Most of our business and personal lives are rooted in our access to technology. From personal access to the web, alongside business platforms, third-party providers and apps, technology drives much of what we do on a daily basis—and there is only growth on the horizon. Here are some crucial statistics and technology facts you need to know.
How Fast Is Technology Growing Statistics
Technology is most certainly continuing to grow at a steady rate, making information technology one of the fastest growing sectors in the world.
- Workforce growth rates are expected to double those of other industries, with some categories reaching 4-5 times the current rate by 2030.
- Projections show the technology industry is set to exceed $5.3 trillion in 2022.
- The U.S. tech industry is expected to have a CAGR of 5% through 2024.
- Cloud computing is expected to grow at CAGR of 17.5% by 2025.
General Technology Statistics
Far from the siloed department of old, technology now rules the roost in the business world. Here are some general technology statistics.
- Zippia reports that the tech industry makes up 35% of the total world market.
- 90% of the world’s data was generated between 2019 and the present.
- There are more than 585,000 tech companies in the US.
- The Big Four (Amazon, Apple, Google and Facebook) are collectively worth $4 trillion.
- 84% of businesses say that cybersecurity and resilience is a top priority for 2022.
The world wide web has certainly changed the world and internet users spend a good amount of time perusing, browsing, buying, engaging, and communicating on the web.
- There are more than 5.1 billion active users on the internet, with Asia comprising more than 50% of total internet traffic.
- 4.28 billion users access the web via mobile internet.
- There are 4.2 billion active users on social media platforms.
- More than 90% of Americans have internet access, with 77% reporting broadband access at home.
Businesses need to communicate, but with widespread access to the web, companies are relying less on phones and more on digital forms of communication.
- The VoIP market is forecast to reach $145 billion by 2024, according to Statista.
- Android OS is expected to dominate the mobile VoIP market by the year 2024.
- 90% of IT leaders planned to phase out on-premise phone systems in 2021.
- A forecast of $48.3 billion by 2023 is set for the unified communications market.
If there was ever a question about the future of online retail, the pandemic solidified eCommerce as a mainstay.
- Global online sales are predicted to reach 22% of all retail sales in 2023.
- eCommerce sales will reach $6.54 trillion globally by 2023.
- Digital ad spending increased 49% in the first half of 2021.
- 48% of online shoppers go straight to a large ecommerce marketplace for their purchases.
- CompTIA research shows that 71% of companies reported increased usage of online marketplaces.
Facts about Technology Growth
Technology continues to grow and be an integral part of our business landscape.
- Technology is responsible for driving more of the US economy than any other profession aside from healthcare.
- Jobs in the tech industry are continually on the rise, reaching a new high in Q4 of 2021.
- The top five categories for technology are
- IT and Business Services
- Emerging Tech
Mobile Technology Growth Statistics
Technology is everywhere, even when we go mobile with our cell phones and tablets. Here are some mobile technology statistics.
- Statisa shows nearly 15 billion mobile devices in use in 2021, a number expected to reach 18.22 billion by 2025.
- On a global scale, the smartphone industry is expanding at a CAGR of 16.4%, according to Zippia.
- In the last decade, smartphone ownership has increased by 50% in the US.
- Global tablet shipments are expected to hit 142 million by 2025, reports Statista.
- Wearable technology is expected to grow to global shipments of 489.1 million devices by 2023.
AI and Machine Learning Technology Growth Statistics
AI and machine learning are set for significant growth and expansion. In fact, machine learning, deep learning and NLP (natural language processing) are the three skills that are most in-demand skills on Monster.com.
- Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
- The global machine learning market is to grow to $152.24 billion in 2028 at a CAGR of 38.6%.
- 99Firms predicts that machine learning will power 8.4 billion voice assistants by 2024.
- Genpact predicts that by 2025, firms who have adopted AI will be 10 times more efficient and have twice the market share than those who haven’t.
- 60% of entrepreneurs believe that AI is currently the most promising technology from an innovation standpoint.
- 91.6% of Fortune 1000 companies have plans to invest more in big data and AI initiatives.
Virtual Reality: Rate of Acceleration Statistics
VR/AR was essential for helping companies during the pandemic when personal transactions and purchasing was made impossible, helping to accelerate the rate of adoption.
- Shopify reports a 94% higher conversion rate for retail customers using AR/VR technology than those without.
- IBM reports that 40 % of small businesses and midsize organizations are evaluating AR/VR, with Gartner estimating as many as 70% looking to invest in 2022.
Emerging Technology Statistics
Technology development is in constant flux, with new innovations emerging all the time to support efficient operations and continuing advancements.
- Statista forecasts that emerging tech will experience a growth rate of 104% between 2018 and 2023.
- Investments into IoT (Internet of Things) is expected to grow by nearly 14% in 2022.
- Quantum computing is projected to reach $780 million by 2025.
- Statista predicts there will be 30.9 billion IoT devices by 2025.
While many companies are moving to some or all cloud-based solutions, hardware is still essential for data center functionality. In fact, Business Wire reports that hardware still accounts for the majority of IT budgets in 2022. Statista tells us that
- IT hardware accounted for $705.4 billion in spend for 2021.
- Data centers brought in $228.4 billion in 2021.
- Semiconductor sales reached $469.4 billion in 2021, despite global shortages.
Technology continues to be a pervasive and driving force for businesses with budgets continually growing to allocate more toward tech initiatives. Persistent skills gaps make it difficult to find resources for innovations, but despite those challenge, there are significant opportunities for advancement and growth when it comes to technology.