As we enter the final quarter of 2024, the tech and digital landscape in the UK continues to evolve rapidly. Our Q4 Market Update brings together key insights, trends, and analysis to help you navigate this complex environment and ensure your business stays ahead of the curve.
This report covers three crucial areas. First, we provide a deep dive into the current employment climate, with expert insights from the Recruitment and Employment Confederation (REC) and S&P Global. While employment remains steady, rising business confidence and falling borrowing costs are supporting a slow recovery in the labour market. You'll also find analysis on how pay growth is starting to slow, offering hope for stable interest rates in the near future.
Next, we look at the UK’s technology sector, which continues to show resilience, particularly in Computing & IT services, experiencing faster growth than any other sub-sector. Investment in AI is booming, with £2.1bn already raised in 2024 alone, putting the industry on track for an all-time high by the year’s end. Greater Manchester is also highlighted as it cements its status as a leading European tech hub, with investment in local companies topping £500m last year.
Lastly, the report delves into the ongoing talent shortage, a key challenge across industries, especially in tech. We explore the root causes, from underfunding in education to a drop in international talent and offer solutions for overcoming these challenges. One notable strategy is the Build Operate Transfer (BOT) model, which allows businesses to build capabilities and scale quickly, even amidst a talent crunch.
With insights tailored to the ever-changing landscape of the tech and digital sectors, this report will equip you with the knowledge and strategies to succeed in Q4 and beyond.
