Insider insights from UKTN’s Wales tech report 2024


Building on its industrial legacy, Wales is emerging as a global hub for innovation. It is home to significant tech clusters in compound semiconductors, insurtech, health tech and cybersecurity with established companies, new startups and world-leading universities helping to grow these specialisms.

Last year was a boom in startup creation – more than 20,500 Welsh startups launched, an increase of almost 14% on the previous year’s new businesses. Alongside the country’s relatively high rate of five-year business survival (39%), stakeholders believe we could soon see significant milestones for the sector, including the first Welsh unicorn company.

Our new report, available for free, presents an overview of the Welsh tech ecosystem and explores the factors affecting tech and business growth. Featuring input from Welsh tech companies, investors and key stakeholders, the research reflects the views and experiences on the ground.

– In this report, you can find:

– The startups and scaleups to watch in Wales

– The strengths, challenges and opportunities in the Welsh tech sector

– Analysis collected from the key players in Wales’ tech sector

– A look at what’s next for the Welsh ecosystem

You can read the full interactive report in your web browser or download the Pdf for free here.

The Wales tech report is sponsored by KPMG and Development Bank of Wales, and supported by Tramshed Tech and Cyber Innovation Hub.

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