UK technology sector is first in Europe with a valuation of $1 trillion | Popgen Tech
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 by data provider Dealroom. The UK also leads the continent in overall funding, unicorns and startup numbers.
“UK technology has remained resilient in the face of global challenges and we ended the year as one of the world’s leading destinations for digital businesses,” Digital Minister Paul Scully said in a statement. “This is great news and reflects our pro-innovation approach to technology regulation, continued support for start-ups and ambition to boost people’s digital skills.”
Dealroom carried out the research for the Digital Economy Council, which is part of the UK government’s Department for Dignityital, Culture, Media and Sport (DCMS).
The study found fast-growing UK tech companies to raise a near-record £24bn (€27.3bn) during 2022 – more than France and Germany combined. A total of 144 unicorns and 237 future corn has now been created in the country – from 116 unicorns and 204 future corns at the same time last year.
DCMS credited continued upgrading, investment and growth for expanding the sector, which now employs 3 million people. The department also noted the UK’s focus on standards 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 United Kingdom becomes the third country to hit the $1 trillion milestone, after China and the US. A large part of this figure comes from UK fintech, which dominates Dealroom’s list of the most valuable startups.
The Amsterdam-based organization named Worldplay, a payments software firm, as the UK’s most valuable technology company. The top five also included Revolut, FNZ, Rapyd and Blockchain.com.
Rounding out the rankings were 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 has also attracted growing investment – a shift that will accelerate in the coming years.