Financial Crime World

Cybersecurity Boom in Ireland: Sector Poised to Employ 17,000 and Generate €2.5 Billion by 2030

Ireland’s cybersecurity sector is experiencing rapid growth, with a projected employment of over 17,000 people and gross value added (GVA) of €2.5 billion by 2030, if current trends continue.

Current State of the Sector

According to the State of the Cyber Security Sector in Ireland report, there are currently:

  • 489 cybersecurity firms operating in the country
  • 734 offices across various locations
  • Dublin has the highest number of overall offices, but Cork and Galway have the largest number of firms per capita

The main products offered by these firms include:

  • Managed security services
  • Advisory services
  • Securing applications, networks, and cloud environments
  • Risk, compliance, and fraud services
  • Threat intelligence, monitoring, detection, and analysis
  • Operational technology security
  • Connected devices
  • Identification, authentication, and access control

Key Statistics

  • 44% of businesses classified as large enterprises, employing at least 250 people and generating €50 million in annual turnover
  • Foreign direct investment supports 71% of employment in the sector
  • The cybersecurity sector accounts for a significant proportion of Ireland’s technological workforce, with:
    • 7,351 professionals employed in this field
    • Representing 9.2% of the total technological workforce
  • The sector accounted for:
    • 0.28% of national GVA in 2021
    • A growth rate of 13.8% recorded in 2020

Future Outlook

  • 83% of businesses expecting to grow their cybersecurity teams in 2022
  • Half expecting growth of over 25%
  • Despite challenges, the sector’s growth is expected to continue due to:
    • Enhanced commitments to cybersecurity in the wake of the HSE cyberattack
    • A projected annual shortfall of 10,000 people in cybersecurity roles across the broader economy

Challenges Facing Employers

  • Struggling to find appropriately skilled candidates, citing a lack of non-technical skills
  • High competition from other cybersecurity businesses
  • Unaffordable salaries

Despite these challenges, the sector faces significant opportunities for growth and development. With a projected annual shortfall of 10,000 people in cybersecurity roles across the broader economy, the sector is poised to continue its rapid growth and become an even more crucial part of Ireland’s technological landscape.