The number of self-employed individuals in business services in the UK reached 2.34 million in 2023. Over the period from 2013 to 2023, there was a general increase in these figures, highlighted by notable year-on-year variations. While growth fluctuated, with the largest annual increase of 6.2% occurring in 2019, the five-year CAGR up to 2023 was 2.1%. Furthermore, the overall trend shows a compounded average annual growth rate (CAGR) of 2.84% since 2013, although the pace has slowed compared to earlier years.
The forecast for the future suggests a continuous, albeit slower, growth rate. The number of self-employed individuals is expected to rise, reaching 2.48 million by 2028. The predicted five-year CAGR from 2024 to 2028 is approximately 0.93%, highlighting a deceleration in the growth rate. However, the total number of self-employed persons is still projected to increase by 4.72% over the next five years.
Future trends to watch for:
- Shifts in market dynamics or regulatory changes affecting self-employment in business services.
- Technological advancements and their impact on entrepreneurial opportunities within the sector.
- Economic factors influencing the attractiveness and feasibility of self-employment.
