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What is the Size of the Information Technology Industry?

Throughout the year, there are several events that impact the information technology industry. For instance, in the year 2020, the world suffered from an outbreak of Coronavirus Disease (COVID-19). Trade restrictions disrupted supply chains, resulting in a decline in economic activity and communication difficulties among information technology employees. Furthermore, governments worldwide imposed lockdowns to ensure public health. This disease, first identified in China’s Hubei Province, spread to Western Europe and North America.

While the US information technology industry accounts for 33% of the total global market, the rest of the world’s technology spending is almost two-thirds attributed to countries outside of the US. However, this is not a certainty. According to recent survey data, more than 30% of workers believe that their jobs will be automated in the next three years. At the same time, 78% of employees are willing to learn new skills and 38% believe that they have enough time to do so. Nevertheless, only 45% of employers trust that their workforce can adapt to the rapidly evolving environment.

The IT industry has seen a steady increase in the use of AI to improve customer experiences. Some of the fastest-growing IT segments will be in the field of artificial intelligence. It will also impact e-commerce and CRM systems, and is projected to grow to $78 billion by 2023. Meanwhile, AI-powered collaborative robots, voice search, and machine learning will all have huge market potential in the next two decades.

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