IT and tech suppliers to the UK public sector with the fastest-growing revenues increased incomes by an average of 1.8x and £3.8m each between 2023 and 2025. The fastest-growing companies were in the defence sector, with one company – SRC UK – growing revenue by 16x across the period.
Those are some of the findings of public sector IT research specialist Tussell in its annual Tech200 report on the fastest-growing tech suppliers to the public sector.
The report also found suppliers in the categories of “IT services” and “digital transformation” were best represented in the 200-supplier list. After defence, education was the sector where the fastest-growing public sector suppliers were found.
Most suppliers (69%) in the Tech200 were UK-based, with US suppliers forming a significant runner up (13%). US companies saw better revenue growth than UK companies, however.
Tussell’s Tech200 is an annually produced list of the fastest-growing technology suppliers to the UK public sector based on revenue growth between fiscal years 2023-24 and 2024-25. It is produced by Tussell in collaboration with The Data City. Companies included must receive at least £250,000 in UK public selector revenue during the first fiscal year covered.
Headline figures for those included in the Tech200 include an average revenue growth of 1.8x and £3.8m. More than half of the Tech200 are small and medium-sized enterprises (SMEs).
The highest rank in terms of growth was led by US-based defence sector specialist SRC UK, with a revenue increase of more than 16x. It specialises in data services and analytics, and underwent a spike in business with the Ministry of Defence during the period in question.
The highest-growing non-SME was UK-based Roc Technologies, which came in second place. Roc Technologies specialises in digital transformation, and grew revenues by more than 10x based on a surge in spending from UK universities.
The largest number of suppliers – 41 of them – that made it to the Tech200 were categorised by Tussell as IT services suppliers. After that, 32 were categorised as suppliers in digital transformation and consulting, 28 in software and systems, followed by 22 in health tech, 14 in transport and 12 in cyber security.
The sector with the highest growth was defence and space – which included the best performing company on the list, SRC, mentioned above – with average sector revenue growth of just over 5x. Next was educational technology, with around 2.7x revenue growth. Artificial intelligence (AI) and robotics saw growth among Tech200 companies of 2.5x, while cyber security logged just under 2.5x.
Out-and-out AI companies only make up a small showing on the Tech200 list, with Tussell believing this reflects its findings that most AI services are currently delivered by major IT and tech providers rather than small specialist firms.
UK-based companies
The majority of companies on the Tech200 list are UK-based – 139 of them – with US-based suppliers next (26). After that come Australia (8), India (5) and Germany (4).
US suppliers underwent significantly higher revenue growth – 2.5x – than UK companies with growth of 1.7x.
Only 10 of those included in the Tech200 list of companies with fastest revenue growth are to be found in Tussell’s Tech Titans, which are the 150 biggest technology suppliers to the UK public sector. HPE had growth during the period of 2.8x, but the rest – which included MRI Software, Tata, JISC and Advania – exhibited growth at the lower end of the scale, in the range 0.8x.
Of those, top spot for revenue in 2024-25 was education sector specialist Jisc, whose income was £137.5m in that financial year. At a growth rate of around 0.8x on the year before that was a near doubling of revenue.
The second-biggest revenue earner in the Tech200 was HPE, with income of £101.5m.
