Tech Market Overview
In 2024, the UK’s tech industry stands at a pivotal crossroads, as highlighted by industry insights and predictions. Artificial Intelligence (AI) emerges as
a focal point on the national agenda, with the UK government recognising its potential to drive productivity and financial prosperity.
Despite aspirations to bolster the tech sector with an influx of unicorns and venture capital, challenges loom, including stagnant market growth and
escalating cyber threats. Concurrently, shifts in work dynamics towards in-person collaboration, the adoption of autonomous agents, and the evolution
of video game narratives through generative AI underscore the industry’s shifting nature (BDO, 2023; TechRepublic, 2024).
Yet amidst the challenges faced by the UK’s tech industry in 2024, there are significant opportunities for growth and innovation. With the government’s
clear commitment to harnessing artificial intelligence (AI) to boost productivity and propel the economy, tech companies have a unique chance to lead
the way in adopting emerging technologies (Tech Republic, 2024). The UK’s AI strategy, underscored by Prime Minister Rishi Sunak’s emphasis on AI as
a tool for enhancing job performance, presents a pathway for companies to explore new avenues of efficiency and creativity (Tech Republic, 2024).
Tech industry in numbers:
65% of tech CEOs recognise that their organisation must act now on GenAI to avoid giving their competitors a strategic advantage (EY, 2023)
UK remains the #3 tech ecosystem globally, 1st in Europe (Deal Room, 2024)