UK apps will generate £4 billion in revenues this year and grow by almost 10 times that figure by 2025.
A study commissioned by Google reports that the UK app industry is “booming” and will grow at a compound annual growth rate [CAGR] of 38 per cent between 2013 and 2015 before scaling down slightly to 22 per cent CAGR when measured from 2013 to 2025.
"This report shows the explosion of entrepreneurial tech talent across the UK. This is a brand new industry, rapidly expanding across the globe, and Britain is already at the forefront," said Matt Brittin, Google VP for northern and central Europe, according to The Inquirer. "From the 30,000 members of our Campus London startup incubator to the hundreds of developers attending our I/O Extended developer conference and thousands of school children benefitting from our after-school coding clubs, it's clear to us that the UK tech scene is the most exciting on the planet right now."
The numbers, which are part of Vision Mobile’s UK App Economy 2014 report, show that the boom will responsible for 30,000 new jobs over the coming 12 months and 31 per cent of the UK’s app companies are located in Greater London.
Comparing the UK’s industry to the rest of Europe shows that it accounted for over a third of the total app revenues garnered in EU28 in 2013 and is responsible for just under a fifth of all app developers in the same area.
The UK app sector as a whole is made up of some 8,000 firms with approximately 400,000 employees working for them and apart from London there are various other smaller hubs around the country including Brighton, Cambridge, Bristol and Edinburgh
Young people rule the app developer market with most under the age of 34 and the largest number, 34 per cent, are between the age of 26 and 34. Men also dominate the landscape with 92 per cent of developers whereas female developers make up just eight per cent of app developers.