The wages and salaries in IT Services in the UK have demonstrated consistent growth from 2013 to 2023, starting at £25.06 billion in 2013 and reaching £41.84 billion in 2023. The past decade shows an average CAGR of 4.93%, with the highest year-on-year growth recorded in 2016 at 8.11%. Over the last two years, we observed a slight deceleration in growth rates, with 2022 and 2023 showing increases of 2.96% and 2.82%, respectively. Projections indicate this trend will continue, with an expected CAGR of 1.92% from 2024 to 2028, reaching £47.24 billion by 2028.
Future trends to watch for include the impact of technological advancements such as AI and automation on wage growth, the effect of remote work policies, and the potential influence of economic fluctuations on the IT services sector's labor market. Additionally, monitoring shifts in demand for specific IT skills can provide further insights into the sector's wage dynamics.
