New figures published by Digital Economy Council and Dealroom.co have revealed that the UK technology industry has expanded tenfold in the last decade.
The growth was witnessed in venture capital investment in the tech sector as well as the number of ‘unicorn’ companies.
As per the industry figures, investment in the UK technology industry increased from £1.2bn in 2010 to £11.3bn in 2020.
Majority of the increase took place since 2015 when investment stood at £4.1bn.
UK is believed to have lured record levels of investment in the tech industry during 2017, 2019 and 2020.
Tech companies were still able to increase £2.49bn despite a 28% fall in venture capital funding in 2018, ComputerWeekly.com reported.
Political uncertainty surrounding Brexit at that time contributed to the fall in funding.
The number of unicorns increased from eight in 2010 to 81 in 2020, representing a tenfold rise. Since the beginning of this year, another ten unicorns have been established.
Unicorns are companies that are valued at more than $1bn.
During last year, France, Germany, Sweden and Israel together had 85 unicorns, by comparison. Only France and Germany are said to have raised over £4.3bn in venture capital funding.
UK digital secretary Oliver Dowden said: “UK tech has seen record levels of growth over the past decade, turning a nation of startups into one of scaleups.
“This government will do all it can to support the entrepreneurs who have created this vibrant new part of our economy and which now employs almost three million people across the country, from our world-renowned tech centres like London and Cambridge to our cities, suburbs and rural areas.”