Given the rising costs of living and other challenges of managing the workforce, one shared goal is to improve operational efficiency through machine learning and artificial intelligence within businesses. In line with that, roughly $47 billion was invested during 2022 for building safe architecture to protect cloud-based data from cyber breaches.Īlso read: 10 Best Financial and Fintech ETFs To BuyĪccording to Forbes, there are a few major trends in the tech industry. As the industry looks set for yet another wave of digital transformation, there is a heightened need for security and safety for data management. Meanwhile, the job postings increased by 29% for developers between 20. Similarly, over $2 billion was invested during 2022 in softwares to improve different processes. As of last year, over $104 billion was recorded in equity investment in Applied AI, while job postings increased by 6% between 20. Artificial intelligence is the new buzz, with different kinds of applications for consumers, businesses, and industries around the world.
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Some of the major areas for growth include Applied AI, Software Development, Trust Architecture, and Digital Identity, as per the McKinsey report. Over the last year, job postings in the technology sector have increased by 15%.
While the industry is poised for growth, recruiting top talent remains a major constraint for firms. In addition, the tech industry saw over $1 trillion in combined investments since 2022. As per McKinsey’s estimates, AI-based services are expected to contribute $4.4 trillion in economic value. As more technology companies now explore enhancing their services through generative AI, the sector is provided with countless opportunities for growth and development. Deloitte also expects strategic decisions to be made, regarding acquisitions and divesting, to focus on core product lines.ĭon’t Miss: Top 12 Undervalued Tech Stocks According to AnalystsĪs per McKinsey, the introduction of AI has taken the tech industry by storm. However, how this would impact the existing supply-chain relationships in the industry remains to be seen. This is a welcome change given the global constraint in the supply for chips in the world. Per the CHIPS and Science Act of 2022, US companies that plan to manufacture their own chips could receive financial assistance by the government.
A survey conducted by the firm showed that the top three concerns for the tech industry over the next couple of years include macroeconomic factors, workforce-related problems, and geopolitical uncertainties. Deloitte observed that while other industries have started to adjust to pre-pandemic levels, the technology industry is still riding the pandemic highs. This means that the global tech industry is set to generate $4.6 trillion in spending this year, despite the rising cost of living. According to Gartner, the IT sector is expected to grow by 5.5% between 20.
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