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Since the term “information technology” was coined in 1978, the industry has witnessed a steady increase over the years. IT refers to anything related to computing technology, including internet, physical hardware, operating systems, and networks that process and distribute data.
According to the infographic below, the IT Industry continues to grow. Global IT spending is projected to rise to about $3.8 trillion in 2019, which is a 3.2% increase from an estimated expenditure of $3.7 trillion in 2018. Communication services are expected to take a large chunk of the global IT spending with projected spending for 2019 put at $1.4 trillion.
Based on a recent survey conducted by Spiceworks, 89% of companies expect their IT budget to either increase or stay the same in 2019. Furthermore, 43% of companies worldwide are satisfied with their IT budget and won’t be making any changes.
The top IT giants like Apple and Microsoft continue to pump massive amounts of money into their IT sector. Apple’s estimated IT spend in 2018 was around $17.3 billion, while Microsoft’s was about $15.9 billion.
Employment opportunities abound for people in the IT industry. Based on their median annual wages in 2017, the top three highest paid IT professionals are computer and information research scientist ($114,520), computer network architect ($104,650), and software developer ($103,650).
By 2020, the demand for database administrators is projected to increase by 31%, with an addition of 33,900 jobs in the US.
Some of the applications of IT that will play a massive role in reshaping different sectors and industries in the future include virtual reality, cloud computing, artificial intelligence, and Internet-of-Things.
Here are some interesting predictions about IT trends:
- The AI software market is projected to grow from $1.4 billion in 2016 to almost $60 billion in 2025.
- In 2018, about 3.6 billion internet users had access to cloud computing services, which is an increase from 2.4 billion people in 2013.
- The number of connected IoT devices will increase by 12% every year to reach 125 billion by 2030.
- Augmented and virtual reality market is expected to grow to about $209 billion in 2022.
- The number of 5G subscriptions is expected to reach 2.61 billion by 2025.
For other interesting IT facts and stats, check out the infographic that follows.