TECHNOLOGY businesses are expected to grow at a rate four-times faster than the UK’s gross domestic product (GDP), a survey has revealed.
Barclays’ Fast Growth Tech survey, which questioned owners and CEOs of UK tech firms, has revealed that many of the industry’s bright lights are feeling confident about delivering a stellar year of growth this year.
businesses surveyed predicted that they will grow by 11% over the course of the year compared to the UK’s GDP forecast
The research, independently commissioned by Barclays’ Technology, Media and Telecoms team revealed that on average, businesses surveyed predicted that they will grow by 11% over the course of the year compared to the UK’s GDP forecast of 2.6% for 2015.
The research showed that 58% are expecting their business to grow by up to 10%. Furthermore, 18% are expecting between 10% and 20%, while 9% predicted significant growth of over 20%.
Respondents were even more positive about the outlook for 2016, with the average firm expecting 15% growth on 2015, with 16% of firms predicting growth to top 20%.
Sean Duffy, managing director and head of Barclays’ Technology, Media and Telecoms team, said: “These remarkable growth predictions reveal the optimism and drive of the UK’s world-leading tech sector. The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for innovative tech businesses.
Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance.”
