While the United Kingdom economy has had tough time as a result of the COVID-19 pandemic, the technology sector has performed very well. Not only has it proved to be resilient, but 2021 saw record levels of investment and more unicorn companies (privately owned operations worth more than $1 billion) appeared than ever before. While the US still leads the world with its many global tech behemoths, the UK certainly punches above its weight. Here's the lowdown on the current biggest players.
Vodafone
Most of us have heard of Vodafone; it's hard not to notice their massive presence. The telecommunications giant has a focus on mobile services, internet broadband, television and enterprise services (eg cloud services, internet of things and more). Their services are used in a large range of industries across the United Kingdom and the world. The company is present in over 150 countries globally and, if you're interested in knowing, their market cap is a whopping £32.74 billion.
BT Group
Next on our list hardly needs an introduction! Created in 1846, BT has developed into one of the biggest telecommunication companies, offering services in over 180 countries. The group is well-known for providing broadband to the majority of the United Kingdom. Although they do offer additional services as well, including TV subscriptions, IT services, mobile services and more.
As it currently stands, their market cap is £12.25 billion. It's nowhere near Vodafone's amount, but it's still very impressive.
Aveva
Known for its role in the software application industry, Aveva makes the 3rd spot. Alongside offering commercial software solutions, the company works hard to provide digital transformation solutions in AI, extended reality, the internet of things and cloud computing.
Aveva operates in most regions around the world, with notable presence in markets such as Europe, the Americas, Africa, Asia and the Middle East. Its market cap at the moment is £9.758 billion.
Sage
Another large organisation that works within the software application industry is Sage. More than six million small and medium-sized businesses around the globe rely on the company for a range of business solutions. This includes cloud-connected and hybrid solutions, business management solutions and enterprise software. Sage's market cap stands at £6.123 billion, and this is expected to expand further in the coming years.
Auto Trader
Auto Trader started out as an automotive classified magazine back in 1975. If you're looking for a new or used car in the UK, sold by dealers and private sellers, then Auto Trader's been the place to look for nearly 50 years. The business has very successfully moved from its printed publication (ceased in 2013) to an all-online operation. Indeed, they've got so good at connecting sellers and buyers online that Auto Trader is now in 5th place when it comes to the biggest tech companies in the UK.
This marketplace allows for a huge selection of vehicles to be sold, both new and used. And with many options to choose from, finding a good deal is just around the corner. The market cap for Auto Trader is £5.316 billion.
Rightmove
The UK property market shows no sign of decline – holding its own even in the more severe days of the pandemic. Trying to buy, rent or sell a property? Then you've most likely heard of Rightmove. It holds the title of the largest online real estate marketplace. With a market cap of £4.933 billion, there's no surprise that it has ended up on our list.
Final thoughts
Tech is already at the very centre of society, helping to enhance our lives and providing new opportunities for economic growth and prosperity. As we move into the tech-fuelled Bitcoin Era, although there are unquestionably areas of concern in the UK economy, the tech sector seems well placed to prosper. Without doubt, it will become the engine of the British economy over the next few years.
Copyright 2022. Article made possible by Muve Media & Marketing.