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Report Confirms Wales is Market Leader and Innovator in Technology

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The latest Tech Nation report underlines the fact Wales is now an established market leader and innovator in technology, home to both a burgeoning number of start-ups and established giants of fin-tech like Go Compare.

The Tech Nation 2018 Report is part of a groundbreaking annual series that captures the strength, depth and breadth of digital tech activity in the UK. The first Tech Nation report was published in 2015 to help develop an understanding of the vibrant digital tech landscape in the UK.

  • Cardiff has 21,508 digital tech jobs v UK average of 4,596
  • Cardiff has a digital tech sector turnover of £641m – which is £138,000 per employee
  • Cardiff saw 78 new digital tech business births (2016)
  • Bad transport is named as one of the top three challenges
  • The race is on to become Wales’s first tech unicorn, with Wealthify, DevOpsGuys and AMPLYFI all having raised significant funding
  • The Coworking Collection, an initiative to support the tech and creative sectors, now has 247 companies and 552 people working in its shared space
  • Cardiff’s tremendous digital tech support takes the form of investment, funding a budding community across all aspects of tech. Digital tech support in the city is growing, with new offers, such as the Development Bank of Wales
  • The launches of Cyber Wales and Tech Wales have brought together businesses with universities and public sector bodies to tackle the major challenges facing industry and to promote Wales’s tech capability both nationally and internationally.
  • Some of Wales’ largest co-working spaces have launched the Coworking Collective, to support the growth of the Welsh tech and creative sectors. Its founding spaces are Hwyl Hub, Rabble Studio, The Sustainable Studio, Tramshed Tech and Welsh ICE. Combined, they are home to 247 companies and 552 people.
  • Tech expanding 2.6x faster than the rest of the UK economy
  • Digital tech sector worth nearly £184bn to UK economy, up from £170bn in 2016
  • The UK’s Silicon Suburbs and tech towns are booming with 16 towns showing a higher proportion of digital tech employment than the UK average
  • Diversity in digital tech on improving trend: figures show more black, Asian and ethnic minority workers employed in tech than across the UK in general (15% v 10%)
  • 72% of UK digital tech workers are over 35, in line with the whole UK workforce
  • London ranks as second most connected place for tech on planet, after Silicon Valley
  • London beats Silicon Valley when it comes to proportion of overseas customers
  • Berlin is the only other European city in the top 10 list of global ecosystems

Alun Cairns, Secretary of State for Wales, said:

“Collectively, this sector is generating more than £600 million in turnover every year which supports 4,600 jobs in Cardiff.

“Flourishing new technology companies are discovering that investors want to back them in Wales. The UK Government is committed to helping technology flourish and today’s annual snapshot points to an industry on the cusp of even faster growth.”

Sarah Edwards, Managing Director at Capital Network Solutions, one of the UK’s leading and most respected cyber security companies, said:

“‘Cardiff is a diverse and desirable place to live and work. With strong cultural, sporting and entertainment attractions and with exciting entrepreneurial spirit, Cardiff is an ideal location for our business. With strong links between business and universities, the talent pool is readily accessible and there are ever increasing business opportunities.”

Owen Derbyshire, CEO of Properr, said:

“‘Cardiff has a thriving insurance, financial and property sector – all key to our continued success. Combine that with a supportive national government, excellent entrepreneurial networks and easy access to higher education and you end up with the perfect place to set up a PropTech business.”