The UK tech industry is now valued at $1tn (£764bn), an impressive milestone that has previously only been hit by the US and China.

The figures, which combine the valuations of the UK’s public and private technology companies, put the value of the UK tech industry at more than double that of Germany and almost five times larger than France and Sweden.

In 2018, the UK tech ecosystem was valued at $446bn. But a surge between 2020 and 2021 – accelerated by rapid digital transformation during the pandemic – helped propel the UK tech industry by 42% towards the $1tn milestone.

The country is now home to 13 decacorns – companies valued at $10bn or more. There are also 14 unicorns valued between $5bn and $10bn, suggesting there will be more decacorns arriving on the scene in the coming years.

Among them are fintech company Revolut, data centre firm Global Switch and semiconductor company Arm, which is currently preparing for a likely US IPO following its abandoned merger with Nvidia.

The latest figures cement the UK’s position as one of the world’s leading tech hubs. It was revealed earlier this year that UK tech companies made up 38% of the combined valuation of European unicorns in 2021 – the highest percentage across the continent.