New research values the UK tech industry at a whopping $1 trillion (€942 billion), comfortably making it the leading ecosystem in Europe.
This sector is now worth more than double that of Germany ($467.2 billion) and three times that of France ($307.5 billion), according to a report from data provider deal room. The UK also leads the continent in total funding, unicorns and bib numbers.
“British technology has remained resilient in the face of global challenges and we finished the year as one of the world’s leading destinations for digital businesses,” Digital Minister Paul Scully said in a statement. “This is good news and reflects our pro-innovation approach to technical regulation, continued support for start-ups and ambition to boost people’s digital skills.”
Dealroom carried out the research on behalf of the Digital Economy Council, part of the British government’s Department for Digital, Culture, Media and Sport (DCMS).
The study found that fast-growing UK tech companies will raise nearly a record £24bn (€27.3bn) by 2022 – more than France and Germany combined. A total of 144 unicorns and 237 future corns are now made in the country – up from 116 unicorns and 204 future corns at the same time last year.
DCMS attributed sustainable upskilling, investment and growth to the expansion of the industry, which now employs 3 million people. The department also noted the UK’s focus on morals and values. It highlighted recent proposals for AI regulation, based on core principles such as safety, transparency and fairness. DCMS claims it has taken a less centralized approach than that of the EU.
The UK will be the third country affected the A milestone of $1 trillion, after China and the US. Much of this figure comes from UK fintech, which dominates Dealroom’s list of most valuable startups.
The Amsterdam-based organization named Worldplay, a payment software company, as the UK’s most valuable technology company. The top five also included Revolut, FNZ, Rapyd, and Blockchain.com.
The rankings were rounded out by The Access Group, Checkout.com, Global Switch, JustEat and ION Group. The combined valuation of the top 10 is $177.9 billion – nearly 20% of the entire ecosystem.
Green energy also increasingly attracted investment – a shift that will accelerate in the coming years.