The production of ICT and Information Services in the UK has shown a robust growth over the past decade, starting at £70.46 billion in 2013 and reaching £117.75 billion in 2023. The yearly growth varied significantly, with notable increases in 2017 (10.65%) and 2021 (10.89%), though there was a slight decline in 2020 (-2.64%), likely due to pandemic-related impacts. The most recent data indicated a moderate year-on-year growth of 2.96% in 2023.
The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 3.27%, showcasing a sustained upward trajectory, albeit at a slower pace compared to earlier years. Moving forward, the forecast for 2024 and beyond suggests continued growth, with a predicted CAGR of 2.19% over the next five years, culminating in a total expected production value of £135.57 billion by 2028.
Future trends to watch for include the potential impacts of technological advancements, such as artificial intelligence and 5G, which could drive further growth. Additionally, the ongoing digital transformation across various industries is likely to bolster the ICT sector, although market uncertainties and economic conditions will continue to play a critical role in shaping these outcomes.
