Surge in Tech sector as London picks up speed
Technology and Transformation within the UK
It’s official. The green shoots of recovery in the technology industry are emerging. This past week vacancies hit levels only seen previously a handful of times in the past year. After a challenging 2023, where VC/PE funding became significantly harder to obtain (TMT deals fell 24% on the year before, to the lowest levels in five years) looking ahead, the signs are positive and London in particular is picking the pace.
The move by Government to accelerate investment into the UK is to be applauded and the recent conference at Bletchley Park is said to have resulted in over $1BN in DFI. With that, the industry is now starting to fragment, and individual sub-sectors are now starting to force businesses to change the way they operate. Disruption in Action. Take Fintech, where new disruptors have shaken up the Banks, who have struggled to compete effectively on value, and now are shedding costs to keep up. See the news that Lloyds are laying off 1600 jobs in branches, in order to focus on digital. As a result it becomes increasingly hard in some sectors to even differentiate. Is Starling a Bank or a Fintech would be the question. They have a banking license, but no physical infrastructure. Therefore is it a license that makes an institution a bank, or its retail footprint?
Similarly, across industry, technology is acting as an accelerator. Cleantech is becoming top of the agenda as climate change starts to accelerate and the UK is one of the leaders in this arena. In 2022 £2.9 BN was invested into Cleantech, with energy and environmental solutions being top of the list. The forecast for the UK is that the impact of climate change will be hotter summers and greater rainfall overall, meaning that for large parts of the country, flooding could end up becoming a real problem. Cleantech which can help with these kinds of problems will get investment which will lead to jobs. Indeed, across every industry, technology companies are emerging to disrupt incumbents which is having a profound impact on the labour market.
As for what’s next? To answer that question, we have produced a detailed report, profiling by industry and region, the key changes we have seen and give our perspective of segments to watch, how skills in demand are changing, along with spotlighting the businesses which have bucked the trend to be the busiest in their area. We are releasing the findings at an exclusive event, hosted by UHY Hacker Young, at their offices in London on February 13. Delegates will also get their own copy of the full length report to take away with them. So if you would like to come down, do register, on the link below:
The data referenced above has been sourced from Vacancy Analytics, a cutting-edge Business Intelligence tool that tracks recruitment industry trends and identifies emerging hotspots. With 17 years of experience, we have a deep understanding of market activities in the UK and globally.
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