Dynamic growth of London
Dynamic growth of London is visible on many levels – from infrastructure, medicine through service sector to art. Similarly, the IT sector is gaining its significance and shows optimistic forecast for the future. The right time and favourable position of new technology sector made London the right place for the IT sector.
In the last 15 years the retail and service sectors in the UK have been transformed due to the technology and social media boom. This made the UK very competitive on the international market. The same trend is visible in many cities such as: Manchester, Liverpool, Leeds, Birmingham and, of course, London. Most businesses have an IT department in some shape or form. The great potential of the IT sector has made the capital very attractive to investors, start-ups, entrepreneurs and job seekers.
Education and growth
Schools, colleges and universities are very much committed and actively involved in new development initiatives of the London region. Strong and effective collaboration between education entities and employers can help the region to stay competitive not only now but also in the near future. Wide choice of colleges, universities and potential employers make young and ambitious individuals, who love IT, very much interested in London as their career.
Since 2004 technology and telecommunication have been the main areas of growth and development in London area. The London’s tech companies, majority of which are based in east London, boosted the UK's economy by £18bn in 2015, and employed around 200,000 people.
“One report by Oxford Economics estimates that the number of companies in London’s digital technology sector has grown by 46 per cent since the launch of the Tech City programme in 2010, with employment rising by 17 per cent more during that period.”
Another research conducted by EY discovered that more than 1,000 international tech investment projects were located in London between 2005 and 2014. For comparison there were 853 tech investment projects in whole France.
Amongst many sectors, a great focus is on the IT one. Taking into consideration a growing number of organisations that support new and operating businesses such as: technology parks, incubators, etc, there is yet another great opportunity for the region.