The Value Added of ICT in the UK has witnessed a steady increase from 2013 to 2023, growing from 98.48 Billion Pounds in 2013 to 136.4 Billion Pounds in 2023. Over these years, the annual percentage variation has fluctuated, reaching a peak year-on-year growth of 8.12% in 2016. However, recent years have shown more consistent yet modest growth, with a year-on-year growth of 2.07% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at 2.25%.
Future projections indicate a continued upward trajectory, with forecasts suggesting an increase to 149.59 Billion Pounds by 2028. The forecasted CAGR for the next five years is 1.44%, indicating steady growth but at a slower pace compared to the past decade. The total growth rate over the next five years is anticipated to be 7.39%.
Future trends to watch for include technological advancements in AI, cybersecurity, and 5G deployment, which could drive stronger growth or introduce new market dynamics.
