Skip to main content

UK tech firms recorded positive results in 2020

technology
(Image credit: Image Credit: GaudiLab / Shutterstock)

Lockdowns in 2020 may have damaged the wider UK economy, but the year was a relative success for the tech sector. This is the conclusion of a new report from the UK Tech Cluster Group and the Institute of Coding (IoC), which claims the industry showed “signs of continued growth” last year.

Polling 800 digital technology businesses and professionals for the report, the organization found that more than four in ten businesses (42 percent) increased their revenue last year. Furthermore, almost half (46 percent) hired additional workers during the same period.

In order to achieve success, these businesses didn’t just continue their operations as usual, but adapted to the major changes brought about by the pandemic. Almost four in ten (37 percent) changed their products or services, while business and client requirements changed for more than half.

For more than a quarter (27 percent) of the businesses surveyed, sales and business development are the most important skills this year. With only four percent of employees dedicated to these areas, it’s safe to assume these skills will be in high demand going forward. The second most important role for future growth is developer, it was added.

Finding skilled workers has been a challenge in the past few years, and will probably remain difficult in 2021. Almost a quarter of those currently working in the tech sector switched over from a different industry, with 17 percent being self-taught.