The tech industry boom – where will tech be in the next ten years?
Industry giants merging and major acquisitions of tech companies, assets and processes have broken global sales records in the first half of 2021. With an unprecedented frenzy of deals worth more than $671 billion, the tech industry led the way with its fortunes soaring during the pandemic, reports Quartz. Silicon Valley has notoriously become one of the most wealth-producing areas in the world with many tech companies settling in the area where innovation, production and creativity are nurtured. However, while Apple and Microsoft have led the way to reaching higher profits during the past decade, and that margin ever-increasing even during the COVID-19 pandemic (read more about that here), one still needs to ask the question: where will the tech industry be in the next ten years?
7 industries that will boom over the next decade – all because of technology
In 2016, Chivas listed 7 industries that were expected to boom over the next decade. Without any ability to foretell what was to come in March 2020, the company listed various industries that most certainly saw a huge rise in demand and profits. We break down the top 3:
1. The Internet of Things – Smart Appliances
With an increasing demand for easier access to apps like Facebook and Instagram and search engines like Google and YouTube, more and more daily appliances like refrigerators and toasters are being developed with built-in internet search engines that rely on at-home wifi. This prediction has certainly come true with Samsung and other leading appliance companies expecting their current sales-boom to continue into the near future (read more about that here).
2. The Shared Economy and the Apps that forge that path
With Airbnb and Uber becoming popular over the past few years, creating opportunities for those providing these services and the consumers themselves, the tech industry has helped to define and establish a shared economy and ecosystem where both the consumer and the service provider are given a platform to utilise or offer a service from the safety of their smartphones. Consumers have and will continue to seek out services this way with more platforms of a similar nature popping up.
3. Connected Schooling – EdTech
The internet has opened up a huge opportunity to change the way schooling is done and with COVID-19, nothing became more of a necessity than promoting online schooling. Millions of children around the world went from in-class learning to tablet and computer learning through services like Google Meets, Zoom, Skype and other video-conferencing tools. More, technology has now allowed for education systems to be integrated in-app where teachers and schools can monitor the activity of their students from their own devices. With the pandemic changing the way schooling occurs forever, the boom in tech-orientated learning will continue to rise and be further optimised to the needs of students, teachers and parents alike.
So where will the tech industry be in the next ten years?
Everything has gone digital. And while innovation is tightly monitored and kept at bay as multiple companies fight to win the race of the century with new and needed technology advancements, one can only predict that the future of tech is leading the way. Without modern technology and the offerings of services like Netflix, Amazon Prime, Facebook, TikTok, Zoom, Gmail, Slack, PayPal and many other major industries being accessible with just a click of a button, arguably, life would become inconvenient. We have already become so accustomed to the conveniences of modern technology like Amazon’s Alexa and Google Home, living without it seems baffling. This is why we can only predict that the tech industry can only expect to continue rising as a leading industry amongst all other industries.
The past decade has come and gone so quick and while it feels like not much can happen by 2030, so much has happened from 2011-2021. Skelia, a leading tech firm reiterates that the interconnectivity that the internet, software development and new technology offers, gives a global consumer access to tools and ways of life that has been life-changing.