The world of Information Technology (IT) is in a perpetual state of evolution, driven by rapid technological advancements and the pervasive integration of digital solutions across sectors.
As we peer into the future of the cornerstone of global innovation, it’s essential to understand the growth of the IT industry, challenges that lie ahead and recognise the imminent trends that will have a lasting impact.
IT industry is booming
The technology industry has not only weathered the pandemic-driven disruptions in recent years; it has continued to thrive1.
A projection report by Research Reports World (RRW)2 indicated that the global IT market is on a steady and strong upward trajectory, with a promising outlook through 2030.
Key players and major IT consultancies firm
RRW also noted that this will be driven by dynamic strategies employed by key market players and major companies such as Microsoft, Google, and Amazon, among others.
Big consulting firms like Accenture, Deloitte, and PricewaterhouseCoopers (PwC) are standing at the forefront, serving as a guiding force to organisations navigating the complexities of modern technology. They provide a spectrum of services, ranging from digital transformation and cloud services to cybersecurity and data analytics.
A career expert and head of editorial for Asia-Pacific at LinkedIn said “the growth of Artificial Intelligence (AI), increased focus on cybersecurity and continued shift towards digital is leading to growth in technical jobs” in Singapore and this demand remains strong3.
This is backed by the U.S. Bureau of Labour Statistics4. It highlighted that a majority of careers in the industry are expected to see strong growth in the coming years, with some IT jobs projected to grow as much as 32% from 2022 to 2032.
Challenges facing the IT industry
Despite the groundbreaking innovations and industrial revolution, IT grapples with formidable challenges. With the Internet of Things (IoT) heralding a new era of connectivity, one of the foremost concerns is the ever-present and evolving threat landscape of cybersecurity.
Cyberthreats have become more sophisticated, demanding constant vigilance and robust information security measures.
The Cyber Security Agency of Singapore reported a shocking increase in phishing attempts in the republic last year5, reaching 8,500 cases, which is more than twice the number reported in 2021 (3,100 cases).
Top 5 trends set to impact the future of IT
1. Rise of AI and Machine Learning
The integration of AI and Machine Learning (ML) into IT processes is a game changer that enhances efficiency and decision-making across industries.
Although AI is not a new concept, it is set to become pervasive, with businesses mastering AI capabilities everywhere. IDC foresees global spending on AI solutions surging to over $500 billion by 20276.
This shift signifies fundamental change in the way organisations leverage data and automate tasks. AI and ML algorithms will be increasingly employed for tasks ranging from predictive analytics to natural language processing, revolutionising how businesses manage and analyse vast amounts of data.
2. Growth of cloud computing
Cloud computing has been the backbone of the industry’s growth, and this trend will only continue to soar. Organisations and industries are expected to transition from local servers to cloud infrastructure in the next five years.
There will also be further advances in alternatives to cloud computing, such as edge computing and fog computing. Edge technology will be able to elevate cybersecurity to a new level by reducing issues with privacy regulations, local compliance and data sovereignty7. Contrary to common belief associating edge computing with increased vulnerability to cyberattacks, it actually minimises the impact on organisations if an attack occurs.
Meanwhile, fog computing overcomes the limitations of cloud computing, which struggles to rapidly process large volumes of data.
3. Augmented Reality (AR) and Virtual Reality (VR)
The development and expansion of Metaverse have expanded the realms of AR and VR. As this digital universe develops, it redefines how users interact with computer-generated environments, offering immersive experiences beyond conventional boundaries.
Aside from gaming experiences, the dynamic duo are being used for training simulations, virtual meetings, and enhancing customer engagement.
Users also hop on social media applications such as TikTok and Instagram to exchange moments from their “real” lives using curated digital personas that represent their “virtual” identities. Forbes8 pointed out that the concept is seen emerging across industries in the form of the digital twin, which is a “virtual representation of a real-world object, system or process”.
4. Big data-driven world
The proliferation of data is a defining characteristic of the digital age, and harnessing the power of big data is a crucial trend in shaping the future of IT.
In the context of the IT realm, big data is not just about handling massive datasets but also about extracting meaningful insights and optimising decision-making processes. As the volume of data continues to grow, the ability to extract actionable intelligence will be a key differentiator for businesses.
5. Automation: streamlining operations for efficiency
Automation is not a newcomer to the IT scene but its role is expanding rapidly. From routine tasks to complex processes, automation is streamlining operations and allowing IT professionals to focus on strategic initiatives.
Robotic Process Automation (RPA), like AI and ML, is another emerging top technology that can enhance operational efficiency. Utilising software, RPA automates routine business processes, including processing technologies and interpreting applications to manipulate data and responding to texts and emails.
A recent study indicated that automation may affect up to 38% of jobs in the U.S., Germany (35%), United Kingdom (30%), and Japan (21%) by the early 2030s9.
Future-proof your IT role
Navigating the future trends in IT may seem daunting, but fret not! You can equip yourself with future-proof skills by enrolling in programmes such as the Graduate Certificate in Information Technology Management (E-Learning).
This online postgraduate programme offered by Singapore Institute of Management (SIM) provides a flexible approach to enhance your critical IT management skills. Additionally, it also offers you both theoretical and practical experience in the evolving IT landscape.
Schedule a 15-minute call with a Student Advisor to elevate your IT career today!
- 2023 technology industry outlook
- Information Technology Market 2024 | [Modern Report] Key Players and Innovations by 2030
- Singapore’s 15 fastest-growing jobs for 2023, according to LinkedIn
- Information Security Analysts
- 8,500 phishing cases in Singapore in 2022; more than 80% spoofed a bank or financial service
- Top 10 Worldwide IT Industry 2024 Predictions: Mastering AI Everywhere
- Top 9 Technology Trends In The Next 5 Years
- The Top 5 Tech Trends In 2024 Everyone Must Be Ready For
- Tech Straight Talk: How Will Automation Impact Jobs and What Are the Benefits?