Although London has long been hailed as an economic and technological powerhouse, a recent study has indicated that its significance may stretch further than any of us had anticipated.
According to figures released by online developer community Stack Overflow, in accordance with London & Partners, the UK capital is home to more technology enterprises than any other major city in the world.
With the sector set to increase again over the next decade, we examine the future of technology businesses in London.
The World’s Premier Technological City
In recent years, the reach and influence of technology has expanded exponentially. We have all witnessed the rapid growth of online and mobile software and applications, and the ever-increasing reliance of our society upon them.
In a world where few of us can function without our daily dose of Facebook and Instagram, our smartphones or our laptops, it comes as little wonder that the technology sector has experienced a similar surge.
Yet the role of our little island in this global phenomenon may still come as some surprise. Startlingly, a recent survey showed that it is now the world’s premier technological city, with more businesses in this sector than any other major cities.
With over 71,000 professional developers, more than Stockholm, Berlin, and Dublin combined, England is at the very forefront of the technological charge.
Further Growth Expected
The dominance of London upon the technological world stage is a trend that shows no signs of abating. Oxford Economics has recently conducted research into the sector, and their prophecies for the industry going forwards have indicated an astonishing growth in the near future.
In their in-depth study, they revealed that London could expect its tech workforce to grow by an incredible 22 per cent over the next decade, to 239,700. The number of tech companies is also expected to increase, to 51,500 over the same timespan.
The extent of this growth is thrown into sharp relief when we consider the rate of employment growth expected in other sectors, with tech industry expansion almost four times higher than the national average.
According to the Mayor of London, Boris Johnson MP, this trend should come as little surprise, considering the qualifications and extraordinary skills of those who work there. He commented:
“London is a hotbed for tech talent. With Europe’s fastest growing tech hub and some of the world’s leading universities, London-based businesses can benefit from access to an unparalleled talent pool.
“Five years on since the creation of the Tech City project, the capital’s booming tech sector has gone from strength-to-strength, and continues to be a leading source of jobs and growth for the London economy.”
Inspiring words that pose a single key question: how will your start-up get in on the action?