Between 2013 and 2023, the ICT output in the UK experienced an overall upward trend. The CAGR from 2013 to 2017 was 4.81%, showcasing strong growth early on. The period between 2018 and 2023 shows fluctuation with a high CAGR of 4.36% in 2021. However, growth slowed in recent years, with a CAGR dropping to 2.35% in 2023, and year-on-year variations fluctuating, notably a decline in 2020 due to the pandemic.

The value of the ICT sector in 2023 stood at £248.84 billion. The forecasted CAGR for the next five years (2024-2028) is 1.7%, indicating moderate growth, with a predicted 8.81% increase over the period.

Future trends to watch for include:

Technological advancements driving productivity gains.
Impact of Brexit negotiations on the ICT sector.
Adoption of 5G technology and its potential market expansion.
The ongoing influence of the global economic situation on investment in ICT infrastructure.