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Global IT Indsutry Contributions To Economy
All over the world, technology is permeating every aspect of people’s lives. From communication, transportation, shopping, and even education, it plays a vital role that makes it quite indispensable in the modern era.
Beyond its sheer influence on the businesses and consumers, the IT industry is an integral contributor to the economy. In 2018 alone, the global IT industry spending reached $4.8 trillion, a growth that enabled innovation and development.
Spiceworks, a professional network for the information technology industry, conducted a survey and found that 56% of the companies with more than 5,0000 employees believe their IT budget will continue to grow in 2019.
What does this mean to businesses in particular and the economy in general?
The continuous growth of global IT spending has a positive impact all around. For one, it can create jobs and widen the range of products and services. From 2016 to 2026, the employment of computer and IT occupations is projected to grow by 13%.
Aside from that, IT jobs have a higher median annual wage at $84,580 as of May 2017. No wonder 70% of IT professionals are satisfied with their jobs.
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Businesses enjoy the surge in the IT industry as it fuels many of them to innovate. Better customer service is guaranteed with AI and other tools, streamlining the process and improving efficiency. There is also the rise of voice assistants and virtual and augmented reality, creating wonderful opportunities for businesses and consumers alike.
Emerging markets directly benefit from the IT industry, as the latter boost GDP growth. Most of this is brought about by e-commerce, as more and more businesses and entrepreneurs advertise and sell goods online.
Big IT companies are also sprouting left and right, with many emerging economies reaping the reward. The US has Apple, IBM, Microsoft, and many others. South Korea has Samsung. China has Huawei. Japan has Panasonic. All of them boast of billions in revenue annually.
With all of these developments and changes, more and more businesses pour significant investments into IT, contributing to the global spending that fuels many economies all over the world.
Discover more interesting stats and facts regarding the global IT spending in the infographic below.