A Tech Nation report released today has revealed that digital businesses in the UK are growing 32% faster than the rest of the economy,

 

Produced annually, the Tech Nation report is compiled by the government-backed Tech City UK and innovation charity Nesta in partnership with core data partner, GrowthIntel.

The report revealed that:

The estimated turnover of UK digital tech industries reached £161bn in 2014

The Digital Tech Industries are creating employment opportunities and accounting for 1.56M jobs across the UK

The UK’s increasingly diverse range of digital skills and specialisms are also now thriving beyond the tech sector – 41% of Digital Tech Economy jobs exist in what are thought of as traditionally non-digital industries – such as the public sector and financial services

Over 80% of Tech Nation clusters have seen growth in digital turnover, jobs and advertised digital salaries

Phil Smith, Chief Executive, Cisco UK & Ireland, commenting on the report says that one of the key takeaways is “digitally disrupt or be disrupted” Adding that “with 41% of digital tech economy jobs now existing in industries that have previously been seen as non-digital industries – such as the public sector and financial services – demonstrates how digital technology is reshaping markets at an unrelenting pace. Indeed, our own research with the International Institute of Management Development highlighted how 40 percent of incumbent companies will be digitally disrupted over the next five years unless proactive steps are taken; we’re now seeing UK companies take action.

“It really is fantastic to see the UK digital economy growing so strongly, and starting to create a sustainable and positive impact for every area of society as well as driving productivity and a stronger economy. As we move into an era of complete digitisation right across the UK, we must rethink how we approach national infrastructure, through innovation, education and breaking down organisational silos, working with government, and the private sector.”