By Raj Vardhman | February 21, 2020 | 0 Comments

Technology Industry Overview, Trends & Growth Statistics

Every day there are so many innovations and developments in the technology industry that it has become hard to keep track of everything.
Unless you’ve been living under a rock for the last few years, I’m sure you’ll relate!
Now:
Information technology (IT) is a common term, but only a few people know the meaning. It can be defined as the use of computing services through software, infrastructure, and hardware to store, create, leverage, and exchange information to reach any objective or goal. 
Did you know that the were about 7.4 million people working in the IT industry in the US already in 1998?
This number has grown exponentially since then as the industry has blossomed.
Let’s see what the stats have to say.

Key Technology Industry Facts and Trends (Editor’s Pick)

  • The infrastructure for 5G technology in 2019 will cost about $2.3 billion.
  • Visual content is 40x more likely to be shared than any other content on social media.
  • The export of US tech goods and services reached about $322 billion in 2017.
  • About 80% of professionals use text messages in their business dealings.
  • More than 90,000 websites get hacked daily.
  • The number of devices connected to the internet will be about 50 billion in 2020.
  • The global mobile penetration is 67%.

Technology Industry Overview

1. In 2020, 100 million customers will be spending on augmented reality (AR).

(Gartner)
Retailers and product marketers are introducing AR technologies to improve their shopping experience. Marketers are creating AR apps mainly for smartphones; head-mounted displays (HMDs) will remain AR’s niche market. The prediction is that by 2020, the augmented reality market would have grown to hold a massive 100 million customers.

2. The daily mentions of robots concerning jobs have increased by 70% year over year.

(cmo)
The effect of automation and robotics is a hot topic. But contrary to popular belief, technology industry trends show that many people are talking about how machines help them do their work instead of taking jobs away. Online references to automation have doubled yearly, while daily mentions increased by a mind-blowing 70% between 2016 to 2017.

3. About 50 billion devices will be connected to the internet in 2020.

(The Motley Fool)
The Internet of Things (IoT) now links millions of devices that were previously unconnected to the Web. This has allowed us to track and analyze data like never before. The technology sector growth shows that the number of internet-connected devices will soon hit 50 billion, which will lead to about $19 trillion in cost savings and gains in the next ten years.

4. 72% of business executives believe artificial intelligence is going to be a business advantage to them in the future.

(PWC)
Due to the instability of the business world and the constant disruption, better management techniques are required that are more efficient than what we previously used. While looking at the technology sector outlook, it is important to consider artificial intelligence, as it can help to make processes better optimized in organizations. Nearly three-quarters of business executives in the world agree with this.

5. Machines are predicted to match human abilities over the next five years.

(Business Insider)
An artificial intelligence expert has said he believes machines could match human abilities in just over five years. He believes so because most heavy-duty artificial intelligence machines are a lot smaller (fewer synapses) when compared to the human brain.

6. 31% of business executives believe virtual assistants will have the largest effect on their business.

(Tavant)
In the future, artificial intelligence would have a large impact on businesses. This is because most executives (31%) believe that in the technology industry, the AI solution that will have the biggest effect is a virtual personal assistant. 29% of them believe automated data analysis will have an impact, and 28% of them think automated communications that involve chatbots and emails will have an impact on their businesses.

6. 55% of chief marketing officers see artificial intelligence having a bigger effect on communications and marketing than social media.

(Campaignlive)
More than half of the chief marketing officers of various companies rate AI above social media. These technology growth statistics were gotten by examining consumer attitudes and knowledge in Brazil, the US, Canada, the UK, and China. It also shows that almost 60% of them say that in the next five years to succeed, companies will need to compete in the AI space. 

7. 82% of business executives believe AI has to potential to reduce paperwork.

(PWC)
There are a lot of repetitive tasks in the workplace that take up more time than they should. This is why information technology industry trends show that the application of AI in the business place can be advantageous. Additionally, about 79% of business executives see the potential of AI in reducing scheduling tasks.

8. 20% of Google searches in the application are voice searches.

(Google)
Because of the several virtual assistants now available for people to use, voice searches are increasing. This has made people more conversational with technology and their inquiries. 20 out of every 100 Google searches are made via voice searches.

9. 19% of people use Siri for voice searches daily.

(Jodynimez)
This shows the frequency at which people make use of voice searches, and that number is poised to keep increasing. Additionally, these statistics show that software industry growth is increasing, as 37% use Siri, 23% use Cortana AI from Microsoft, and 19% use Amazon Alexa AI at least monthly.

10. The export of US tech goods and services reached about $322 billion in 2017.

(CompTIA)
A lot of money that drives the technology sector comes from exports. The US exports a lot of its technology services, which supports over 800,000 US jobs.

11. 62% of technology investment in 2020 is driven by technology end of life.

(Spiceworks)
Some factors influence technology industry growth rates and push businesses to buy new software, services or hardware and the biggest one is the end of life. Other factors that affect technology investment are refresh cycles, additional needs/growth, project needs, and end-user needs.

12. The number of unique mobile users in 2019 was up by 2% from 2018.

 (We are Social)
In specific terms, the amounts to 100 million people who started using a mobile phone. This brought the worldwide total number of mobile phone users to 5.1 billion in January 2019. This means that out of all the tech sectors, mobile phones are used by over two-thirds of the worldwide population.

13. Data recovery and protection industry is projected to grow by more than 9.7%.

(Reportlinker)
The software industry, which comprises of application and system software, is going to experience massive growth in the coming years. As the world moves towards cloud storage over other forms of storage, the storage software industry will increase by a whopping $15 billion. Software industry growth also shows that data recovery and protection – a core field in the storage software market – has the capability of increasing by over 9.7%. So, it’s necessary for businesses to keep track of these changes to know how they can affect them.

Internet and Social Media Tech Statistics 

14. 45% of the global population is on social media.

(We are Social)
The world continues to accept the tech industry growth rate of internet and social media amid controversies over confidentiality, fake news, hacking and all the other negative aspects of online life. 

As a result, global digital growth shows no sign of slowing down, with a million new people around the world coming online. This development increases the use of social media. There are now around 3.5 billion social media users, which is roughly 45% of the global population.

15. People spend an average of 2 hours, 22 minutes every day on social media.

(Digital information world)
Social media plays an important role in our daily lives. As the IT industry continues to expand, most of us have become regular social media users who spend a lot of time throughout the day surfing the various social platforms. 

16. Visual content is 40x more likely to be shared than any other content on social media.

(Business)
Video is king, and you can boost your chances of reaching people by posting visual content. Technology industry trends show that even if you understand the value of visual content sharing, you may still be totally at a loss as to which social media sites are best for your visual content. Social media has never and will never be one size fits all. Visual content works better on some sites than on others.

17. The use of ad blockers on desktop devices increased to 236 million in 2016.

(PageFair)
Information technology industry trends show that the global number of desktop and mobile phones that block ads rose to 615 million devices between December 2015 and December 2016, which represented a massive increase of 142 million. 

Within the same period, the use of mobile ad block rose by 108 million to reach 380 million active phones worldwide. Additionally, the use of desktop ad blockers increased by 34 million to cross 236 million active devices worldwide. Smartphone ad block usage is on the rise globally and has outperformed desktop usage.

18. Over 75% of North Americans have a type of regular ad blocking.

(Deloitte)
Three out of fourth people in the US and Canada have a tool for blocking ads on a regular basis. Industry trends 2018 show a much smaller proportion of these people, around 10%, block advertisements most of the time across four or more types of conventional and digital media platforms. Workers with higher income and more education are also 200-400% more likely to be heavy ad blockers.

19. More than 90,000 websites get hacked daily.

(Hosting facts)
There are a lot of websites that get hacked daily. Furthermore, information technology statistics show that out of those, about 83% use WordPress, which is the most used CMS. It has up to 22.6 million active websites and owns a 59.7% market share. 

20. More than 1,000 sensitive documents were exposed by 41% of organizations.

(Varonis)
A lot of information, documents, and files stored digitally are not protected enough, so they are open to everyone. These sensitive files or data may include health records and credit card numbers. Also, a technology industry overview shows that 21% of all folders are available to be accessed by everyone. This puts a lot of sensitive information at risk.

21. A malware attack costs a company $2.4 million on average. 

(Softwareone)
A malware attack can greatly halt the progress of a company and reduce its effectiveness. The average downtime caused by malware is 50 days. 

Key takeaway:
More companies need to invest regularly in cybersecurity to protect themselves from new malware, ransomware, and other cyber threats.

22. About 80% of professionals use text messages in their business dealings.

(eWeek)
What’s more, 15% state that more than half of their text messages are sent or received for business purposes. Close to a third of respondents said they were writing from a device other than a mobile phone. Nearly one-third of respondents also state that they receive 21-40 texts a day.

Technology Growth Statistics

23. The number of VoIP subscribers in the corporate world will get to 204.8 billion by 2020.

(Future marketing insights)
In the old days, on-premise telephony used to control company communications. With the advent and growing use of the internet, however, we will see more businesses opting for Voice Over Internet Protocol or VoIP instead of on-site contact devices. Future Marketing Insights estimates that by 2020, the number of subscribers in the corporate market segment will grow to around 204.8 billion. The IT spend by industry for VoIP will represent about US$ 86.20 billion.

24. In 2022, smartphones will be responsible for 44% of total IP traffic.

(Cisco)
Traffic on smartphones should surpass traffic on PCs. PCs accounted for 41% of total IP traffic in 2018, but that figure will drop to 19% in 2022. By then, smartphones will constitute 44% of total IP traffic, up from 18% in 2017.

25. 5G networks are projected to cover 40% of the world in 2024.

(Ericsson)
The wireless network is bigger, broader, and more comprehensive than ever as 5G enters the IT industry. In many countries, momentum is growing, with service providers accelerating their 5G rollout plans. They plan to achieve 40% population coverage and 1.5 billion 5G subscribers by 2024, making it the fastest technology ever to be rolled out on a global scale. This is powered by new, innovative solutions, reusing existing infrastructure, and the spectrum available.

IT Spending by Industry

26. The Unified Communications Market will be worth $167.1 billion in 2025.

(Grandviewresearch)
Unified Communications Systems are platforms that can integrate the VoIP system with other solutions for communication management. So, it comes as no surprise that in a couple of years, the UC market will skyrocket. Such devices are often implemented remotely, much like cloud telephony and VoIP. So you don’t have to think about storage and maintenance issues. It is for people that prefer communicating through channels such as instant messaging, social media, and email as opposed to talking over the phone.

27. The big data industry will be worth up to $77 billion by the year 2023.

(Entrepreneur)
The latest IT trend shows that big data has changed the way modern-day marketing is done over the last 10 years. Big data can help in modifying your business model for the better, especially in advertising. Reports show that businesses that use big data saw an increase in profit of about 8%, with a corresponding 10% decrease in the overall cost. The belief is that by 2023, the industry will be worth an incredible $77 billion.

28. Artificial intelligence is projected to add $15.7 trillion to the global economy by 2030.

(PWC)
IT spending by industry for artificial intelligence is estimated to keep increasing. This is because many executives know AI can change the tech industry as we know it. Aside from that, AI is also profitable. It is expected to bring in a staggering $15.7 trillion into the global economy by the next decade.

Conclusion

We can safely say the technology industry will continue to evolve in the coming years. New technology does not stay very long in this industry before being replaced by innovation. 

So, to effectively use these latest technologies, it is important to be able to think ahead. We hope these IT industry statistics will help to guide you in deciding which technology products to invest in and also to plan better.

Sources

  1. Gartner
  2. cmo
  3. The Motley fool
  4. pwc
  5. Business Insider
  6. Tavant
  7. Campaignlive
  8. pwc
  9. Google
  10. Jodynimez
  11. CompTIA
  12. Spiceworks
  13. We are social
  14. Reportlinker
  15. We are social
  16. Digital information world
  17. Business
  18. PageFair
  19. Deloitte
  20. Hosting facts
  21. Varonis
  22. Softwareone
  23. eWeek
  24. Future marketing insights
  25. Cisco
  26. Ericsson
  27. Grandviewresearch
  28. Entrepreneur
  29. pwc

Leave a Comment