From trillion-dollar markets to millions of new jobs, the global tech industry is an explosive engine of growth and innovation that touches nearly every aspect of modern life.
Key Takeaways
- The global technology market size was valued at $5.3 trillion in 2022 and is projected to reach $7.8 trillion by 2028, growing at a CAGR of 6.7%.
- Worldwide IT spending is forecast to total $4.7 trillion in 2023, an 8% increase from 2022.
- The global semiconductor market revenue reached $574 billion in 2022, up 3.2% year-over-year.
- The global tech industry employed over 28 million people directly in 2022.
- In 2023, the US tech sector had 12.1 million jobs, representing 7.5% of total employment.
- India’s IT-BPM industry employed 5.4 million people in FY2023, with 20% women.
- Global venture capital investment in tech reached $457 billion in 2022.
- AI startups raised $50 billion globally in 2023.
- Global fintech funding hit $144 billion in 2022.
- Global R&D spending in tech reached $1.2 trillion in 2022.
- AI patents filed globally hit 60,000 in 2022.
- Global R&D intensity in tech sector was 15.2% of revenue in 2022.
- 65% of organizations adopted AI in 2023, up from 50% in 2022.
- Global smartphone penetration reached 85% of population in 2023.
- Cloud adoption: 94% of enterprises use cloud services in 2023.
The global tech industry is expanding rapidly and creating millions of jobs.
Adoption & Trends
- 65% of organizations adopted AI in 2023, up from 50% in 2022.
- Global smartphone penetration reached 85% of population in 2023.
- Cloud adoption: 94% of enterprises use cloud services in 2023.
- 5G connections surpassed 1.5 billion globally in 2023.
- IoT devices connected: 16.6 billion worldwide in 2023.
- E-commerce sales hit $6.5 trillion globally in 2023, 20% of retail.
- 60% of consumers use digital wallets in 2023.
- Remote work adoption: 58% of workers hybrid in tech firms 2023.
- Streaming video users: 1.3 billion globally in 2023.
- Social media users reached 5 billion in 2023.
- 45% of businesses adopted cybersecurity AI tools in 2023.
- Electric vehicle tech adoption: 14 million EVs on roads in 2023.
- Contactless payments used by 80% of consumers in urban areas 2023.
- VR headset shipments: 8.2 million units in 2023.
- 70% of enterprises use big data analytics in 2023.
- Mobile app downloads: 257 billion globally in 2023.
- Blockchain adoption in supply chain: 15% of Fortune 1000 in 2023.
- Telemedicine visits grew to 40% of healthcare in 2023.
- Smart home devices: 1.1 billion units installed globally 2023.
- Generative AI usage: 65% of organizations experimenting in 2023.
- Online learning platforms users: 220 million globally 2023.
- 55% of retail uses AR for shopping experiences 2023.
- Drone delivery trials in 50+ countries in 2023.
- Passwordless authentication adopted by 30% enterprises 2023.
- 75% of consumers expect personalized AI experiences 2023.
- SaaS adoption rate: 99% of organizations use at least one in 2023.
- Global NFT transactions volume: $8.7 billion in 2023.
Adoption & Trends Interpretation
While humans are still debating whether AI will steal our jobs, we've already enthusiastically handed over our wallets, our work, our homes, and our healthcare to a sprawling digital ecosystem that is now, quite literally, holding all the cards.
Employment & Talent
- The global tech industry employed over 28 million people directly in 2022.
- In 2023, the US tech sector had 12.1 million jobs, representing 7.5% of total employment.
- India’s IT-BPM industry employed 5.4 million people in FY2023, with 20% women.
- Global tech workforce is projected to grow by 17% to 33 million by 2027.
- 85% of tech jobs in 2023 required digital skills, up from 70% in 2018.
- Software developer roles grew 25% globally from 2018-2023.
- In 2023, 3.5 million cybersecurity jobs were unfilled worldwide.
- Women represent only 26% of the global tech workforce in 2023.
- China’s tech sector employed 8.1 million in internet services by 2022.
- EU tech employment reached 9.5 million in 2022, 4.2% of total jobs.
- AI-related jobs are expected to create 97 million new roles globally by 2025.
- Global average tech salary was $85,000 in 2023.
- 67% of companies reported talent shortages in tech in 2023 survey.
- Remote tech jobs increased by 300% since 2020.
- Data science jobs grew 37% year-over-year in 2023.
- Tech unemployment rate was 2.2% globally in 2023, below average.
- Over 1 million new tech jobs created in India in 2023.
- 40% of tech workers are millennials globally.
- Cloud computing skills demand up 55% in 2023.
- Global tech apprenticeships reached 500,000 in 2022.
- Machine learning engineers saw 344% job growth from 2015-2023.
- 75% of tech leaders plan to upskill workforce in 2024.
- Brazil tech sector employed 1.7 million in 2023.
- DevOps roles increased 20% globally in 2023.
- 92% of tech jobs require hybrid/remote flexibility.
Employment & Talent Interpretation
The tech industry is booming with millions of jobs and frantic growth, yet it's simultaneously a paradoxical fortress where getting in requires increasingly sharp digital keys, while inside, the halls remain stubbornly empty of both enough people and enough women.
Investments & Funding
- Global venture capital investment in tech reached $457 billion in 2022.
- AI startups raised $50 billion globally in 2023.
- Global fintech funding hit $144 billion in 2022.
- US tech VC deals numbered 13,847 in 2022, totaling $230 billion.
- Cloud computing investments grew 25% to $76 billion in 2023.
- Global M&A in tech reached $1.1 trillion in 2022.
- Cryptocurrency VC funding was $30.5 billion in 2022.
- European tech funding totaled $110 billion in 2022.
- Indian startups raised $25 billion in tech VC in FY2023.
- Global semiconductor investments hit $50 billion in 2023.
- SaaS companies secured $95 billion in funding in 2022.
- China tech VC investment was $97 billion in 2022.
- Late-stage tech funding dominated with 45% of total VC in 2023.
- Biotech-tech crossover funding reached $22 billion in 2022.
- Global PE investment in tech was $312 billion in 2022.
- Climate tech funding hit $70.3 billion globally in 2023.
- Gaming tech VC raised $20 billion in 2022.
- Corporate VC in tech reached $60 billion in 2022.
- Africa tech funding totaled $5 billion in 2023.
- Quantum computing startups raised $2.35 billion in 2023.
- Space tech investment was $14.5 billion in 2023.
- Latin America tech VC hit $3.5 billion in 2023.
- Deep tech funding grew 40% to $38 billion in 2023.
Investments & Funding Interpretation
Despite the buzzworthy rise of AI, crypto, and space tech, the numbers clearly reveal that global venture capital is overwhelmingly a conservative bet, pouring hundreds of billions into proven sectors like SaaS, fintech, and late-stage companies while cautiously funding the flashy future.
Market Size & Growth
- The global technology market size was valued at $5.3 trillion in 2022 and is projected to reach $7.8 trillion by 2028, growing at a CAGR of 6.7%.
- Worldwide IT spending is forecast to total $4.7 trillion in 2023, an 8% increase from 2022.
- The global semiconductor market revenue reached $574 billion in 2022, up 3.2% year-over-year.
- Cloud computing market size was $545.8 billion in 2023, expected to grow to $1,554.2 billion by 2030 at CAGR of 16.5%.
- Global software market revenue hit $742.1 billion in 2022, projected to $1,080.5 billion by 2027.
- The IoT market was valued at $318.5 billion in 2023, forecasted to reach $1.6 trillion by 2030.
- Artificial Intelligence market size stood at $136.6 billion in 2022, expected to grow to $1.81 trillion by 2030 at 38.1% CAGR.
- Global cybersecurity market revenue was $172.3 billion in 2022, projected to $562.72 billion by 2030.
- Data center market size reached $236.7 billion in 2023, anticipated to hit $624.5 billion by 2032.
- 5G market was valued at $17.7 billion in 2022, expected to reach $797.8 billion by 2030 at 64.4% CAGR.
- Global tech hardware market revenue was $1.2 trillion in 2022.
- Enterprise software market size hit $493 billion in 2023, projected to $767 billion by 2028.
- Blockchain technology market valued at $7.18 billion in 2022, to reach $163.83 billion by 2029.
- Global VR market size was $59.96 billion in 2022, forecasted to $435.36 billion by 2030.
- AR market reached $28.4 billion in 2022, expected to grow to $198 billion by 2025.
- Global robotics market size was $39.90 billion in 2022, projected to $163.51 billion by 2030.
- Edge computing market valued at $15.96 billion in 2023, to hit $110.56 billion by 2030.
- Global quantum computing market size was $1.16 billion in 2024, expected to reach $12.62 billion by 2032.
- Tech services market revenue reached $1.3 trillion in 2022.
- Global SaaS market size was $273.55 billion in 2023, projected to $908.21 billion by 2030.
- Big data market valued at $262.63 billion in 2023, to reach $1,069.28 billion by 2032.
- Global fintech market size hit $340.10 billion in 2024, expected to $1,126.64 billion by 2032.
- E-commerce tech market revenue was $6.3 trillion in 2023.
- Global digital transformation market size was $985.4 billion in 2023.
- Wearable tech market valued at $81.45 billion in 2023, to $186.14 billion by 2030.
- Global metaverse market size was $61.80 billion in 2023, projected to $507.8 billion by 2030.
- IT outsourcing market revenue reached $576.4 billion in 2022.
- Global smart city market size was $839.61 billion in 2023.
- Drones market valued at $30.96 billion in 2023, expected to $90.17 billion by 2030.
- Global network management system market size hit $12.8 billion in 2023.
Market Size & Growth Interpretation
Even if you tried to ignore the relentless, multi-trillion-dollar march of technology, it has already outsourced your skepticism, secured your data in the cloud, and is currently plotting its next move in a quantum-powered smart city.
R&D & Innovation
- Global R&D spending in tech reached $1.2 trillion in 2022.
- AI patents filed globally hit 60,000 in 2022.
- Global R&D intensity in tech sector was 15.2% of revenue in 2022.
- US tech firms filed 40% of global software patents in 2022.
- China accounted for 49% of global AI journal publications in 2022.
- Global semiconductor R&D investment was $65 billion in 2022.
- 5G patents exceeded 250,000 globally by 2023.
- Tech universities produced 1.5 million STEM graduates annually worldwide.
- Global VC for R&D-intensive startups was $100 billion in 2022.
- EU Horizon Europe funded €95.5 billion for tech R&D 2021-2027.
- Quantum tech patents grew 30% YoY to 10,000 in 2022.
- Global biotech R&D spend hit $200 billion in 2022.
- Open source contributions reached 2 billion on GitHub in 2022.
- South Korea’s R&D spend was 4.9% of GDP in 2022, highest globally.
- Global clinical trials for digital health tech: 5,000+ in 2023.
- Israel filed 5,000+ tech patents per million people in 2022.
- Machine learning models trained increased 300% from 2020-2023.
- Global supercomputer count reached 500+ in 2023.
- Female inventors in tech patents: 15% globally in 2022.
- AR/VR R&D investment was $12 billion in 2022.
- Global clean energy tech R&D: $25 billion public funding 2022.
- Number of AI startups: 15,000+ worldwide in 2023.
- Patent applications in robotics hit 1 million cumulative by 2023.
- Global edge AI chip R&D spend: $5 billion in 2023.
R&D & Innovation Interpretation
While boasting a staggering $1.2 trillion in collective R&D spending, the global tech race reveals a fascinating and frenetic division of labor: the US fiercely protects its code, China diligently publishes its papers, South Korea bets the GDP farm, and Israel crams patents per capita like it’s going out of style—all while the industry, for all its supercomputing power and startup billions, still grapples with a glaring 15% female inventor rate.
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