of people
More information can be found here.