A scarcity of IT developers globally, and their misuse in the business setting, could knock €7.7bn from Irish GDP over the next decade, payments technology firm Stripe has warned.

Research commissioned by the company, which was founded by Limerick brothers John and Patrick Collison, also found that business and tech leaders see access to developer talent as the biggest constraint to growth.

Underlining this, the report found that access to developers is now more of an impediment to expansion than access to capital.

The findings are based on a survey carried out with 1,000 developers and 1,000 top level executives in the UK, US, Germany, Singapore and France and was carried out on Stripe's behalf by Harris Poll.

In total, the authors estimate more than €2.5 trillion could be knocked off global economic growth over the coming ten years by poor use of developer time.

Four out of every five of those surveyed found that using in-house developers is a more effective use of resources than hiring in consultants from outside the business.

However, 17 hours a week is spent by developers doing maintenance and infrastructure jobs, not coding and developing.

Outdated technology is also holding developers back in half the businesses surveyed, the study found.