Tech exports from the UK could be set to grow 35% over the next five years according to a new report, worth over £8 billion.
According to Tech Nation’s report Unlocking Global Tech which looked to asses the value of UK digital tech exports and opportunities for the future, UK exports are booming with the trade surplus rising by almost 70% since 2015.
The government-backed trade association highlighted international markets such as the US, Canada, The Netherlands, Canada and Germany as highly attractive export markets for tech firms, whilst Singapore and Brazil are high-growth global opportunities.
Already the 5th largest digital tech service exporter in the world (surpassed by only India, the US, China and Germany), the potential for high growth by 2025 lies partly in the number of rapidly-growing UK-based tech firms – many of which are yet to reach their full international potential.
Gerard Grech, chief executive of Tech Nation said of the report that: “The UK is a natural home for many scaling tech businesses, and there are a proportionally high number of scaling tech businesses located here that are already well-established in delivering domestic tech services.
“The UK is also third in the world for the number of UK tech unicorns, and number one in Europe. These factors give us a strong conviction that UK founders, government and industry leaders should all be gearing up to double tech exports by 2025, in the aftermath of both the pandemic and Brexit.”
“By doubling exports, UK tech could contribute an additional £23bn to the economy per year by 2025 and move up the ranks to become a top global exporter of tech.”