The Tech Industry Now: Innovation And The New Economy

The United States is the largest tech market in the world, representing 32% of the total, or approximately $1.7 trillion for 2020. In the U.S., as well as in many other countries, the tech sector accounts for a significant portion of economic activity. There is no sector of the new economy that technology does not touch and that does not presume upon the technology sector to improve quality, productivity, and/or profitability.  Tech is also famous for its wild competition and rapid obsolescence cycles.  Although the instance have been employed so often they have become cliché, it is nevertheless still a fact that computers used to occupy whole rooms, sixteen GB of hard drive storage was perfectly adequate for a tablet, and cell phones used to flip open and closed.      

 

               With that constant drive to adapt and overcome competitors with new products, no company can rest easy for long in the tech sector.  This rapid time of obsolescence means that winners and losers in technology do not necessarily sustain those positions for long. With the recent shockwaves in the economy, all the tech companies have to continue to innovate. Now due to these new challenges the world faces, hiring is lower on the priority list for companies in the upcoming year. Instead, there will be a strong focus on training and certifying the employees that are already on board. On the other hand, some individuals have reservations about their career in the technology field. One of the main reasons for concern is the challenge of increasing complexity in business systems. The trend of skill diversity is not lost on technology professionals. The first step in handling complexity is to grow individual skills, but as things scale up, it becomes untenable for one person to handle it all. There needs to be fresh blood and ideas circulating and devoping thoughout our various networks. Increasing technology complexity has real-world implications for business models, that’s clear. But increasing technology ubiquity cannot be ignored. The democratization of technology across all levels of the business world is impacting how the channel sells and goes to market, to whom they sell, what the sales cycle looks like, and the type of services that wrap around any initial sale or engagement.

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