The UK’s technology sector is one of the largest in Western Europe. Its output plays a vital role in every other industrial sector including automotive, financial services, retail and logistics.
An overview of the technology sector in the UK
Our technology sector is larger than the rest of Europe combined; it has been one of the fastest growing sectors in the UK over the last decade. The technology we produce underpins all sectors from financial services and high-value manufacturing to retail and agriculture.
The UK offers an outstanding environment for global tech companies. We have:
- a strong start-up culture bolstered by tech clusters all over the UK
- a ranking of third best place in the world in the Global Innovation Index in 2016
- an active venture capital community – the UK has the highest number of initial public offerings (IPOs) and more tech ‘unicorns’ (a start-up company valued at over 1 billion USD) created than anywhere else in Europe
- the largest e-commerce market in Europe
- 4 of the world’s top 10 universities, plus educational providers that develop our technology workforce
The UK’s technology economy has strengths in electronic systems, communications, data management and analytics, data centres, cloud services, artificial intelligence, cyber, semiconductor design and sensors.
Tech businesses are at the heart of the UK economy and are playing an important role in driving growth across the country.