The future is flourishing for careers in tech

The future is flourishing for careers in tech

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UK tech is booming and offers a highly promising future for anyone seeking a career in the sector. This is one of the key messages in this year’s upbeat Tech Nation Report.

 

The sixth annual ‘state of the nation’ report for tech shows how the UK has consolidated its position as Europe’s number one tech nation and is a global driver of success, with employment skyrocketing. In the last two years, jobs in the UK digital tech economy rose by 40% while over the four years to 2018 there was a +150% increase in demand for roles within the sector.

 

Here’s a summary of the report:

 

  • UK tech investment increased by a record-breaking 44% over the last year, to more than £10bn
  • UK tech employment grew by 40% in the last two years, now accounting for 9% of the national workforce with 2.93m jobs created
  • The UK is third in the world for tech investment, behind only the US and China, and is receiving more investment than Germany and France combined. It is also third in the world for tech unicorns – companies valued at over $1bn – and third in the world for investment in emerging technologies such as AI (artificial intelligence)
  • The UK is Europe’s number one tech nation for companies at the pinnacle of growth (scaleups), which are set to be the job-generating, value-creating powerhouses of the future
  • The UK tech sector’s GVA* is now growing six times faster than that of the wider economy and in 2018 it accounted for 7.7% of the UK economy. Over the last eight years, digital tech sector GVA has increased by 43%
  • 25% of Europe’s top 20 highest investment tech cities are in the UK – Manchester, London, Bristol, Oxford and Cambridge – with London receiving higher venture capital investment in 2019 than Berlin, Munich and Paris combined. Manchester is Europe’s fastest-growing major tech cluster, with a 277% rise in investment over the last year

And here’s a little more insight into tech employment:

 

  • UK tech employment grew by 40% in the last two years, now accounting for 9% of the national workforce with 2.93m jobs created
  • There has been a 150% increase in demand for roles within the digital technology sector over the past four years (2015-2018), with growth in demand almost three times that of the financial services industry
  • There were more than 130,000 software developer vacancies in 2018 – this role remains the most in-demand tech position across all clusters in the UK and accounts for 6% of all digital and tech roles
  • There were 20 times more digital tech job vacancies than creative job vacancies, and nine times more than manufacturing vacancies
  • The tech sector included more than 230,000 non-tech jobs, such as accountants, HR, and legal professionals
  • The pay gap between London and the regions is narrowing slightly, though 2019 salaries were still 15% higher in London across all tech sector roles

 

A selection of data featured in the 2018, 2019 and 2020 Tech Nation Reports is available online for non-commercial use by third parties and can be accessed through the data.world platform. If you use the data, please let Tech Nation know.

 

Later in the year, look out for our summary of Tech Nation’s 2020 Bright Tech Future report for more information on UK jobs and skills.

 

* GVA is Gross Value Added contribution – gross domestic product (GDP) + subsidies on products – taxes on products.

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