The global budget for IT is slated to hit 1,031 billion U.S. dollars in 2019 as companies continue to integrate IT solutions to bolster their business processes, especially for e-Commerce. This development has experts positing that IT employment will also rise since companies will be looking for IT specialists down the line. These are but some of the critical IT statistics you should keep tabs on this year.
With that in mind, we have listed down some notable developments and figures in specific areas within the industry. This guide aims to help you get up to speed with what’s been happening in the world of IT and how it is shaping businesses large and small, here and abroad.
IT Industry Statistics
Current IT data helps paint the landscape of the IT industry so far, as well as sets the stage for what companies are up to given the circumstances. Various IT reports suggest that the majority of businesses are investing in IT solutions to improve their internal and external processes as well as to cater to their respective markets that are generally steering towards adapting IT solutions such as mobile and voice assistant apps when searching and shopping online. Here are key data on the IT market size of various subsets in this field.
What are the Latest Developments in the IT Industry?
- The global information technology industry is on pace to reach $5 trillion in 2019. (CompTIA 2019)
- IT services market research shows that, in 2019, spending in this area is expected to amount to 1,031 billion U.S. dollars worldwide. (Statista 2019)
- The managed services market is expected to reach over 190 billion U.S. dollars in size in 2019 due to the outsourcing of certain computing and IT-related processes such as cloud computing, IT infrastructure, and managed IT security. (Statista 2019)
- Small businesses to large enterprises expect IT budget increases next year to 20% on average, up from 19% in 2018. Only 6% of companies expect a decrease in IT budgets in 2019, compared to 11% in 2018. (Spiceworks 2019)
- The enterprise SaaS market is now generating $20B in quarterly revenues for software vendors, a number that is growing by 32% per year. (Synergy Research Group 2018)
- Worldwide public cloud services market is projected to grow 17.5% in 2019 to total $214.3 billion, up from $182.4 billion in 2018. (Gartner 2019)
- Enterprises with a hybrid strategy (combining public and private clouds) grow to 58% in 2019 from 51% in 2018, while the number of organizations with a strategy of multiple public clouds or multiple private clouds declines slightly. (Flexera 2019)
- Global IoT market reached about USD164 billion in 2018. This number is projected to increase to around USD1.6 trillion by 2025. (Statista 2019)
IT Employment Statistics
Studies show an increase in IT-related jobs for 2019 moving forward as companies look into incorporating more IT solutions to their business processes. Demand for these workers will stem from greater emphasis on cloud management software, collection and storage of big data, and information security.
- Employment of computer and information technology occupations is projected to grow 12% from 2018 to 2028, much faster than the average for all occupations. These occupations are projected to add about 546,200 new jobs, with companies looking to fill their ranks with specialists in cloud computing, collating and management of business information, and cybersecurity. (Bureau of Labor Statistics US)
- 4 in 10 U.S. tech firms report having job openings and are actively recruiting candidates for technical positions. (CompTIA 2019)
- 43% of tech firms are hiring to backfill departing staff or retirements. (CompTIA 2019)
Which technology is in demand in IT jobs in 2019?
- U.S. employers posted nearly 314,000 jobs for cybersecurity pros between September 2017 and August 2018. If they could be filled, that would boost the country’s current cyber workforce of 714,000 by more than 40%. (National Initiative for Cybersecurity Education 2018)
- 61% of organizations insist that Machine Learning & Artificial Intelligence will be among their top data initiatives in 2018 and 2019. (Forbes 2018)
- Application Software Developer is one of the top IT jobs for 2019, with an annual median salary of $101,790. (CNBC 2019)
- Python has reached 7 million active developers and is closing in on Java in terms of popularity, thanks to 62% of machine learning developers and data scientists who now use Python. (ADTMag 2018)
- There has been a 29% increase in demand for data scientists year over year and a 344% increase since 2013 — a dramatic upswing. But while demand — in the form of job postings — continues to rise sharply, searches by job seekers skilled in data science grew at a slower pace (14%), suggesting a gap between supply and demand. (Indeed 2019)
Statistics on Fastest-growing IT Sectors
Artificial Intelligence such as chatbots and voice searches and e-Commerce continues to be one of the fastest-growing IT sectors in 2019 alongside machine learning and CRM system improvements. Such projections are backed up with comprehensive SaaS data and studies where customers are steering towards more convenient digital access when it comes to their online shopping experience.
What is the latest technology in the IT industry?
- The number of enterprises implementing artificial intelligence (AI) grew 270% in the past four years and tripled in the past year (Gartner 2019)
- Machine learning market is expected to grow to $8.81 billion by 2022. (Markets and Markets)
- Over a third of the US population (111.8 million people) have used a voice assistant monthly in 2019, up 9.5% from 2018. (eMarketer 2019)
- 40% of large businesses have or will adopt chatbots by the end of 2019. (Spiceworks 2018)
- global e-commerce will rise by 20.7% in 2019 to $3.535 trillion. (Business 2016)
- Six of the top 10 fastest-growing e-commerce countries in 2019 hail from the Asia-Pacific region, led by India and the Philippines at more than 30% growth and rounded out by China, Malaysia, Indonesia and South Korea. (eMarketer 2019)
- Spending on technologies and services that enable digital transformation worldwide are expected to amount to $1.18 trillion. (Statista 2019)
IT for Small Business Statistics
SMBs are looking at integrating IT systems to their business model as a way to adapt to the current market. Recent IT market research shows that today’s customers rely on their smartphones and voice searches when shopping online. This development has smaller companies take the initiative and invest in intuitive CRM solutions for small business that are more accessible and adaptable to the current e-Commerce environment.
- CRM systems are the top technology priority for close to a third of small businesses, followed by financial software and hardware. For instance, 45% of all SMB leaders use a CRM system, while nearly three in five of those leaders using a CRM (62%) have had it for less than two years. (smallbiztrends 2019)
- Although only 8% of SMBs are using AI today, it appears the technology’s adoption across smaller businesses will accelerate fast in the near future. Almost half (46%) of SMB leaders believe their businesses are ready to use AI. Meanwhile, an additional 32% of small businesses have plans to implement AI, representing a potential growth rate of 310% over the next three years. (smallbiztrends 2019)
- Companies that have been in business less than 10 years are 2.2 times more likely to be planning to increase their technology spending in order to adopt newer technology compared to older companies. (Oracle)
- Software engineering and development continues to be a popular small business option, with market demand expected to increase by 17% each year through 2023. (TheBalanceSMB 2019)
- The Virtual Reality computing (VR) market is becoming to be a viable option since the VR industry is showing some parabolic growth; its market size has been forecasted to reach 16.8 billion U.S. dollars in 2019 and is projected to increase in excess of $160 billion by 2023. (Statista 2019)
- 35% of responding SMB marketers said their marketing budget devoted to voice assistants had been increasing. (Statista 2019)
IT for Large Enterprise Statistics
One of the biggest developments for large enterprises for 2019 is digital transformation. CEOs of big corporations have begun seeing that digital transformation is here to stay, and have pooled their budgets into more digital transformation initiatives in their business processes. This includes investing in more interconnected and secure cloud adoption and better service automation data analysis, machine learning and AI improvements.
- 56% of CEOs said digital improvements have led to revenue growth. (Gartner 2017)
- 55% of enterprises that have between 500-999 employees attribute their increase in IT budgets in 2019 to the following – increased security concerns (61%), employee growth (55%) and need to upgrade their outdated IT infrastructure (55%) (Spiceworks 2019)
- The IDC estimates that 40% of all technology spending will go toward digital transformations, with enterprises spending in excess of $2 trillion in 2019. (IDG 2018)
What IT Businesses Are Booming?
- Demand for Microsoft’s cloud offerings drove commercial cloud revenue to $9.6 billion this quarter, up 41% year-over-year. (US SEC 2019)
- Amazon’s global brand is valued at USD315.51 billion for 2019. (Statista 2019)
- Companies that invest in mobile apps have been accruing USD461 billion for 2019. (Statista 2019)
- The top-grossing mobile gaming app publishers in the Google Play Store worldwide in January 2019 were King, Supercell and Bandai Namco entertainment with over USD40 million in-app revenues each. (Statista 2019)
Finally, cybersecurity statistics illustrated that companies have been having trouble with data breaches. Specifically, studies show that SMBs and healthcare are two of the industries that have been victims of data breaches and other similar cybercrimes. This has led to SMBs and large enterprises alike to bolster up on their cybersecurity measures by installing effective cybersecurity tools to keep vital business information secured.
- Global market revenue for cybersecurity for the first quarter of 2019 amounted to USD 9.7. (Statista 2019)
- Organizations spend more than ever to deal with the costs and consequences of more sophisticated attacks— the average cost of cybercrime for an organization increased US$1.4 million to US$13.0 million. (Accenture 2019)
- The President’s Budget for the fiscal year 2019 earmarks $15 billion for cybersecurity-related activities. (Norton 2018)
- The U.S. is the most expensive country when it comes to Cost of Data Breach at $8.19 million, with healthcare was again the most expensive industry for data breach costs, with the total cost of a data breach in 2019 averaging $6.45 million. (SecurityIntelligence 2019)
- Studies show that the top three leading root causes of data breaches for 2019 are attributed to malicious and criminal attacks (51%), followed by system glitches (25%), and human error (24%). (SecurityIntelligence 2019)
- The data breach life cycle for 2019 has been 279 days, 4.9% longer than the 266-day average in 2018. (SecurityIntelligence 2019)
- SMBs account for over 43% of victims from data breaches over the past year. (Verizon 2019)
Utilizing IT Statistics for Better Business Direction
Such is the state of the IT industry for 2019—from small businesses and startups to larger enterprises, every company is looking for ways to incorporate more IT solutions to better assist customers and help them manage their business operations as part of their digital transformation.
With the continuing development of AI and machine learning, harnessing big data by utilizing today’s leading data analytic software for business is the prudent choice since data is considered to be one of the biggest resources companies can utilize nowadays. Further, whether you’re a small business or a large enterprise, knowing where the broad I.T. industry is heading pays off in different ways, tapping into the latest growth-enabling technologies, having keen awareness on the latest cyber-security threats or knowing where talents thrive and ready for sourcing, to name a critical few.