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UK Tech Industry Strengthened Significantly In 2014

23/06/2015 by Stuart Wilson


There were nearly 10,000 more IT and technology firms operating out of the UK last year than in the 12 months previous, according to data compiled by a leading credit reference agency.

The figures, prepared for the Mail on Sunday by Creditsafe, reveal that the number of UK-based tech firms increased by 7% to 146,279 in 2014, precipitating a rise in demand for IT professionals.

The healthy picture painted by the data was backed up with figures which show that only 723 IT and tech companies went out of business in the 12-month period.

The sector was only outperformed by the financial services industry, which grew 13%, according to Creditsafe's calculations, which were based on the categories that firms used to describe themselves at Companies House, the UK's registrar of companies.

Creditsafe operations director Rachel Mainwaring was quick to point out that the sector was not over-reliant on the contribution of clusters such as Tech City and Silicon Fen, with the "established" IT services industry more than playing its part.

She said: "[The IT service industry remains] dedicated to ensuring that corporate systems are implemented, supported and maintained so businesses operate efficiently and cost effectively."

Mainwaring added that as a result of a buoyant 12 months, demand for IT professionals is on the up, suggesting that organisations are primed to "invest in technology to innovate business processes as well as address security and regulatory challenges".

By the company's own admission, however, the UK's technology landscape may be even brighter than it appears, given that the figures do not show up digital firms in sectors such as the internet or retail that have registered themselves as a support service to a broader sector.


UK, Tech, IT

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