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IT contractors will be interested to hear that the number of IT companies in the UK has grown by 15,000 in the last 12 months.

Research from NoPalaver Group has revealed that the number of IT companies in the UK has risen from 306,000 in 2013, to 321,000 in 2014.

The reason behind this is thought to be due to the boom in ‘app’ and ‘FinTech’ companies driving business creation.

According to NoPalaver Group, Google has estimated that the contribution of the UK ‘app economy’ is £4 billion, with this figure expected to rise to £31 billion by 2025.

The UK’s ‘app economy’ is centered around London’s ‘Silicon Roundabout’, home to many household names and influential start-ups, such as King Digital, the creators of Candy Crush, which recently announced quarterly revenues of $496 million

Amazon has also announced plans to open a major office in the area next year, which will create over 5,000 new job opportunities.

The report has also confirmed that one of the major drivers of growth in the ‘app economy’ is ‘FinTech’ applications, which enable financial services companies to provide their expertise and services to customers through an increased use of technology; lowering operating costs without impacting on service provision.

Graham Jenner, Director at NoPalaver, commented on the findings, “The UK, particularly London, continues to prove itself a breeding ground for technological innovation and offers attractive investment opportunities.

“Alongside the boom in consumer and retail apps, technological innovation is currently bringing the biggest shake-up to financial services since the launch of online banking. This is an area where London has a massive headstart against any European rivals thanks to the close links – both physically and professionally – with the City, which means that app entrepreneurs are exceptionally in tune with the financial services market.”

Simon Dolan is the Sales & Marketing Manager for Contractor Umbrella Ltd, one of the UK’s Most Respected Umbrella Companies and founder member of AllUmbrellaCompaniesAreEqual.
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