British business have been urged to invest in the right technology and skills in order to fully harness digital potential, after research revealed that the UK could benefit by up to £92 billion by wholly embracing digital technologies over the next few years.
The government-backed report by Virgin Media Business, along with Oxford Economics, suggests that investing in new tech could lead to a 2.5% increase in GDP and spawn more than a million new jobs across all industries over the next two years.
The growing adoption of digital has already yielded positive results for businesses and the UK economy, with British firms stating that digital tech has fuelled a 4.4% rise in revenues and reduced costs by 4.3% in the past 12 months alone. This generated an estimated £123 billion contribution to the UK economy.
Entitled 'The UK's £92 billion Digital Opportunity', the report identified professional and tech firms as the industries which could profit most from digital, with each potentially adding £27 billion a year in industry revenues.
London was named as the place with the biggest digital opportunity, with the capital potentially set to gain a £48.5 billion boost, while Wales, the North-West and South-East could all see a 3.1% rise in revenues.
"The significant digital opportunity for businesses of all types and the economy as a whole is one that we can't ignore," said digital economy minister Ed Vaizey. "Government will continue working alongside companies like Virgin Media to transform the UK's digital capabilities and laying the foundations for a thriving, digitally-led future."
However, the "incredible pace of change" means businesses must ensure they have the tech talent on-board to realise their digital ambitions, stressed Peter Kelly, managing director of Virgin Media Business.