London is the world’s leading tech hub and the capital is brimming with opportunities.
But the UK tech market is still in its infancy, according to new research.
1 / 9 “London is the global capital of tech, and the UK is a major hub for new companies and the talent that makes them possible,” said Andrew Scott, chief executive of the UK Tech Council.
The UK tech industry is worth more than $US10 trillion (£6.2 trillion) and employs more than 5.5 million people, according the Tech Hub, a London-based think-tank. “
It’s clear that the City needs to become a place where entrepreneurs can flourish, and innovation can take place.”
The UK tech industry is worth more than $US10 trillion (£6.2 trillion) and employs more than 5.5 million people, according the Tech Hub, a London-based think-tank.
It was the UKs biggest tech market for the second year running, but this year the number of people applying to work in the capital fell to the lowest level since the financial crisis.
According to the UK Government, the country’s tech industry has been growing by a whopping 10% per year, from 2014 to 2020.
“There is a real opportunity for the UK to grow in this area,” Mr Scott told Business Insider.
“We need to be mindful that our economy is dependent on this sector, and we need to ensure we’re not becoming too dependent, and too reliant too soon.”
The City of London has the biggest tech sector, but is struggling to keep pace with other major cities.
The city has been in the grip of a prolonged tech bubble, which has seen the stock market soar to record highs.
But that bubble burst last year and now many firms have struggled to keep up with demand, leading to a number of high-profile exits.
As a result, the number, size and size of jobs in the tech sector has also been dropping over the past few years.
“The City of New York is home to the largest tech sector in the world, and that’s because the economy there is so strong,” Mr Ryan said.
“So there are huge potential employers in New York and we know that there are people in the City of Westminster who have a keen interest in the sector.”
London is still the UK capital of technology, and is brimmer than ever.
But it’s the UK that is the hub for tech, according Tozi, the London-headquartered tech think-up.
The City is home for many of the biggest companies in the country, but its tech sector is currently struggling to catch up with other big cities, according Mr Ryan.
“London, like many cities, is becoming more and more reliant on technology,” Mr Tozi said.
“[There are] companies looking to move out to the City and to the south-east.”
“The UK has the best and most vibrant tech scene in the Western world.
But in order for it to grow as a technology hub, it needs to attract more and better talent,” he said.