2020 is transforming the entire world, and we can’t help but note the effect on the IT industry. Today, we’ll explain the situation in the IT-sphere in 2020. Specifically, we’ll share how COVID-19 is affecting the software development industry, will give you some advice on how to come into the IT market, and will provide a prediction for the upcoming year.
We’ll begin by analyzing the IT industry in order to understand the circumstances in this market and find the hottest niches in 2020.
IT industry overview
The global IT market is on target to reach $5.2 trillion in 2020. The industry’s enormity is the result of many developments we address in this article. Economies, occupations, and personal lives are becoming increasingly interactive, linked, and automated. We’re entering the latest stage of growth thanks to the volume of developments that both accounts add to modernization.
As the new decade begins, the economy is more global and businesses more digital than ever. Moving forward, technology will remain a fast-growing industry, with companies relying less on cost-cutting and more on creativity.
The world’s largest technology market is the United States. The US technology sector is the largest in the US economy and represents 33% of the global technology market share. As indicated by IDC, 66% of technology spending globally comes from businesses and government agencies outside the US.
Western Europe is a significant supporter of the global technology market, and China is responsible for a significant part of the robotics, framework, programming, and administration markets.
What are the technology trends in 2020?
When you want to estimate a cost to create a mobile app that catches your target audience’s attention, you need to study the most important trends and constantly follow them to keep your app up to date.
Cloud security
Cloud security issues are rising with the growing demand for cloud applications and services as well as for hybrid cloud solutions. These issues are further compounded by the continued increase in cyber attacks and data violations.
The need for cloud-based security solutions in many sectors, especially in highly controlled ones such as finance and government, will continue to grow. This will generate more opportunities for companies, businesspeople, and investors.
Smart technology
Thanks to the various interconnected tools that make our lives simpler, homes are becoming smarter. Alexa and other supplementary services have proven extremely useful, making homes healthier and more functional.
The year of 5G
Following its lackluster first appearance in 2019, the highly anticipated 5G technology will see far more significant development in 2020. Manufacturers are expected to sell hundreds of millions of 5G smartphones in 2020. New 5G networks can offer dramatically higher speeds and incredible network capacity, extending companies’ financial resources.
5G networks will support billions of connected devices across many industries, allowing for IoT, artificial intelligence, and virtual reality technologies. They will also begin a new era of autonomous vehicles, smart cities, and fully connected societies, opening new frontiers and establishing a dynamic global marketplace through unified technologies.
Edge computing
Edge computing isn’t a modern phenomenon, as it’s been in use for years. However, the opportunities for value creation that it represents across industries are huge. With the introduction of new networking technology such as 5G, 2020 is projected to be a very significant year for edge computing.
Cybersecurity
The cybersecurity risks that people face are only growing with the rise of new mediums and technologies. Over the last few years, cybersecurity has needed to evolve widely, primarily to keep in line with the developments we’re witnessing. Industries around the world now recognize the importance of investing in cybersecurity, which is why the sector is experiencing such rapid growth.
IoT
The Internet of Things refers to a system of physical objects linked by a common network through which they can be controlled. With IoT devices, we can regulate everything inside our homes. More and more organizations are finding that this is really the path to the future and that it’s technically achievable.
What is the future of the IT industry?
The IT industry is growing up. The huge number of developments listed above make this field important to all other sectors and markets.
If the global economy remains strong and stable and businesses take the next step in implementing their development plans, it makes sense for IT professionals to feel optimistic about their prospects. That seems to be the case, overall.
There’s also currently a feeling that the relevance of technology for businesses makes technology more important than ever for a company’s processes and empowers IT to play a part in organizational development.
Businesses face the challenge of hiring a wide variety of experts and are usually searching for applicants with experience. Hiring firms generally target specialists early in their careers (with 3 to 5 years of experience) or with intermediate experience (6 to 10 years) in all four fields of IT: field 1, field 2, field 3, and field 4.
That makes sense in the fields of technology and product creation, where businesses have already developed a competence hierarchy over time. Cybersecurity is more complicated, however.
Now that these are separate tasks, developing a pipeline for mature talent is complicated. Entry-level jobs are expected to grow with time, but businesses may continue to consider new avenues to meet their needs for now.
Final thoughts
The IT market is witnessing dramatic shifts today that are impacting companies’ operating structures, the economic environment, consumer styles, sales trends, mergers and acquisitions, and more.
In the cloud age, what once was a relatively stable collection of technology products within a channel provider’s portfolio has turned into various opportunities for software as a service (SaaS) apps, data processing platforms, and a host of emerging innovations. This is a far cry from traditional hardware sales. Integration measures and security concerns have increased as a result of this change, rendering the system more complex.
But with challenges come opportunities. In 2020, companies should invest in acquiring new skills, extend their business presence to new markets and verticals, collaborate with future rivals, and learn emerging technologies. This means coming out of their comfort zones.
You already know the most useful information concerning the IT industry in 2020. Hopefully knowing this allows you to place a relevant product on the market or update your existing product according to trends in the IT-sphere.
