The UK is set to capitalise on the growth in education technology through a new strategic body to promote the sector, Edtech UK, launched in London today (Wednesday).

According to a new report by London & Partners and Edtech UK, the global education technology sector is worth £45 billion in 2015 and poised to reach £129bn by 2020.

Edtech is one of the fastest growing tech sectors across Britain, with more than 1,000 start-ups across the country and over 200 based in London. The sector is on a par with fintech as one of the fastest growing areas of the digital economy, accounting for 4% of all digital businesses.

Mayor of London Boris Johnson MP said: “London has all the ingredients to become the edtech capital of the world — a thriving technology sector, the city is globally recognised for education excellence and a leading financial centre. Londoners are also a highly diverse bunch from all over the world and are buzzing with ideas and a desire to learn. I have no doubt that Edtech UK will help drive forward this growing sector in the capital.”

Ian Fordham, CEO of EdTech UK added: “Edtech has come of age. The UK is home to some of the world’s leading schools, colleges, universities and education businesses. Edtech UK will be a pro-active organisation building and accelerating a vibrant education and learning technology sector and leading new developments with our founding partners. It will also be a front door to government, educators, companies and investors from Britain and globally”