The production of ICT services in the UK has undergone steady growth from 2013 to 2023, with actual production value standing at £16.32 billion in 2023. The year-on-year variations have shown fluctuation, with notable increases in some years such as 2017 (11.34%) and 2021 (10.12%), but there were also periods of decline, such as in 2020 (-2.28%). Over the last five years, the compounded annual growth rate (CAGR) has averaged around 2.01%.
Looking ahead, the forecasted data from 2024 to 2028 indicates a gradual increase in production value, with an overall growth rate of 9.2% over this period and a forecasted five-year CAGR of 1.78%. This suggests a more modest growth trajectory compared to previous years but still indicates upward movement.
Future trends to watch for:
- Emerging technologies such as AI, IoT, and 5G likely driving demand.
- Potential impacts of economic conditions, including inflation and market uncertainty, on ICT investments.
- Changes in regulatory environments and their effects on ICT services production.
- Increased focus on digital transformation across various sectors.
- Global market dynamics, including the impact of global supply chains and geopolitical issues.
