The most revealing number in Britain's 2026 cybersecurity report may not be the sector's £14.7 billion of revenue. It is the gap between output growth and hiring. Revenue increased 11%, GVA increased 17%, but sector employment rose only 3%.
That pattern suggests a market becoming more productive, more software-heavy, or both. It also cautions against using headcount as the only measure of company scale.
Revenue per worker is rising
The government-backed sector analysis estimates GVA per employee at £131,200, up from £116,200 a year earlier. The GVA-to-turnover ratio also improved from 0.59 to 0.62.
Those are sector estimates rather than audited company metrics, but the direction is significant. Cyber firms appear to be generating more economic value without expanding payroll at the same pace.
Product companies accounted for the employment growth
Product-based firms generated most of the net increase in cyber employment while service and MSSP-related employment was broadly stable.
That does not make product businesses inherently superior. Services can generate durable recurring revenue and deep customer relationships. It does mean the two models should be assessed with different operating metrics.
Investment has not kept pace with operating growth
Dedicated UK cyber firms raised £184 million across 47 deals in 2025, down from £206 million across 59 deals in 2024. At the same time, sector revenue and GVA continued to rise.
That divergence is important. Venture funding is one measure of ecosystem activity, but it is not a substitute for customer revenue, profitability or acquisition activity.