UK App Economy Booming | Prepaid365

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26 June 2014

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Application development will be worth more than £30bn to the UK economy by 2025, search engine giant Google has announced.

Google’s annual UK App Economy report revealed that the industry is set to exceed £4bn in 2014 alone, with the UK becoming Europe’s biggest technology hub.

Of all app revenue in 2013, more than a third was generated by UK-based companies with 20% of all developers also based in the country.

Leading the way in the UK

Some 400,000 jobs in the sector exist in the UK, with around 8,000 companies looking to design and develop new technologies.

Of those companies, around half are based in London and the south east while Brighton, Cambridge and Birmingham are also home to start-up technology hubs.

Google revealed the report to 1,500 technology companies in London’s Tech City – also known as Silicon Roundabout.

Since the launch of Tech City in 2010 to aid digital businesses, it has grown to support more companies across the whole of the UK.

“The digital industry continues to drive the UK’s economic future, and we’re leading the way in Europe when it comes to app development,” said chair of Tech City Joanna Shields.

A rapidly expanding industry

The app industry is rapidly expanding and an estimated 30,000 new jobs are expected to be created during the next 12 months.

Some 83% of those currently in the sector also had no formal training, highlighting the creative nature of the industry.

Apps in the UK cater for a number of different aspects of life – from financial management to supplying up-to-date news and sports scores.

Gaming apps and others to help with organisational processes are also very popular, while there is seemingly no end to the number of niches that can be exploited.

Developing money management skills

Banking and money management apps are particularly popular following the recent economic downturn as people look to keep a lid on their finances.

As well as applications to help with the process, an alternative option could involve using a prepaid card to manage spending.

A prepaid card limits spending to the amount on the card at any given moment and is not directly linked to a bank account, making funds safer.

The cards can easily be topped up or replaced if required, while accounts can be checked regularly online if needed.

Many cards also carry security features and they can be used in a similar way to debit cards at many ATMs across the world – provided funds are on the card.

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