Tech firms are set to grow at four times the rate of GDP this year with experts predicting a stellar year of growth ahead.
The prediction was part of the Barclays’ Fast Growth Tech survey which canvassed owners and CEOs of UK tech firms about their expectations for the year ahead.
Those surveyed anticipate a strong year for tech with average growth levels of 11% expected during 2015 and 15% during 2016.
Over half (58%) of those surveyed expect to see their businesses grow by up to 10% over the next twelve months whilst 18% are expecting growth of between 10% and 20%.
Sean Duffy, managing director and head of Barclays’ Technology, Media and Telecoms team, said the predictions highlight the optimism and drive that currently surrounds the UK’s world-leading tech sector.
Commenting on the results of the survey Duffy said:
“The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for innovative tech businesses.
“Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive government policies and access to finance.”