Top 5 Trends in Information Technology Industry

Novel technologies have the power to bring about notable changes in various industries, especially in those which are massively IT-based. Owing to such fast-paced dynamism, we witness exponential trends in the IT industry. As jobs, economies, information and lifestyle are becoming more automated and digital, the Global IT industry is growing and is expected to portray promising scenarios, as it is estimated to reach $5.2 trillion at the end of 2022.

To run hassle free and more efficiently, businesses are inclining towards using information technology which is now catering to the needs of many departments including manufacturing, finance, security and human resources. Digital marketing, Social Networking,  Online shopping, , VOIP (Voice Over Internet Protocol) communication and other similar IT innovations have created revolutionary changes in businesses and beyond. The education sector has also evolved, preparing students for a more professional IT-based future. Education is reaching students in newer ways and forms, fostering planning, self-management, leadership, problem-solving, and adaptability. Unique advances in the IT sector have laid the foundation for better healthcare facilities and services.

Top 5 IT Industry Trends

Globalization, together with Liberalisation and technological revolutions, represents the benchmark of growth, leading the world’s IT trajectory and the societal prosperity of civilians.

• Artificial Intelligence (AI) - We are using AI in various forms: smart home devices, smartphone assistants, streaming services, navigation apps and a lot more. This branch involves specific and highly technical research and has become an integral element of the IT industry. Artificial Intelligence mimics human intelligence traits but in a more amplified manner.
• Virtual Reality and Augmented Reality - Both AR and VR are expanding their presence in the domains of entertainment, marketing, training and even education. While Augmented Reality (AR) intensifies the experience of the user of the natural world through sounds, graphics and touch feedback, Virtual Reality (VR) is more immersive and absorbs the user in a new environment by shutting out the real physical world.
• Machine Learning - machine learning examines and develops algorithms following which it makes relevant predictions. Machine Learning is expanding in all types of industries and has produced a high demand for skilled personnel. Enterprises have begun to understand their users in-depth, tailor product development and market drives accordingly by collecting user data and linking it with their responses.
• Cybersecurity – Digital security has become a functional necessity with the increasing cases of phishing activities which affects adversely the organizational reputation and reduce customer base.  Due to this threat, cybersecurity has emerged as a critical component in the IT sector and will experience massive growth due to AI technologies and advancements in IoT (Internet of Things).
• 5G Communications - The 5th Generation digital cellular has outpaced the performance and speed of previous networks. Under such circumstances, the IT industry will be accomplishing new specifications. Infrastructure developments and technological advancements will further inflate the 5G technology market.

GEOGRAPHICAL ANALYSIS

US occupies the largest share of the Information Technology industry. The information technology sector in the United States-the biggest tech market in the world- as well as in other nations, constitutes a vital share of the overall economic activities.

COMPETITVE ANALYSIS

With rapid advancements in technology, the global IT industry offers a plethora of opportunities and is anticipated to witness a brighter and more promising future. Some of the key semiconductor players in the world are - Intel Security, IBM Corporation, Symantec Corporation, Rapid7 Inc., FireEye Inc., Dell Technologies Inc., Google.