Digital tech industry is 60% larger than thought

Digital tech industry is 60% larger than thought.

Digital tech industry is 60% larger than thought

A new report by the National Institute for Economic and Social Research suggests that the UK digital industry is much larger than previously thought.

The NIESR report claims that the scale and importance of digital technology firms to the UK’s economy have been underestimated by the Government, as there are almost 270,000 active companies in the UK – compared to conventional measurements which put the figure at 167,000 firms.

The National Institute for Economic and Social Research also believes that the revenue generated by digital companies is growing 25% faster than that of traditional firms.

Max Nathan, a Senior Researcher at NIESR explained that ‘the old image of tech businesses as start-ups that make no money is out of date too: using big data we show a broad array of active businesses selling digital products and services’.

In response to the report, Parliamentary Business Secretary Vince Cable said, “This is an interesting alternative report. As our recently published Information Economy Strategy highlights, innovation, entrepreneurship and growth are spread throughout the UK. The information economy transforms every other business sector, driving productivity and creating new opportunities for growth”.

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