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Promising trend continues in technology sector

24th April 2019 Print

Technology is responsible for changing the world. It has an impact in various industries and sectors, ultimately affecting how things are made and how things are done, which in turn benefits the consumer. The technology sector is therefore one that is consistently growing at a rapid rate, especially the UK tech sector, with London being labelled as one of the best places for tech in the world today.

With the UK technology sector booming, it will come as no surprise that various reports suggest it’s growing at over two and a half times the rate of the national economy, with firms such as InTouch Games profiting as a result. A report published by Tech Nation found that the digital tech sector in the UK had risen by £14bn between 2016 and last year, as the sector is now worth £184bn; with the growth seemingly unstoppable.

While there have been concerns over how Brexit will affect the tech sector, CEO of Tech Nation, Gerard Grech, seemed buoyant overall, “The UK’s tech sector is growing almost three times faster than the rest of the economy. What started as Tech City is increasingly Tech Nation. London is the world’s second most connected hub after Silicon Valley. We need to make the most of that, as our new relationship with the EU will undoubtedly force us to be even more adaptive, innovative and ambitious.”

Matt Hancock, the UK’s digital secretary, was quick to highlight both the strength and the huge potential of the UK tech sector, “Our world-leading tech firms are growing fast and creating the high-skilled, high-paying jobs of the future. They are a hotbed of innovation, creativity and entrepreneurial spirit. This is a huge success story, and we are working hard to make sure the benefits of digital technology reach every corner of the country as we build a Britain that is fit for the future.”

Another promising trend where the technology sector in the UK is concerned is that while London is known as a tech hub on a global scale, it’s also been recognised as a place with one of the largest tech start-up clusters on the planet too. During 2018, the number of new tech companies launched had risen by 14% when compared to 2017, which not only recognises significant and sustained growth, but it shows that this area will likely be pivotal when Britain enters their post-Brexit life.

Professional services firm RSM carried out research last year which showed there was close to 12,000 new software development and programming businesses launched in 2018 alone, and it’s these types of trends which show that the efforts to boost creativity is working well. With the UK tech sector being worth in excess of £180bn in 2018, growth which surpassed all expectations and the sluggish UK economy, it’s still hoped and very likely that there will be further growth across the board by the end of 2019 too.