Financial firms’ demand boosts IT sector growth

Chris Papadopoullos
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THE UK’s IT sector is booming with the number of companies growing by 15,000 in 2014.

There were 321,000 in 2014, up from 306,000 in 2013, according to data released today by IT accountants NoPalaver.

The figure marks an annual jump of five per cent.

NoPalaver attributes the rise to “FinTech” applications and “Big Data”. FinTech applications enable financial services firms an increased use of technology and lower operating costs. Big Data refers to the area of using technology to process greater volumes of data over a shorter period of time. Both are part of the UK’s “app economy”.

 “The UK, particularly London, continues to prove itself a breeding ground for technological innovation and offers attractive investment opportunities,” said Graham Jenner, director at NoPalaver.