The UK tech industry is in good shape. This vibrant sector is growing at more than two and half times faster than the overall economy.
Figures from 2015 to 2016 showed an increase in exported services of 21.8% at £39 billion, up from £32 billion. The increase in exported products such as software and computers was up by 7.3% to 15 billion, with an overall worth in 2016 of £170 billion.
In a report published in May 2018 by Tech Nation it is now worth £184 billion.
The Digital secretary, Matt Hancock, said the DCMS figures showed that the UK’s technology businesses were seeing demand from businesses and consumers around the globe, with exports up by a fifth.
He said, “We are working hard to create the right environment for them to thrive, and, alongside the huge innovation of the private sector, are determined to seize all the future opportunities technology will bring.”
UK entrepreneurs are also optimistic about the future, with many expecting digital tech businesses to expand and flourish.
In March 2017, the government published its digital strategy highlighting how it planned to make the UK the “best place to start and grow a digital business”.
The government are investing over the next four years to expand the reach of ‘Tech City’ with the aim of becoming a ‘Tech Nation.’ This means supporting start ups and tech companies across the country.
Research and development (R&D) has also been promised increased spending by the government with £2bn a year, amounting to around 2.4% of GDP from 2017.
However, the Confederation of British Industry called on the government to commit to spending 3% of GDP to avoid being left behind after Brexit.
The prime Minister said British businesses need to invest more in R&D themselves, saying that British businesses currently invest around £1.70 in R&D for every £1 of government support, but that counterparts in the US invest around £2.70 and in Germany they invest nearly £2.40.
The UK is already a world leader in sectors such as Fintech and is focused when it comes to newer technologies such as AI and machine learning amongst others.
The Martech sector is thriving as businesses in general now need to be at the top of their game in digital marketing and advertising to compete across markets.
New research conducted among more than 2000 UK adults reveals just how important good online and mobile technologies are to business success – 59% of UK adults said they will leave a business’ website within just 30 seconds if it is ugly or hard to navigate and uses ‘bad tech’. 24% of consumers also said that in the past five years they have switched loyalty from one company to a competitor whose technology delivers a better customer experience.
The government have also recognised the pressing need to improve the skills needed and to train our young people ready for the jobs of the future. Many of the jobs we see today will not exist in the not too distant future, thanks to the rise of innovative new technologies, such as AI, and we will all need to be prepared for a ‘Brave New World.”