New data reveals that Leeds companies working in the technology sector are growing at a rate of more than double the national average.

The study by Leeds Digital Festival and The Data City examined data from 5.3m companies. It found that Leeds’ tech firms are growing 125% faster than the national average. Businesses classified in the tech RTIC (Real-Time Industry Classifications) category report an annual growth rate of 3.6% compared with 1.6%.

 

Further analysis of the data also highlights that micro, small, and medium-sized enterprises in the tech RTICs dominate the sector in terms of volume within the Net Zero, agency market, and life sciences sectors, experiencing an estimated annual growth rate of 5.8%.

The software development sector in Leeds is also growing at an impressive annual rate of 20%, outpacing the national average (13.8%), showcasing the city’s strength in this field. The agency market (11.3%) and cyber (11%) are the other key top tech based RTICs growing and leading the change in Leeds.

 

With less than eight weeks to go until the 2024 Leeds Digital Festival gets underway, organisers are anticipating the biggest and best event in the Festival’s nine-year history. Leeds Digital Festival is the UK’s largest open platform tech event and the biggest outside London.

The Festival is designed to inspire and encourage collaboration with the aim of promoting the strength of the sector in the city to a global audience

 

Stuart Clarke MBE, festival director, said: “The economic growth figures show that Leeds’ is taking giant steps forward in terms of leading the way in innovation, enterprise and delivery of emerging tech on a regional, national and international level.

“The Digital Festival is a positive celebration of this, harnessing the Leeds tech ecosystem’s unique collaborative spirit that is helping it to grow faster than larger cities across the UK. Since the first one in 2016, the Festival has gone from strength to strength, growing in both scale and visibility each year. What began as a few big ideas from tech organisers within the city – backed by the local tech community and a small grant – has evolved into the UK’s largest open-platform celebration of all things tech and digital, outside of London.”

 

Rich McIntyre, chief engineer at BJSS, commented: “The tech community in Leeds is developing rapidly, creating a strong legacy and an exciting roadmap for the future. Leeds’ booming tech performance can be attributed to the dynamic digital sector in the city, the emergence of numerous pioneering companies and the continued influence of Leeds Digital Festival, which brings the whole community together, encouraging a collaborative approach, inspiring and attracting future talent and driving commercial success.”

 

The Data City platform provides real-time company data on emerging economic sectors. It uses AI technology to gather data from various sources, including open data sets and company financials. Comprising a database of over 5.3 million UK companies and over 400 RTICs.

 

Commenting on the study, Alex Craven, CEO of The Data City, said: “We are growing a global business data and insight company from headquarters in Leeds. It’s a city with a can-do attitude and a depth of talent that can support high-growth tech companies.”

 

The Festival is supported by premier sponsors BJSS and PEXA, alongside executive sponsors Accenture, DWP Digital, Glean, Lloyds Bank, Nexus University of Leeds, and Flutter, plus launch sponsors Leeds Building Society.

 

For more information on Leeds Digital Festival, visit https://leedsdigitalfestival.org/