The UK has a vibrant Tech sector that contributes 8% to UK GVA and employs 1.2 million people. Rapid innovation in core technologies, networks and services is driving fundamental change across every sector of the economy and a significant amount of that innovation is being pioneered in the UK from the design of electronic systems and the development of 5G wireless technologies to the exploitation of data and the internet of things.
The UK benefits from one of the strongest Technology infrastructures in the world; the privatisation of major technology service providers has led to greater competition and lower prices, making the UK highly competitive. The sector is also one of the largest wealth creators in the UK and one of the fastest-growing sectors over the last.
The software and IT services market in the UK is one of the largest in Western Europe, valued at £58 billion per year. The UK is renowned for its strength in software development across a wide range of application areas including automotive, financial services, retail and logistics.
A world leader in the internet economy, the UK has a highly innovative retail sector championing the application of the latest technologies and business models.
The UK is the leading destination in Europe for foreign direct investment in the ICT sector, second only to the USA with a reputation as a global centre for digital technologies and world-leading academics and businesses in the media, cyber security and a growing open data movement.
The UK is at the forefront of the development and implementation of the Internet of Things. There are more than 100,000 software businesses operating in the UK, including all the major global software companies.
The UK has a broad spread of world-class strengths in communications, especially wireless technologies; software development, computing and data analysis; cyber security; user experience and service design. Fifteen per cent of UK companies formed in 2013/14, were digital tech ones while the sector as a whole employs 1.46 million people.