20 March 2020 | Prithvi Pandya
A report by Tech Nation, a growth platform for tech companies and leaders, suggests that the UK is leading the way on cutting-edge technologies.
Some key findings from the report show that the digital tech sector's gross value added (GVA) grew six times faster than the rest of the UK economy in 2018. It contributed £149 billion to the UK economy and accounted for 7.7 per cent of the UK's GVA.
The report says 2.9 million people in the UK are employed in digital tech, which was an increase of 40 per cent from 2017 (now accounting for 9 per cent of the national workforce).
It revealed that 25 per cent of Europe's top 20 highest investment tech cities in the UK are Manchester, London, Bristol, Oxford and Cambridge.
In 2019, 2.9 million people were employed in the digital tech economy, an increase of 40 per cent from 2017, and the digital tech economy now accounts for 9 per cent of the national workforce compared with 7 per cent two years ago.
The report reveals that fintech remained the UK's largest tech investment sector, with a 100 per cent rise from 2018.
The UK is third in the world for the level of AI investment and the only country of the top five AI nations to have demonstrated consistent positive year-on-year growth for the past five years.
The UK raised £7.8 billion in cybersecurity investment from 2015 to 2019 and comes fourth in the world for blockchain investment, at £8.9 billion of investment for 2015 to 2019.
Gerard Grech, chief executive of Tech Nation, said: "Over the coming months, technological involvement in keeping services going, keeping businesses afloat and keeping people alive will be essential, impactful and exponential.
"Across the piece, UK tech companies are offering radical solutions. We need to stay responsive, with smart regulation, ever increasing access to growth capital and new markets. Every effort we put in now will repay many times over, as the past few years have already shown."
The full report can be found here.