United Kingdom is one of the world`s largest information communication technology (ICT) markets. It is the second after the United States in the ranking of Information Communication and Technology spending per head. The ICT sector is a very important aspect in the United Kingdom and due to this its market for cyber security is dealt with in a different best prospect. This article outlines the Telecommunication & Internet technology in United Kingdom bringing out the trends in the United Kingdom`s ICT sector.
First and foremost, it is important to consider how vital the Information communication and technology sector s to the economy of United Kingdom. In 2006, The UK ICT sector contributed $160 billion to the UK economy. This increased by over 20 % from 2011. The ICT sector also accounts for 5% of all UK jobs. In 2016, Imports of services by the UK CT sector were almost 25 billion dollars. This accounted for 14% of total UK service imports. Approximately, half of the imports were from the United States.
The following are some of the sub-sectors of ICT in the UK. They are the leading in the UK. They include but not limited to:
- IT, Software and Computer and Cloud Services
Around 100,000 software companies operate in the UK including major U.S. firms such as Microsoft, HP and IBM. The UK datacentre market is the largest in Europe generating new sources of demand for ICT providers. In 2016, IT, Software, Computer and Cloud Services actually contributed over $45bn to the UK economy.
- Augmented Reality and Virtual Realty
The UK government has allocated some amounts of money to some areas including virtual reality, augmented reality and mixed reality. The allocation of up to $47 million that the UK government has allocated to these areas forms part of the Government`s Industrial Strategy, which includes plan to grow artificial intelligence and data-driven economy. Currently, the UK is actually the largest market for Augmented Reality and Virtual reality in Europe.
- FinTech
The UK`s regulatory bodies, including the Financial Conduct Authority (FCA) and Bank of England are praised by industry for their open, welcoming policies that foster innovation and support cutting edge, disruptive technologies. The FCA established a Regulatory Sandbox in 2014 to support fintech innovation and will open applications to its 5th cohort in the fall of 2018. Currently, London is one of the world’s leading financial centres and a global hub for fintech innovation, advancement, and disruption
- IOT /Smart Cities
In applications within the public sector, transport, healthcare, manufacturing Industries and energy, IoT services and technology are growing very fast. In fact, IOT/smart city projects are well supported in the United Kingdom than any other place he potential of London’s smart city market alone could reach $13.4 billion by 2020. The UK government is pushing for rapid and sustainable partnerships to realize its vision for future cities. The immense growth in this initiative is creating many opportunities for U.S. companies.
These sectors show how advanced Telecommunication & Internet technology is in United Kingdom. T is important to consider that the rate at which the sector is growing in the UK is also very great and this makes it one of the companies that implement Telecommunications fully
