The safety tech sector is expected to be worth £1bn by the mid-2020s, according to a new government analysis.
In an independent report on the sector, published by the science and tech department, it was revealed that the safety tech industry has grown significantly in the past year.
The report estimated that the total sector revenue for the most recent financial year reached £456m, an increase of £75m since the year before.
Because of this growth, the report estimated that the sector is on track to hit £1bn in annual revenues within the next three years, based on its average compound annual growth rate.
There are currently 3,300 full-time employees in the sector, an increase of 16% from the year prior, the report found....