Top Trends
Continuing growth despite pandemic Optimism levels remain high with 75% of survey respondents either very optimistic or optimistic about the next 12 months despite the impact of the COVID-19 pandemic. Scotland’s tech sector remained resilient in 2020 with 44% of survey participants increasing their sales and 40% increasing their profit margins, despite the ongoing coronavirus pandemic. Engagement in international markets has increased yet again with 60% of respondents reporting they are already exporting (up from 59%) and another 23% have plans to do so in the future. The top three current export markets remain the same as in previous years, the Rest of the UK (RUK), Europe, and North America. Europe was still leading the ranking in 2020 (66%), ahead of RUK (63%) and the US (62%). This is a drop of 7% for Europe compared to 2019. RUK is seen as the most attractive market for 2021 with 72%, followed by North America (66%) and Europe (64%). The impact of Brexit and the ongoing coronavirus pandemic seems to have focused the sector to more local customers and suppliers.
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