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Industry Growth Over a Decade
In an industry as expansive and ingrained as the Information and Communications Technology (ICT) industry, it can be a challenge to see how it has grown and evolved over the years. Or how specialized and specific jobs like Ruby on Rails (RoR) developers and Ruby developer factor in the industry.
Market Size
The ICT market is among the largest industries in the world. It was estimated to be worth 5 trillion USD in 2019 and forecasted to grow up to 6 trillion USD by 2022. The industry covers various tech industries; such as computer technology, telecommunication, software, hardware, and services. Telecommunications ranks as the industry with the highest generated revenue, while the “new technologies” market is the fastest growing.
Source: Worldwide ICT Spending to Reach $4.3 Trillion
IT expenditures have risen to meet the demand with the increase in potential revenue and branches of the industry. Worldwide ICT expenditure is estimated to reach 4.3 trillion USD in 2020. The IT service market was estimated to be worth about 765.5 billion USD in 2018 and is expected to grow in worth to about 852.7 billion USD by 2021. In 2020, the Software market revenue is estimated to reach about 504.05 million USD and around 780.5 million USD by 2025.
Consumer growth
The rise in demand for technology has empowered the growth of the industry. The total number of mobile devices available worldwide in 2019 numbered at around 13.09 billion and is estimated to increase to 16.8 billion by 2023. China, India, and the United States rank as the top 3 countries with the highest number of smartphone users (September 2019), with Samsung, Apple, and Huawei being the top smartphone ve… Read More
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