Technological Growth: Stats and Facts!

Technological Growth: Stats and Facts

Almost everything we accomplish efficiently now is a result of technology’s blessing. Technology is all around us, from our smartphones to modern computers and sophisticated engineering equipment. It is a fact that technology is rapidly evolving. But how fast is that precisely?

Here are some data technology statistics demonstrating how quickly technology has advanced in many aspects of life throughout the years. What’s more? Experts anticipate that there is so much more to come.

Emerging Technology Growth Stats and Facts

  • As of 2021, the tech industry was valued at an impressive $5.3 trillion.
  • Europe, America, and Asia have the largest shares in the tech market. However, America owns the biggest piece of the tech pie, with a valuation of about $1.6 trillion. It contributes to about 10.5% of the country’s GDP.
  • The overall growth of the tech industry is predicted to be at a 5% CAGR, with specific sub-areas growing at a much faster pace than the others.

AI and Machine Learning Growth Stats and Facts

  • The Machine Learning market is projected to grow at the rate of 54% year-on-year as predicted by Statista, eventually reaching $22.6 billion.
  • According to a 2018 worldwide poll, Artificial Intelligence will contribute around 26.1% of China’s GDP, 14.5% of North America’s GDP, and 13.6% of the UAE’s GDP by 2030. Some of these GDP increases result from increased productivity and product advancements due to the use of AI technology.
  • According to 48% of respondents for a weforum survey, Machine Learning and Automation will trigger the most significant transformations in cybersecurity.

Augmented and Virtual Reality: Stats and Facts

  • The market size for VR is expected to grow to $12 billion by 2024. Presently, it is valued at less than $5 billion.
  • The Augmented Reality section of the technology industry alone is predicted to grow at a 100% CAGR by 2025.
  • IoT in all its form is expected to thrive. In fact, Experts predict that by 2030, every individual will possess around 15 IoT devices.
  • VR is thriving, with almost 171 million VR users worldwide.

ECommerce industry growth stats and facts

  • NASDAQ predicts that over 95% of all sales worldwide will be online.
  • Globally, over 2 million eCommerce sites exist, with the US housing about 9.5 million or 36% of the total number.
  • There are broadly four distinct reasons for people to opt for a digital experience while shopping:
    • The option to utilize vouchers and receive discounts
    • Read reviews from other users
    • Quickly return their purchases
    • Rapid checkout procedure
  • Currently, China has the largest e-commerce market, valued at over $2,779 billion.

Summing Up

Technology is ubiquitous. It is the driving force for organizations, with budgets constantly increasing to dedicate more toward technological expansion.

Moreover, with persistent skills shortages obtaining resources for innovations becomes harder. Technology aids this gap, given its tremendous potential for improvement and innovation. As Tim O’Reilly says,

“What new technology does is create new opportunities to do a job that customers want done.”

These data technology statistics may not indicate it, but the technological revolution is only getting started, and the best of it is yet to come!