![]() Human factors as mentioned are a core concentration which will have a big impact on the landscape of technology in 2021. > Read more : IoT Challenges – What are the greatest and How to deal with? > Read more: How to save your business from the Coronavirus > Read more: Vietnam – IT outsourcing heaven for tech dominants << Employee technological skill focuses go at a deeper level Using the conventional approach, the industry market can be categorized into 5 top-level buckets as the following diagram. There are a number of taxonomies for depicting the information technology space. With the blurring of work and personal life, especially in the small business space, it can be difficult to precisely classify certain types of technology purchases as being solely business or solely consumer. ![]() A smaller portion comes from household spending, including home-based businesses. The bulk of technology spending stems from purchases made by corporate or government entities. Spending is often correlated with factors such as population, GDP and market maturity. market, the majority of technology spending (67%) occurs beyond its borders. The US is the largest tech market in the world, representing 33% of the total, or approximately $1.6 trillion for 2021. Looking even further into the future, IDC expects the pattern to continue, estimating a 5% compound annual growth rate (CAGR) for the industry through 2024. If this number holds, it would represent 4.2% growth, signaling a return to the trend line that the industry was on prior to the pandemic. ![]() Moving forward, IDC projects that the technology industry is on pace to reach $5 trillion in 2021. While the tech sector fared better than many other industries during the pandemic, it was not immune to cutbacks in spending patterns and deferment of major investments. As of August 2020, the research consultancy IDC was projecting global revenue of $4.8 trillion for the year. In 2020, the global information technology industry took a small step back in terms of overall revenue. Technology landscape is going to follow a consistent development Here are some trends that C-suite shall pay attention to strengthen their businesses. Thanks to changes that no one would have wished for and fueled by the requirements of a digital society, the technology industry will doubtless take a new shape in the coming year. There is little opportunity to return to the old way of doing things. The influence of technology is massive, forcing new approaches to regulatory behavior.Īs the industry emerges from a chaotic year, it will begin a rebuilding phase, but this rebuilding goes beyond restoration. Digital operations are more important than ever, with many transformative changes accelerating over the past year. Through all the confusion, though, there are still some basic concepts that will shape the year to come. The technology landscape is certainly going to change and we will dig deeper to see how much the world has affected it. The economy is showing some signs of stability, but there are lingering fears over continued challenges or further surprises. Heading into 2021, there is little precedent for projecting the future. Those companies that stayed afloat had to act quickly in order to enable their remote workforce and maintain operations. Sadly, the impact of the virus was too much for many firms, leaving millions of workers unemployed and driving thousands of businesses to close their doors. Since the beginning of 2020, companies everywhere were reeling as they reckoned with the effects of the COVID-19 pandemic. It didn’t take long for the optimism of a new decade to wear off.
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