The Value Added of IT Services in the UK has shown a generally positive trend from 2013 to 2023, growing from GBP 41.83 billion to GBP 65.4 billion. Over the past decade, the industry saw significant peaks in annual growth, particularly in 2016 with a 9.17% increase. Although the growth rate slightly slowed in recent years, it still maintained positive growth with a 2.67% increase from 2022 to 2023. Over the last five years, the compound annual growth rate (CAGR) averaged at 3.14%.
Forecasts from 2024 to 2028 indicate continued growth, albeit at a more moderate pace with a forecasted CAGR of 1.82%. By 2028, the value is expected to reach GBP 73.48 billion, representing a 9.41% growth rate over the five-year forecast period.
Future trends to watch for:
- Technological advancements in AI, blockchain, and cybersecurity.
- Increased demand for cloud services and IT consulting.
- Potential impacts of economic fluctuations and regulatory changes on IT service investments.
- Growing emphasis on sustainability and green IT solutions.
