45,000 technology companies have been founded in the UK over the course of the last five years, the equivalent to one every hour, according to new research on the state of the industry carried out by KPMG.

The Tech Monitor report found that the number of tech-related enterprises in the UK private sector has risen by 31 per cent since 2010, roughly double the rate of all other private sectors, and the business outlook remains highly optimistic for 2016.

While Q3 2015 saw growth at its weakest for two and a half years, staff numbers have continued to expand above the average rate, with several established companies making planned expansions and growing their payrolls to support new product developments and growth in production capabilities.

The areas around London see the highest concentration of tech firms as a percentage of all businesses, with technology sector companies making up 22 per cent of all enterprises in Reading, 21 per cent in Wokingham and 19 per cent in Slough. In particular, the M4 corridor hosts three of the top five tech clusters in the country.

That said, there are strong tech industries across the country, with motor vehicle-related electronics centred in the West Midlands, industrial engineering and design in the North East and aerospace-related tech in Northern Ireland.

“Since the end of the financial crisis, we have seen a UK tech sector that has delivered six years of continuous growth and created jobs at a faster and higher rate than the rest of the UK economy,” said Tudor Aw, technology sector head for KPMG. “It is important, however, that more be done to help ensure the continued growth of the sector, particularly around STEM subject education, regulatory and fiscal conditions, and last but not least, profile within the media to highlight the importance and success of the sector.”