Analysis of the value added of ICT and Information Services in the UK shows a consistent upward trend from 2013 to 2023, reaching 65.54 billion pounds sterling in 2023. Though growth rates have fluctuated annually, the sector has generally expanded, highlighted by significant spikes such as a 9.17% increase in 2016 and a 7.45% rise in 2018.
Year-on-year variations for the last two years were relatively moderate, with a 0.83% increase in 2022 and a 2.71% rise in 2023. The compound annual growth rate (CAGR) over the past five years was 3.18%, indicating steady, albeit slowing, growth. Forecasts for 2024-2028 predict a reduced CAGR of 1.84%, suggesting a decelerating but positively growing sector.
Future trends to watch for include the adoption of emerging technologies such as AI and blockchain, shifts towards remote and hybrid work models, and evolving cybersecurity needs, which could alter the growth dynamics and investment opportunities in the ICT and Information Services sector in the UK.
