On the 21st of May, Immerse UK launched the Immersive Economy report in collaboration with Nesta, Innovate UK and the Knowledge Transfer Network. This research offers insight into the immersive tech industry’s diversity, scale and value. Here are the highlights.
Growth: It's Just the Beginning
There are around 1,000 immersive companies in the UK that employ about 4,500 people. They generate near to £660 million in sales, which makes up to 9% of global market share. By the end of 2018, the UK’s immersive economy may make up to £1bn of global sales revenue. The future looks bright, with 90% of companies from the survey say they feel confident about where the industry's direction.
Scale: Global & Diverse Ambitions
While 80% of the companies find their roots in the creative sector, nearly two-thirds are expanding into other sectors. If we combine similar sectors like training and education into their own category, it would overtake sectors with public visibility like media, games and advertising. From all the companies surveyed, 70% export products and services globally.
Access: Power to the People
For continued growth and scale, we need infrastructure and experienced talent. The report identifies access to skills as a major part factor in profitable immersive tech companies. The industry’s success isn’t limited to the capital - 38% of companies surveyed are based in London. Regional hubs are on the rise across the UK in cities like Belfast, Bristol, Edinburgh, Manchester, Oxford and Newcastle.
The industry is growing. We're confident about its future. As tech improves and its value matures, the UK is primed to become a global leader in immersive technologies. Government support of the sector's growth and digital skill-ups can open the doors to investment and drive innovation.
The report gives us all a voice. The 'Immersive Economy' is a sign of recognition. It's our first benchmark and one of many milestones to come. Above all, it shapes our unified vision of the industry's future.
To learn more, please read the full report on the Immerse UK website