Introduction

The technology industry is experiencing incredible growth, and it’s easy to feel like you’re missing out on the action. The Tech industry arguably has the best PR as of now. From the multiple tiktoks of a day in the life of “techies” working at big tech companies like Apple, Meta and co to the “how I got into tech” Linkedin posts and tweets we can’t escape, you’re most likely suffering from FOMO (fear of missing out). 

However, beyond the glitz and glamour of social media posts and press releases, what is the technology industry really like?

In this article, Curatedesk provides an in-depth analysis of the technology industry to give you a realistic understanding of what to expect as you carve out your space in this exciting and ever-changing world of innovation.

What Is the Tech Industry?

The tech industry involves the development, sale, and distribution of technology-based goods and services for both consumers and businesses. Examples of such goods include mobile devices, household appliances, software, and automation services. The industry is known for innovation, creativity, and the application of scientific methodologies to fulfil specific needs. The terms “Technology Sector” and “Tech Industry” are often used interchangeably.

Technology Industry Sectors

The tech industry is divided into several sub-sectors, including semiconductors, networking, software, hardware, and the internet. The top five tech companies in the world, Alphabet, Amazon, Apple, Meta, and Microsoft, are based in the United States. Still, there are many other major players in the industry, such as IBM, Cisco, Adobe, Canva, and Pinterest.

Roles in the Tech Industry

The tech industry offers a wide array of roles for individuals with both technical and non-technical skills. Talent is fundamental in the industry, and tech professionals are typically agile, solution-oriented, and open to continuous unlearning and relearning. Some of the available job roles include software engineers, network administrators, data analysts, project managers, and marketing professionals.

Non-Tech Roles in Tech

The tech industry is not just for technical professionals; there are also opportunities for individuals with non-technical skills. For example, companies need professionals with skills in marketing, finance, HR, and customer service to function effectively.

Skillset is most fundamental in the industry; a typical “tech star” (superstar + tech professional), regardless of whether technical or non-technical, must possess the necessary skills required to bring innovative ideas to life. As you read this article, some ideas and innovations cannot be realised because of the scarcity of talents to build these ideas to actualisation.  

Technology Industry Analysis

While the tech industry has witnessed astronomical growth in recent years, especially during the pandemic, the reality of the industry in late 2022 paints a different story. News of massive job cuts, layoffs, and hiring freezes is common, and the industry is proving to be susceptible to the realities of inflation, high-interest rates, declining start-up funding, and a slowing global economy. The economic cycle is shifting rapidly and moving to a stage where industries like Tech which boomed during the pandemic, are now suffering from the shift.

However, the industry is still a great place to be for those with the talent to fill the talent void.

A popular saying in the tech industry is that the only thing constant is change.

Is This a Good Time to Enter the Technology Industry?

Despite the challenges facing the industry, this is a good time to enter the tech industry. Digital transformation is moving at a fast pace, creating a talent crisis in the technology industry. Companies need individuals with the capabilities to build and support emerging technologies, and there aren’t enough tech professionals to fill future roles. This presents an opportunity for individuals with the right skills to make a significant impact in the industry.

There is a talent crisis in the technology industry. In a Gartner survey, Tech executives cited lack of talent as the foremost barrier to the adoption of emerging technologies ahead of other factors, such as security threats and implementation. Germany, for example, will require over 700,000 additional tech specialists by 2026 to meet the economy’s demand.

For agile skills, demand will be four times greater than supply, and for big data talent, 50 to 60 per cent greater. Globally, 3.5 million cybersecurity positions are projected to be unfilled in 2021. There also aren’t enough Tech professionals to fill future roles, which consist of transitioning from existing systems written in outdated programming languages, such as LISP, ALGOL 58, or COBOL, into modern languages.

According to a McKinsey survey with 1,500 senior executives participants globally, 87 per cent say their companies are not adequately prepared to address the skill gap. Another survey states that 87% of organisations are already experiencing a talent shortage or are expecting to face it within a few years.

How Can I Get into the Tech Industry?

If you’re interested in getting into the tech industry, there are several ways to do so. First, you must identify your skill set and determine how it fits into the industry. Consider taking courses or certifications in areas that interest you, such as coding or project management. Network with professionals in the industry and attend tech events to stay up to date on industry trends and opportunities.

Emerging technologies like; sustainable technology, cloud, edge computing, machine learning, metaverse, web3, non-fungible tokens (NFTs), robotics, serverless computing, biometrics, augmented reality, quantum computing, Internet of Things (IoT), 5G, and more need tech professionals of different backgrounds and capabilities to support and build. Don’t forget that tech professionals include those with and without technical skills like coding!

Some jobs are projected to cease to exist within the industry after a couple of years due to technology and the automation of processes. However, having technical capabilities will never go out of style. There is a talent shortage which is due to the scarcity of “qualified” talent, and this scarcity will continue as new tech trends emerge. Now is the time to position yourself as the qualified tech talent needed!

Conclusion

In conclusion, today’s tech industry is the truest picture of how multiple truths can coexist. The industry can feel the impacts of a global economic crisis while experiencing a talent shortage.  Who will solve the talent crisis? You guessed it; it’s you!

2022 witnessed the largest announcement of layoffs and hiring freezes the industry has ever done to date. Earlier in this article, we spoke about change being the only thing constant in the tech industry, and our analysis of the industry has shown how. The Economic realities of the post-pandemic world have pushed the industry into another era; simultaneously, innovative technologies continue to thrive. While we can only predict the future of technology, we can still ascertain that change will continue to occur, and there is space for qualified talent within the constant change.