United Kingdom (UK) ICT Market Size and Forecast (by IT Solution Area, Size Band and Vertical) to 2027
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United Kingdom ICT Market Overview
The United Kingdom ICT market was valued at US$ 152.55 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 10.24% to reach a value of US$ 248.36 billion by 2027. The cumulative revenue generation for ICT providers in the United Kingdom is estimated at US$ 1,165.21 billion for 2022-2027.
United Kingdom ICT Market Outlook, 2022-2027 (in US$ Billion)
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The ‘United Kingdom ICT Market’ opportunity forecast report provides the total addressable market for ICT products/services in United Kingdom from 2019 to 2027.
Market Size (2022) | US$ 152.55 billion |
Market Size (2027) | US$ 248.36 billion |
CAGR (2022-2027) | 10.24% |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) · Storage (7 Products/Services) |
Key Verticals | · Communication
· Construction · Consumer Goods · Education · Energy · Financial Markets · Foodservice · Government · Healthcare · Information Technology · Insurance · Manufacturing · Media · Medical Devices · Mining · Others · Pharmaceuticals · Retail · Retail Banking · Transport and Logistics · Travel and Leisure · Utilities |
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United Kingdom ICT Market Segmentation by Vertical
In terms of vertical end-use segments, the manufacturing sector held the highest market share of 7.1% in 2022, followed by the Retail sector. The Pharmaceuticals sector is expected to be the fastest-growing segment, at an estimated CAGR of 12.87%, during the forecast period.
United Kingdom ICT Market Share by Verticals, 2022 (%)
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Scope
This product provides revenue opportunity forecasts for ICT products/services in United Kingdom from 2019 to 2027, spanning 18 IT Solutions and 133 products/services. The details of the IT solutions and the corresponding products/services have been provided. The forecast data has been provided for 5 employee size bands.
Key Highlights
- The ICT market in United Kingdom is expected to grow at a CAGR of 24% over the forecast period.
- The country’s top three product/service categories – IoT Services, IoT Software and SaaS.
- IoT Services is expected to be the leading ICT product/service segment in United Kingdom during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of the ICT market in United Kingdom.
- Identify the fastest-growing products/services within the United Kingdom ICT market.
- Determine the most lucrative vertical for ICT in United Kingdom, considering their current contribution to the overall United Kingdom ICT market and their expected input toward the growth of the market over the next 5 years.
- Identify products/services that would contribute toward the growth of the ICT market in United Kingdom over the next 5 years.
- Get a thorough, forward-looking analysis of United Kingdom ICT trends and key opportunities in a concise format to build proactive and profitable growth strategies.
Frequently asked questions
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What was the United Kingdom ICT market size in 2022?
The United Kingdom ICT market size was estimated at US$ 152.55 billion in 2022 and is expected to reach US$ 163.59 billion in 2023.
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What will the United Kingdom ICT market growth be by 2027?
The United Kingdom ICT market is expected to grow at a compound annual growth rate of 10.24% over the forecast period, to reach US$ 248.36 billion by 2027.
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Which industry vertical led the United Kingdom ICT market in 2022?
The manufacturing sector was the largest United Kingdom ICT vertical with 7.1% market share in 2022.
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Which type of products/service led the ICT market in United Kingdom in 2022?
The IoT Services segment dominated the United Kingdom ICT market in 2022 with a revenue share of more than 5.9%.
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