12 Technology Industry Growth Trends and Opportunities
Economic slowdown can erase growth for a lot of sectors but technology continues to move forward and advance. From some of the world’s largest corporations down to entrepreneurs working from their garages or condo bedrooms, tech continues to jump ahead with new advancements and solutions.
Here are the twelve technology industries growth trends and prospects:
1. The Business Environment is Very Supportive
In countries like Canada, there’s a lot of support for technology industry growth. The market is diverse with demand in virtually every reasonable industry. The corporate and social culture of tech advancement is established and perceived in a positive manner. There’s an array of financing and investment opportunities for tech companies in Toronto. This is one of the best places to invest in a business.
2. Tech Begets More Tech
As new tech arrives, it creates new opportunity. You can accessorize technology, improve and replace an existing technology, or create a whole new slew of commercial revenue-generating products with a piece of tech. This means more profit, more growth, and more momentum essentially being poured back into the technology industry.
3. Tech is the Best Example of Capitalism We Have
For true-blue capitalists out there, they can appreciate that technology is capitalism 101. Regardless of who you are, the best idea ultimately wins. If you develop a better piece of technology, you can outdo giants and successfully carve out a piece of the market for you.
4. Multiple Tech Hubs
The tech industry benefits from having hubs all around the world where the world’s best collaborate, communicate, and design. Country-wise, the United States is the largest tech hub worldwide, though it’s closely followed by China and Japan. Countries like Canada, India, and France also are either developing or have built their own communities around sectors to technology.
5. Every Business Relies on Technology to Function
The tech industry growth has extended to almost every business, from retail to healthcare. Many industries rely on some form of technology to do their work. This means a lot of opportunity for tech-based businesses and entrepreneurs to supply these businesses with efficient, secure technology.
6. Diversity is a Superpower
Technology as an industry comprises of so many different products and sectors. It is the closest thing there is to an indestructible industry. Tech advancement has continued to occur even in economic downturn. It is a very robust collection of companies, sub-industries, and economic contributors.
7. More Of Our Economy is Going Digital
In Canada, the US, and countries around the world, their economies are moving increasingly towards digital consumption and a digital-driven economy. eCommerce, software, and computing are the greatest examples of this trend. In terms of how Canada’s economy moves forward in competition with other national economies, going digital is a more cost-effective, efficient move and a major advantage over economic producers that don’t have the luxury.
8. Promises And Potential Yet To Be Fulfilled
A large reason why tech continues to grow and grow is because from the little of what we see coming, the sky is the limit. Blockchain, AI, and IoT are emerging technologies that are far from reaching their potential. As these continue to develop and new products, designs, software, advancements, and companies come to the forefront, this will spur further economic activity. Competition between the companies looking to gain market share in these and other technological areas only serve to further motivate the tech industry.
9. Consumer Demand For Growth is High
Consumers want more and more technology. They want more efficient and powerful legacy technologies, i.e. hardware, software, and telecom. They want newer platforms like cloud, big data, social media, mobile, and analytics to advance. There’s a reason why Apple puts out an iPhone more or less every year.
Consumers are itching for the latest in technology, even with ethical or privacy concerns being what they are. This has meant a consistent drive for tech to produce growth.
10. Businesses Want to Save Money
Businesses are quick to jump on board with new tech often because it saves them money. Automation and artificial intelligence has been shown to improve productivity, assist employees’ complete tasks, and increase safety.
11. Digital Security is a Concern
Almost like a contemporary Cold War, there is a serious concern that if we don’t develop and maintain the best technology to secure our digital data, other countries could infiltrate our information technologies. At a more personable level, general consumers are also concerned about their data being hacked and shared without their consent. An issue in part created by technology is now being solved with more advanced technological infrastructure, bringing growth and economy to the industry as a whole.
12. Worker Interests Are Changing
An underrated motivator behind technology industry growth is the part employees have to play. Canada has more than 1.7 million workers in tech, according to 2018 estimates – a number that grows by 2-4% every year. Generations past often worked labour jobs to make ends meet but today’s workers are more educated, want higher-paying work, and have an interest in fulfilling employment gaps.
The average tech wage, for example, is $79,000/year compared to the average private sector wage of $52,000/year in Canada. The more participants there is in the diversified tech-driven Canadian economy, the stronger the infrastructure gets.