Top 5 Trends in Information Technology Industry
New technologies have the power to disrupt and bring in notable changes in various industries, especially in those which are heavily IT-dependent. Owing to such dynamism, we witness exponential trends in the IT industry. The rate of evolution is so fast-paced that even the predictions can lag and look out-dated.
As economies, information, jobs and lifestyle are becoming more automated and digital, the Global IT industry is growing and is estimated to reach $5.2 trillion at the end of this year. In the United States-the biggest tech market in the world- as well as in other nations, the information technology sector constitutes a vital share of the overall economic activities.
In this article, we will look at the top 5 trends in the Information Technology sector that will define the future and learn what kinds of opportunities lay ahead of us.
Importance of Information Technology
The world was changed forever after the invention of the computer. Typing, clicking and sharing have become more than a habit for many individuals and businesses. To run smoothly and more efficiently, businesses use information technology. It is now catering to the needs of many departments including manufacturing, finance, security and human resources. Online purchases have become faster and easier without jeopardising the security of the transactions (scope of fraud seeps in everywhere, so always take precautions).
The ability to adapt and view changes have become possible due to the use of information technology. Online shopping, Digital marketing, Social Networking, VOIP (Voice Over Internet Protocol) communication and other similar IT innovations have created revolutionary changes in businesses and beyond.
With so much improvement happening, the education sector has also changed, preparing students and professionals for a more IT-based future. Education is reaching students in newer ways and forms, fostering leadership, problem-solving, planning, self-management and adaptability.
Chances to excel have even reached those who have access to limited resources. New advances in the IT sector have laid the foundation for better healthcare facilities and services. There are jobs that we do not even know would exist in the coming years, all because of the rapidness of growth happening in this sector.
Top 5 Future IT Industry Trends
Globalization, together with the Fourth Industrial Revolution, represent the benchmark of growth, leading the world’s trajectory and the societal prosperity of civilians. With no past precedent, digital technologies have been touching everything with speeding breakthroughs. Let us look at the top 5 Future Information Technology Trends:
Artificial Intelligence (AI)
Despite being in its early stage, AI has become a global hot topic globally. Artificial Intelligence mimics human intelligence but in a more amplified manner. Intelligent computer systems are now performing tasks at a faster and more accurate way. As per the reports published by Next Move Strategy Consulting, the Global Explainable AI Market size was estimated at USD 3.55 billion in 2019 and is predicted to reach USD 21.78 billion by 2030 with a CAGR of 19.9% from 2020-2030.
AI programmed computers are inbuilt with traits such as reasoning, problem-solving, ability to manage, perception, planning, learning and knowledge. We are using AI in various forms: smart home devices, home-personal assistants, smartphone assistants, streaming services, navigation apps and a lot more. This branch of computer science involves specific and highly technical research and has become an integral element of the IT industry.
Virtual Reality and Augmented Reality
The word augment means to enhance or add something. Augmented Reality (AR) intensifies the user experience of the natural world through sounds, graphics and touch feedback. The Pokémon Go, a popular 2016 mobile game, was an example of augmented reality. On the other hand, Virtual Reality (VR) is more immersive and absorbs the user in a new environment, shutting out the real physical world. VR is now moving beyond the gaming sphere and is being used for training purposes too.
Both AR and VR are expanding their presence in the region of entertainment, marketing, training and even education. Major players like Oculus, Samsung, Sony, Facebook, and Google are working on big ambitious projects. According to the reports published by Next Move Strategy Consulting, the Global Augmented Reality and Virtual Reality Headset Market size will touch the value of USD 997.48 billion by 2030.
Machine learning, a subset of AI, was popularized by Arthur Samuel in 1959. In this field of computer science, machines are programmed to learn things on their own. They recognise patterns and collect insights from data and over time their performance improves. With no explicit or detailed programming, machine learning examines and develops algorithms following which it learns and makes relevant predictions.
Machine Learning is expanding in all types of industries and has created a high demand for skilled professionals. Enterprises are understanding their users in-depth, tailoring product development and market drives accordingly by collecting user data and associating it with their responses. For placing appropriate advertisements, Google uses machine learning. Uber also deploys machine learning for pairing riders and drivers.
The increasing number of cyber-attacks on the digital ecosystem of the corporate sector, SMEs, large enterprises and other industry verticals; along with the increasing cases of phishing activities, affects adversely on organizational reputation and reduce customer base. Due to this threat, cybersecurity has emerged as a critical component in the IT sector. Companies are making heavy investments to enhance security and protect data from malicious hackers.
Security has become a functional necessity as businesses cannot lose the trust of their stakeholders. Moreover, the cybersecurity market will experience massive growth due to AI technologies and advancements in IoT (Internet of Things). Some of the top companies in the cybersecurity market are Intel Security, IBM Corporation, Symantec Corporation, Rapid7 Inc., FireEye Inc. and Dell Technologies Inc.
5G's speed has outpaced the performance and speed of previous networks. It's set to give leverage to businesses to embrace and adapt to the latest technologies. The 5th Generation digital cellular network promises more reliable connectivity, faster downloads, smoother streaming, higher-quality voice and video calls. According to the reports published by Next Move Strategy Consulting, the Global 5G Technology Market size has been valued at USD 5.53 billion in 2020 and shall witness an elevation of USD 620.72 billion by 2030, with a growing CAGR of 58.6% from 2020-2030.
Increased use of digital gadgets and smart-phones will boost 5G's market growth. Technological advancements and infrastructure developments will further inflate the 5G technology market. Some of the main market players in the highly competitive landscape are Samsung, Nokia Siemens Networks, Ericsson, Huawei Technologies Co. Ltd., and BMW Group Research and Technology.
So, What's Next?
Technologies surround us and are not disappearing any time soon. The ability to adapt to the emerging and evolving technologies will determine the success of industries to a great extent. The top trends discussed above offer bright career potential at present and for the future. To firmly position themselves for success, enterprises and individuals are getting on board at the initial stages of these technologies.
As elements of technology are interrelated, we can certainly foresee more trends to unfold drastically, making it hard and challenging to keep up. It will be exciting to see how industries will blend and rebuild their business strategies. But only time will tell which IT-industry trend will make the biggest impact.
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