The tech sector is one of the sectors that continues to grow despite the ongoing global pandemic, according to a survey released by Citigroup Global Markets.
The tech and IT support industry has been growing in size and importance for decades now, but the reasons for its success are still being debated. The need to stay ahead and maintain relevance in a highly-competitive market is one reason, as is the need to differentiate and create unique or innovative solutions. But there are also other reasons for growth, such as the need for speed and innovation, and the fact that national governments have an interest in supporting some of these industries. The pandemic and the need for many people to start working from home has helped some companies such as Zoom, Basecamp and other remote working tools to grow exponentially.
The tech sector continues to grow and become bigger despite the global pandemic, for the reasons mentioned above. And this growth isn’t just in the United States. In fact, if you look at the data available from all of the countries participating in the World Economic Forum’s Global Competitiveness Report, it shows that tech is growing rapidly in a majority of countries. In the last few years many large tech companies have migrated their data centres and implementation teams to countries such as India and The Philippines.
Thriving Northern Ireland Tech Sector
Northern Ireland has a thriving tech area utilizing 28,000 individuals, with Belfast currently viewed as a worldwide network protection center.
The tech sector received more than two thirds of total equity investment in Northern Ireland last year, according to the Small Business Equity Tracker published by the British Business Bank.
The report showed a nine percent increase in value interest in UK organizations last year to £8.8 billion, the most noteworthy increase since the information began being accumulated 10 years prior.
Many small and medium enterprises are now taking advantage of outsourcing their IT support and tech work overseas including web and app development, digital marketing and paid online advertising.
Massive Growth
In the last seven years, the tech sector has grown by $850 billion. That’s more than 11 times as much as it was in the previous seven years, which I believe is a great statistic. But it does mean that there are a lot of companies who have not been lucky enough to keep up with the strong growth in tech startups and, as a result, they are going to have a harder time for the next few years. As the old saying goes, if you don’t grow and change then you lose. Just look at Kodak and Blockbuster, some big names of the 90’s who are just not around anymore because they didn’t develop their products inline with modern tech improvements.
Tech deserves credit for some major innovations that have made people’s lives easier through technology, but it’s also true that it’s a very fast-paced industry. And I think that’s why it’s so interesting. The tech sector is highly dynamic — constantly changing with new innovations and products hitting the market every day.
The computer and telecommunications industry is growing at a rate not seen since the late 1990s and early 2000s. This trend is largely due to the rise of smartphones and tablets in the consumer market, along with an increase in data centers. While some companies have been able to grow by focusing on either a single product or multiple products, others have grown through diversification.