5 Causes of Tech Industry Growth and the Impact on Your Company

Keeping pace with the latest technology is a huge challenge. Who knew that the latest and greatest tech could be outdated in a matter of months? Well, it’s a well-known fact that the tech industry will see some very rapid and dramatic advancements in the coming years. Some sources have predicted that the demand for technology gadgets and goods could triple in the ten-year period between 2016 and 2026. It’s evident that the tech industry is rapidly evolving, but few consider precisely why this is the case. What’s fueling the unprecedented growth in the tech sphere? Well, it appears to be a combination of several factors. By understanding the root causes, you’ll gain a much better understanding of where we’re headed in the coming years.

Reason #1: WiFi, Wireless Tech and Mobile Technology

With the widespread availability of WiFi and the massive expanse of mobile wireless networks, it’s easy to forget that the world was very different just a few years ago.

Mobile technology and wireless network innovations have fueled many advancements, from the explosive growth of the Internet of Things (IoT) to the automation of municipal infrastructure and beyond. Even cars are now equipped with their own WiFi hotspots—a concept that we could only dream about just five or ten years ago.

We’re even on the cusp of faster, more advanced wireless networks. AT&T, Verizon and a number of other wireless providers are reportedly working on this new technology, with Verizon announcing in early 2017 that its 5G test program will be trialed in eleven U.S. cities in 2017. According to a February 2017 announcement, the first 5G-equipped phones are expected to be unveiled in 2019, one year ahead of schedule.

These blistering speed combined with improved network reliability and connectivity truly hold the potential to be a game-changer in ways that we can’t even conceive of today. Just as the people of the 1800s couldn’t conceive of the Internet of Things or virtual reality technology, it’s impossible to accurately predict how the world will change from new advancements.

Reason #2: The Internet of Things

The IoT is transforming many aspects of everyday life, allowing us to have far greater control and interaction between the devices and appliances in our homes and offices and facilitating advances and capabilities in manufacturing and industry, even our motor vehicles.

We’re already seeing cultural shifts and infrastructure-related changes to accommodate smart cars and the new frontier is entire smart cities. For instance, car share systems are gaining popularity and this could ultimately evolve into a system where car ownership is antiquated and smart cars roam autonomously to collect and transport passengers. Smart cities are rapidly becoming reality, as more and more manufacturers and city planners leverage the newest technology to replace more traditional, legacy systems.

The IoT is one of the fastest-growing technology niches, with Business Insider estimating that companies and individuals alike will invest as much as $6 trillion dollars in the IoT between 2016 and 2020. By then, they estimate that there will be 34 billion internet-connected devices, with over 24 billion of those devices comprising the IoT.

There is no question that we’ll see tremendous growth in the IT, software and app development sectors in conjunction with the ever-growing IoT. We can only imagine precisely how our everyday life will be altered as a result.

Reason #3: Cloud Technology and Data Centers

Cloud computing has transformed the ways in which we share, access and store data. Applications, software and files are no longer tied to a specific device or network, while cloud-based hosting combines with wireless advancements to allow for even greater scalability and unparalleled performance.

Powering today’s cloud technology is a sophisticated network of data centers. A single corporation can generate terabytes or even petabytes of data on a daily basis. That has prompted rapid growth and advancement to allow for more convenient, intuitive data storage, organization and accessibility capabilities in the cloud. This has set the stage for rapid cloud-based evolution in the coming years.

Reason #4: Augmented Reality and Virtual Reality

Augmented and virtual reality are two fast-growing tech niches with strong roots in the gaming industry. But AR and VR technology is being used in some very new and exciting ways, from allowing homebuyers to remotely tour a house for sale, to allowing for virtual in-person meetings.

VR and AR are revolutionizing the way in which we interact with technology and it has some futurists theorizing that we might ultimately see a significant blur in the line between real life and virtual life.

Already, there are innovations that could make for a far more realistic virtual experience, like a device designed to replicate smells. The human imagination is truly the only limit in this fast-growing field.

Reason #5: Digital Security

Whether you’re exploring the most recent wireless advancements, the IoT, the cloud or AR and VR, you’re facing entirely new security concerns. New technology comes with new holes that must be identified and patched to prevent exploitation, data theft and other harmful activity.

The tech security field has a rather unique mission: There’s a need to invent new security and encryption methods, while also updating current security measures in response to newly-discovered vulnerabilities. So we can expect to see major growth in both areas in the coming years.

Staying Ahead of the High-Tech Curve

In your company’s efforts to remain an industry leader, it’s easy to get hyper-focused on short-term goals associated with keeping pace with today’s ever-evolving technology. Often, more innovative tech projects fall by the wayside. This is where you can benefit from working with a tech and IT staffing provider like iTech, as we can supplement your staff on a per-project basis with a practice known as insourcing. Whether you’re seeking to develop a software suite to manage your company’s IoT network, wish to convert to cloud-based servers or require help solving a unique software security challenge, a team of tech experts and developers will join your in-house staff as you make advances toward a more innovative stance on technology.

At iTech, we place a tremendous emphasis on a cutting-edge approach in all that we do. This focus on high-tech trailblazing goes a long way toward helping our clients to achieve their goals and objectives for growth, advancement and innovation. Contact us today to learn more about our offerings.

Ready to find out if our IT and tech staffing services are right for your company’s needs?

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