The economic and social factors, new trends, and other special factors related to the future of the IT industry

Fundamentally, the process of creating, processing, storing, and exchanging electronic data and information using computers is known as information technology. The industry of Information technology consists of 3 sectors which are maintaining and manufacturing software and services, technological hardware and devices, and semiconductor and semiconductor equipment. In addition to that IT industry includes the companies that provide Internet-related services.

Here I’m planning to discuss the economic, and social factors, new trends, and other special factors related to the future of the IT industry.

Economic Factors

Factors that affect the economy which include tax rates, interest rates, wages, government activities law, and policies are known as Economic factors of an industry. These can’t be considered as the facts that directly affect an industry but still, it affects the future investment value.

According to research consultant IDC, the global IT industry is projected to reach $ 5.2 trillion by 2021, with a growth rate of 4.21%. The technology sector of many countries accounts for a significant portion of economic activities. The world’s largest technology market is owned by The United States, accounting for 32% of the total.

Western Europe makes a significant contribution to the global arena, accounting for about one-fifth of every five dollars spent on technology worldwide. Apart from the other major countries contributing to the IT industry, China plays a leading role in the global technology market and demonstrates leadership positions in emerging areas such as robotics.

The global information technology industry grows at a rate of 3.7% in 2020, according to CompTIA projects. The optimistic rise is in the range of 5.4%, while the downside is 1.9%.

When compared to recent years this indicates a narrow-forecast range, which shows Industry executives are paying comparatively high attention to unpredictable environments.

Social Factors

Another important factor influencing consumer behavior patterns in the IT industry is social factors. In particular, these are the facts that effects base culture and subculture, reference groups, and social class within the way people and groups interact with each other.

The United States, Canada, United Kingdom, Australia, France, Germany, Singapore, Spain, the Netherlands, and South Africa are the leading countries on the list that has better opportunities for IT professionals.

According to data from a global data privacy management company named Bytrust, consumer online trust will hit a three-year low in 2025.

Knowledge Workers

Knowledge is the main capital of knowledge workers. In general, to perform complex tasks using the latest technology knowledgeable workers use advanced communication skills.

A wide range of technology workers is optimistic about their IT professional roles. The rate of outlooks of 86% of IT professionals in the U.S, 81% in Canada, 75% in the UK, 82% in Australia and New Zealand, and 85% in Belgium, Netherlands, and Luxembourg are in good terms. The high demand for technical skills which can lead to strong career options is the main reason for the positive attitude towards this field.

Information technology already become an integral part of business operations with the importance of technology to business activities. So, IT professionals get to play the main role in most of the organizations that are conducting major roles in the economy.

IT professionals are finding more and more new job opportunities for future generations through new technologies such as artificial intelligence and machine learning, robotic process automation, edge computing, blockchain, and cybersecurity.

Types of Products and Services

The industrial market can be classified into 5 sections using the traditional approach. The hardware, software, and services sectors accounted for 56% of the global total, while other basic segments and telecommunications services accounted for 26%. The remaining 17% covers a wide range of emerging technologies, including drones, IoT, and many automation technologies which are not compatible with traditional approaches.

New trends and technologies

Today technology is rapidly evolving, allowing for rapid change and progress, accelerating the rate of change and eventually becoming exponential. As the COVID-19 eruption has given IT professionals an understanding that their role in the disconnected world of tomorrow will not remain the same, they tended to invent new technologies and technical methods.

Moreover, the new trend in technologies such as Artificial Intelligence and Machine Learning, Robotic Process Automation, Edge Computing, Quantum Computing, Virtual Reality and Augmented Reality, Blockchain, Internet of Things, 5G, and Cyber Security gives many valuable job opportunities that are base for evolutionary development in future.

In brief following technologies will secure the new job trends such as,

AI and machine learning:

• AI Research Scientist
• AI Engineer
• Machine Learning Engineer
• AI Architect

Robotic Process Automation (RPA):

• RPA Developer
• RPA Analyst
• RPA Architect

Edge Computing:

• Cloud Reliability Engineer
• Cloud Infrastructure Engineer
• Cloud Architect and Security Architect
• DevOps Cloud Engineer

Blockchain

• Risk Analyst
• Tech Architect
• Crypto Community Manager
• Front End Engineer

Cyber Security

• Ethical Hacker
• Malware Analyst
• Security Engineer
• Chief Security Officer

Upcoming sectors connected to the IT industry

As mentioned above, artificial intelligence and machine learning, robotic process automation, Edge computers, quantum computers, virtual reality, and development reality, blockchain, Internet of things, 5G, cybersecurity, 3D printing, cloud technology, biometric technology, and Genomics will all be closely linked to the IT field in the coming year.

• AI and machine learning

User interfaces and machine learning and gesture and speed recognition technology can increase productivity or eliminate knowledge altogether.

• Advanced robotics

With the advancement of artificial intelligence, machine vision, sensors, motors, hydraulics, and materials, the way products and services are delivered changes. There is an increase in technological skills for building, operating and maintaining advanced robots.

• Virtual and augmented reality

Goldman Sachs is betting that by 2025 the virtual and augmented reality industry will have a market of $ 80 billion. The current market is $7 billion. Major innovations in technology infrastructure will come and set up an application ecosystem for consumers and entrepreneurs alike.

• Blockchain

Blockchain is the most popular in the context of virtual currency bitcoin, but a recent report shows 64 instances of blockchain use across 200 companies for formal, secure agreements and transactions leading to commercial use.

• Internet of Things

Currently, there are more than 9 billion devices connected to the Internet, and that number is expected to grow to between 50 billion and 1 trillion in the next decade. Organizations will be tasked with monitoring and securing products, systems, devices, and even individuals.

• Genomics

Genetic engineering technology is evolving with the speed of computer processing. DNA sequencing technologies and advanced analysis improve reduce dependence on fossil fuels, and agricultural production, and increase human lifespan.

• Biometric technology

A recent survey of security professionals found that 72% of companies plan to remove traditional passwords by 2025. This will generate new authentication services for face, hand, eye, voice, and sign recognition.

• 3D printing

3D printing enables large-scale customization to dramatically reduce the cost of supply chains, which will have an estimated economic impact of $ 230 billion to $ 550 billion annually by 2025.

• Mobile Internet

Interfaces, models, sensors, and applications are evolving as mobile devices dominate the Internet connection. As per the analysis, an additional 4.3 billion people will have access to mobile connectivity by 2025.

• Cloud technology

One of the biggest phrases of the last decade influences the next. As cyber security improves, with almost all businesses that use the public cloud, IT services, and web applications can be provided across the cloud.

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Let me bring this discussion to a close. I hope to see you soon with another interesting topic.

Have a wonderful day!