The State of Global IT Economy

It would be hard to imagine our lives without technology. Global IT revolution has changed the way we work, learn, and communicate, irreversibly integrating technology devices and services into our daily routines.

Guys over at TechJury have compiled a lot of data into an amazing infographic that illustrates the current state of the global IT economy.

Sometimes, it is hard to comprehend the size and importance of the IT economy. Other industries lean on IT, which has become an inseparable part of their business models and future plans.

In 2018 alone, global IT applications across different industries have reached $4.8 trillion, and there is no indication that this trend will slow down in the future. With recent breakthroughs in AI and VR/AR sectors, industrial applications are expected to skyrocket, ensuring a continued growth within the sector.

How Is Global IT Spending Divided?

When it comes to regional distribution, North America and Asia accounted for two-thirds of global IT spending in 2017, spending 33% of the overall amount each. Europe follows with 22%, while the growing markets can be found in Latin America (7%) and Africa (5%).

Majority of IT spending is concentrated in the communication and IT Services, followed by spending on IT devices, software, and infrastructure such as data centers.

With such a massive growth of IT services and devices and their importance in the industry, concerns regarding cybersecurity have taken the front stage. According to Forbes, in 2019 alone, global cybersecurity spending is expected to reach $124 billion.

Key Challenges for IT in the Near Future

The sheer amount of data that the world produces every day is staggering. With 2.5 quintillion bytes of data created every day, more than 90% of all of the data in the world has been produced in the last two years. 

Besides the issues of cybersecurity, growing demand for storage spaces and related data services has been identified by 47% of the enterprises as the key challenge in the near future. There are already more than 8.6 million data centers and server farms in the world, but the annual demand for data storage is currently growing at 40% per year.

IT and the Gender Gap

IT industry has traditionally been considered a male industry with huge discrepancies in employment rates, wages, and leadership positions. Things have been improving lately, but still, 75% of the employees within the IT industry are male.

One of the major challenges that the IT industry faces is the fact that women leave the IT industry at a 45% higher rate than men. Issues with the gender pay gap, toxic work culture, lack of career advancement opportunities, and insufficient support for female employees are pieces of a larger puzzle that women have to deal with in the IT industry today.

Bottom Line

These are just some of the amazing facts that you will find in the infographic we have mentioned. It is a great introduction to the world of the global IT economy and can offer you a great perspective on how important the IT industry has become to our everyday lives.

So feel free to explore it, and you will be up to speed on the latest trends, challenges, and facts in no time.