The UK technology sector has now reached the value of $1 trillion, making it the third country in the world to reach this landmark alongside the USA and China. The finding was published in a new report from technology data and intelligence provider Dealroom, which was conducted for the UK’s Digital Economy Council.
The sector was valued at $446 billion in 2018 and the new figure highlights the speed at which the sector has grown in recent years. Increased levels of venture capital investments have also helped to drive the achievement, with the report revealing that there are now 13 businesses in the UK that are valued at $10 billion or more, eight of which are fintechs.
End-to-end managed services provider Ensono, which has offices in the UK, commented on the findings of the report, stating that the country is going through a technology renaissance. “In many ways it is the heart of the UK economy, defined by innovation and a spirit to constantly redefine what is possible with technology – delivering exceptional results for businesses and consumers alike,” said Hannah Birch, managing director for Europe at Ensono. “Globally the UK is now renowned as a hub for cutting-edge technology in a range of fields, from health to insurance technology, AI to cloud-native programming.”
According to Birch, the country’s “thriving ecosystem of talent” is at least partially responsible for the recent achievement. “Alongside a slate of world-leading universities, many companies are starting to tap into alternative talent pathways such as apprenticeships and T-Levels,” she said. “These open up opportunities in tech for candidates from diverse backgrounds who, crucially, provide businesses with the ideas and fresh perspectives to stay in touch with customers' evolving preferences in the years ahead.”