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London’s tech sector going from strength to strength

posted Feb 2, 2017, 2:43 AM by Unknown user   [ updated May 5, 2017, 10:07 AM by Unknown user ]
London-based business growth
London’s tech sector underwent significant growth over the past five years. In fact, individuals who have digital jobs now compose 3.5 per cent of the city’s workforce, the Evening Standard recently reported.

Rise to greatness

A study commissioned by London & Partners and conducted by Oxford Economics revealed the true scale of the growth. Since the Tech City Initiative was launched by London Mayor Boris Johnson and Prime Minister David Cameron five years ago, the capital’s tech sector has dramatically expanded by nearly half (46 per cent), according to the Financial Times. The media outlet noted that the future looks bright, with EY figures placing London at the forefront of international tech investment projects. More than 1,000 such initiatives were based in London between 2005 and 2014, making the city significantly more attractive than its closest rival, Paris, which clocked in at 381 projects, the news source reported.

The London & Partners report went on to reveal that the number of digital tech companies in the capital has risen by more than 12,000 over the past five years to reach an impressive 40,000 – and, what’s more, this uptick is set to continue. In fact, Oxford Economics predicted that more than 50,000 digital tech enterprises will call the city home by the middle of the next decade, which is great news for individuals interested in digital jobs in London.