Connect with us
Advertise With Us


How Big Is The IT Market



Apart from being one of the biggest industries globally, the Information Technology (IT) market is becoming one of the main source of economic growth in some countries. The market keeps expanding daily on the basis of advancement in technology and better enterprise solutions.

The IT trends unfolding will do so in an environment of higher expectations; namely, for business value, security, transparency, health etc. The forthcoming opportunities in these fields are enormous, be it for business value, security, health, transparency etc.

The market is dominated by major market players such as IBM at the top, next Accenture, HPE, Microsoft, and SAP holding only 30% of market share altogether. However, the rest of the 70 percent goes to other small companies, these include established firms to small start-ups and business hubs around the globe. The IT market not only has room for companies, but there is also a place for freelancers too.

The largest region in the information technology market is Asia Pacific with 39 percent, India is a major player due to large pollution of programmers. The north of America accounts for about 27% with the USA on top while the smallest is Africa with about 2% of market play.

Below are the major trends of 2019 giving rise in today’s IT markets and creating jobs:

1. Artificial Intelligence (AI)

Existing since 1956, AI is already in general use as its application is engaging in daily activities we use it for navigation, streaming, digital personal assistants, ride-sharing, digital home assistants, and smart home devices. In some other forms of consumer use, AI is employed to schedule trains, assess business risk, predict maintenance and improve energy efficiency, among many other money-saving tasks. AI is expected to create 73 million Jobs by 2030. It has other forms such as machine learning and Robotics.

2. Blockchain

Jobs related to Blockchain are the fastest growing with the ratio of 14 jobs to one developer with an average of $130,000 in the US. The application of this technology is beyond cryptocurrencies. It can be used for data security in simple words a chain of data that cannot be altered. Blockchains are consensus-driven and there is no need for third parties to oversee or approve transactions

3. Edge Computing

As data use increases, cloud computing is experiencing shortcomings in some situation and edge computing is designed to solve this. Edge computing bypasses latency in the case of cloud computing by delivering time-sensitive data to the center of need at a more speedily interval to a remote location with limited or no connectivity. Edge computing will increase alongside IOT(internet of things ) reaching a market of $6.72billion in 2022

4.Internet of Things

The internet of things is our future today. It will help us control all the things built on Wi-Fi connectivity and connect them all together via the internet. Hence we will have our cars, homes, offices, devices and mobile phones connected and communicating via data exchange on the internet. The number of connected devices is anticipated to grow to 30 billion by the year 2020.

The combined markets of the Internet of Things (IoT) will grow to about $520B in 2021, more than double the $235B spent in 2017.                                                                                         

5. E-commerce

With the new era of online and mobile shopping E-commerce is also on the rise. It is very difficult to estimate the number of online or mobile shops globally but the figure is very huge and still growing. There are between 2 million and 3 million e-commerce companies in the world excluding China. It’s employment opportunities are on the rise with a market value of $22 trillion USD globally.

The global market for information technology is expansive and still growing. Its enterprise solutions and technological applications are unlimited. Africa still has the smallest market share and therefore have a big opportunity to break-in if the necessary skill set and infrastructure can be built. The growth of IT innovation and market in Africa will not only improve business automation and facilitate convenience it will also create jobs and raise the standard of living.





%d bloggers like this: