The UK tech industry is now worth $1 trillion in value, as the country’s tech sector becomes the third in the world to ever reach this landmark valuation. The UK’s thriving digital economy is now worth more than double that of Germany’s and almost five times larger than France and Sweden according to data by Dealroom analysed for the UK’s Digital Economy Council.
This rapid rise in the value of UK tech follows sustained investment in the digital tech sector over the past few years. The Covid-19 pandemic, in particular, triggered a wave of tech adoption from digital health apps, to education platforms, video conferencing and e-commerce. The products and services that kept us connected at home have become key parts of our daily lives now, helping propel company valuations higher and the UK tech ecosystem into a new league.
Digital minister Chris Philp said: “Our tech industry has gone from strength to strength, overtaking the rest of Europe and entering the history books as the third country ever to reach this milestone. We’re working hard to make the UK the best place in the world to found, grow or float tech businesses – whether they’re early-stage startups or global innovators – ensuring they have the best talent, investment and regulation to thrive.”
The Digital Minister announced the figures today ahead of the West Midlands Tech Review in Birmingham, which celebrated the region’s tech successes and opportunities.
The minister added: “Every corner of the country has contributed to the sector’s success including the West Midlands whose digital ecosystem is set to keep growing by at least £2.7 billion by 2025 and create 52,000 additional jobs.”
The region’s tech excellence will be showcased through the £24 million Business and Tourism Programme as part of the Birmingham 2022 Commonwealth Games. The programme will help leverage the profile of this major sporting event to drive inward investment and export opportunities between the West Midlands and Commonwealth markets.