UK Tech Market Primed for Massive Growth in 2015
by Startacus Admin
2015 is the year of the self starter - we said it on January 1st and what has happened since has only made our position even more resolute.
Just a few weeks ago we were reporting the incredible news that entrepreneurship had reached its highest ever level in the UK in 2014, and now we’re delighted to share some more encouraging news released just yesterday by the folks at Barclays.
Through a ‘Fast Growth Technology Survey’ which targeted CEOs and founders of UK technology firms, they have found that there is an incredible optimism amongst the industry leaders, which hints at the possibility for the entire sector to see enormous growth over the coming year or so.
Quadruple the Rate of GDP Growth
The report was independently commissioned by Barclays’ Technology, Media and Telecoms team and has cast a light on the general outlook of the country’s technology sector; and the overall picture is good…very good in fact.
On average, those businesses that were included in the survey indicated that they expect to grow by about 11% over the course of 2015, a rate which if achieved, would see this sector expand at a speed which was over 4xs that predicted for the country’s GDP. On either side of the average, figures remain extremely encouraging, with 58% of the technology folks predicting growth of up to 10%, and 9% expecting to grow by over 20%.
Beyond 2015 the confidence of tech firms seems to be only going in one direction, with CEOs and founders holding an even higher expectation for 2016, where 15% growth is the average being predicted.
Whilst we must point out that these figures don’t technically mean anything, and are no guarantee of future growth, the fact that those within the technology sector are so confident in their ability to deliver fast and sustained expansion is a very encouraging sign.
Could this be the first signs of a golden age to come for UK technology? Of course we would never do anything so hazardous as make a prediction about the future of the economy; unseen forces push and pull it hither and thither, until the outcome is anyone’s guess. But this report is certainly positive news and we are happy to hear it!
UK Technology Thriving Nationwide.
The encouraging report from Barclays comes just a few days after Tech Nation’s even more startling findings regarding the state of the UK’s technology sector nationwide. It found unequivocally that the country’s tech industry is expanding rapidly across the board and especially so, in some often wrongly maligned places outside London.
The report, which is the most comprehensive ever carried out on the UK’s digital sector, has shone welcome and unexpected light on the country's most thriving technology hubs and has also dispelled the myth that you need to be in the capital to succeed.
Some 74% of UK technology firms are now based outside of the greater London area, and what is really interesting to read in the report, is that there are a number of vibrant digital technology clusters forming across the UK, and these are diversifying in expertise! The folks at TechNation have profiled 21 of these clusters in detail including Manchester, Bristol and Bath, Glasgow, Sheffield, and Belfast.
Of all of those profiled, the areas with the fastest growing technology sectors were Bournemouth, Liverpool, Brighton and Hove, Inner London, South Wales, and Belfast and NI.
The Report is jam-packed with great insights into the country’s digital sector and is available in its entirety here - it’s certainly worth a read.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Belfast-based software cyber security company Uleska announces that it has secured £500k in investment and sales, which will enable it to significantly grow product development and double its headcount.
The innovative app enabling young footballers to showcase their skills and talent...
The startup that's on a mission to make selling using AR technology easier than ever before...
Voiced by Stephen Fry, ‘Einstein on Time’ will be the first in a children’s educational app series – “Human Heroes” - centred on history’s greatest minds.
A look at some of the standout tech startups from the inaugural Ignite 2.0 remote accelerator programme...
Efe Imoloame, Founder of early-stage startup VA, shares his predictions on the emerging tech trends that will affect retail...
Keith McNiven, founder of London based personal training company Right Path Fitness, tells us why you should provide health and fitness training for your team.
Whether you have a home office or a work office, it is crucial that you keep this area tidy. Here's a few tips how...
The mobile app which enables users to learn a language using the power of music...
With over 180,000 Helpfulpeeps members, award-winning social marketplace Helpfulpeeps is crowdfunding on Seedrs with over 80% of their target reached on the first day.
Published on: 10th February 2015
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Ignite Accelerator 2019 opens for North East England startups 16th Nov 2018 North East of England entrepreneurs and startups take note! The Ignite accelerator, a 6 month remote accelerator for MVP stage founders or teams is back.
- Blockchain lab for startups StateZero Labs to offer £50k equity-free 15th Nov 2018 London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
- UK scaling startups sort for Upscale Tech Nation programme 5th Nov 2018 UK-wide scaling startups take note! This free programme, care of Tech Nation is aimed at further accelerating the growth of your business.
- Chancellor’s ‘little extras’ will not undo 8 years of cuts to public services, says TUC 29th Oct 2018 Commenting on the 2018 Budget Statement, which set out the government’s spending plans up to 2024, TUC General Secretary Frances O’Grady had this to say...
