From Tech Nation's 2017 key findings, it is encouraging to see that the UK's digital turnover has reached almost £100 billion - a 10% increase in just five years.
This tremendous achievement for the UK has been recognised by Theresa May, who has described the technology industry as a “great British success story”. In relation to this, reports from The Telegraph state that the digital economy is now growing at twice the rate of the wider economy, opening endless amounts of potential. The common trend that stems from this information, is the growth potential of the UK’s Tech Sector.
Growth potential is a key factor to any industry- as entering an unstable sector is arguably one of the largest concerns for both business owners and employees. This post evaluates what growth potential means for the UK, and discusses the opportunities that develop as a result.
Employment Opportunities
A growing environment can naturally result in a rise of available jobs. As the digital industry is expanding into new avenues every day, the number of employment opportunities available is rapidly increasing. In Middlesbrough alone, there are 6,970 digital jobs on offer, which is an incredible figure for a newly recognised digital cluster. When factoring in the thousands of additional digital jobs available across the UK, it is clear to see the potential of this trend. For those looking for a career in the digital sector, particularly students and graduates, this is an extremely promising trend, that will encourage fresh, newly trained employees into the industry. This rise in employment opportunities not only provides benefits to individuals but will also assist in the reduction of unemployment rates, in turn boosting the overall performance of the UK’s economy.
Dynamic Environment
A growing tech industry provides a dynamic environment for start-up businesses looking to digitally establish themselves. With continuous developments, and new digital revolutions being discovered daily, the sector as whole acts as an incredible sandbox’ for new businesses. Without growth potential, many sectors fail to recognise the importance of developing new ideas and experimenting with possible trends. As the UK has one of the fastest growing digital economies, businesses should feel empowered and reassured that the area provides the necessary surroundings to equip them and help them thrive in the digital environment.
Expansion Potential
The importance of operating on a digital level is indisputable for any business, and with the tech sector only going one way it is now more crucial than ever for businesses to get online. The digital environment has reached a certain level, and so now acts as a stable business platform for organisations to expand onto. Operating on a digital level not only diversifies the business but can also increase profits, raise the company’s profile and allow for more effective business operations. With more businesses entering the UK’s tech sector, we can expect to maintain our fantastic digital status and can anticipate continued digital economic growth.
