UK tech sector is biggest in Europe with combined value of $1trillion
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The UK technology sector holds the crown as the largest in Europe with a combined market value of $1 trillion
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The UK technology sector has retained its crown as the largest in Europe with a combined market value of £820 billion – or $1 trillion.
It makes Britain third in the world after the US (£15.7 trillion) and China (£4.2 trillion), according to figures from data provider Dealroom for the Digital Economy Council, which is part of the Department for Digital, Culture, Media and Sport.
Digital minister Paul Scully said: “British technology has remained resilient in the face of global challenges and we finished the year as one of the world’s leading destinations for digital businesses.”
Global player: Britain is third in the world for technology behind the US and China, data provider Dealroom shows for the Digital Economy Council
According to the report, the figures “underline the success of the UK technology economy and its progress as a source of global innovation – a European Silicon Valley”.
However, some are wary of the outlook, with a recent warning from trade association Tech UK that rising energy prices and labor costs could hamper growth.
The latest figures show UK tech companies have raised £24bn from investors this year, up from £29.4bn during a record year 2021.
But that was still more than the £11.8bn raised by French tech companies and £9.1bn by those in Germany combined. German fundraising was also lower than last year.
The total value of the UK sector is up 6 per cent on last year and is more than twice the size of the German technology sector, at £384 billion, and three times the size of France, where it is worth £253 billion.
However, industries in those countries have grown faster this year: Germany by more than 9 percent and France by almost 30 percent.
The report said the UK tech industry ‘ecosystem’ – made up of software or technology-driven companies and investors targeting those areas – employed 3 million workers.
The industry boasts 144 unicorns – defined as private start-ups worth more than $1bn (£820m).
Eight cities – Bristol, Cambridge, Edinburgh, Leeds, London, Manchester, Nottingham and Oxford – are home to two or more such companies.
Tech UK deputy CEO Antony Walker said: “The government said they intend to make the UK the next Silicon Valley – but to do that we need a long-term plan that gives tech companies the confidence they need to to keep investing. in the United Kingdom.’