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UK tech industry valued at $1tn, becoming third country to hit milestone

UK tech industry $1tn

The UK tech industry is now valued at $1tn (£764bn), a landmark milestone that has previously only been reached by the US and China.

The figures, which combine the valuations of the UK’s public and private technology companies, puts the value of the UK tech industry at more than double that of Germany and almost five times larger than France and Sweden.

That’s according to data from Dealroom analysed for the UK’s Digital Economy Council.

In 2018, the UK tech ecosystem was valued at $446bn. But a growth surge between 2020 and 2021 – accelerated by rapid digital transformation during the pandemic – helped propel the UK tech ecosystem by 42% towards the $1tn milestone.

Record levels of venture capital investments have helped increase the valuations of UK tech companies, with the report showing the country is now home to 13 decacorns – companies valued at $10bn or more....