Technology is an ever-evolving industry that is constantly changing and growing. With the rise of new technologies, the industry is becoming more competitive and complex. As a result, understanding the latest industry statistics is essential for staying ahead of the competition.
In this blog post, we’ll take a look at some of the most important technology industry statistics and what they mean for the industry. We’ll explore the latest trends in the industry, the size of the industry, and the impact of technology on the global economy. We’ll also discuss the potential opportunities and challenges that the industry may face in the future. By the end of this post, you’ll have a better understanding of the current state of the technology industry and what it means for your business.
Technology Industry: The Most Important Statistics
- The global Artificial Intelligence market is projected to grow from $136.6 billion in 2022 to $1,811.8 billion by 2030, with 8 billion AI-powered voice assistants by 2023 and an increase of $15.7 trillion in global GDP. Already 77% of devices feature AI.
- 5G global subscriptions have grown to 236 million, with the 5G chipset market projected to reach $22.86 billion by 2027.
- The global smartphone market is projected to grow from $484.81 billion in 2022 to $792.51 billion by 2029, with a CAGR of 7.3%.
Technology Industry Statistics Overview
The global Artificial Intelligence market is projected to grow from $136.6 billion in 2022 to $1,811.8 billion by 2030, with 8 billion AI-powered voice assistants by 2023 and an increase of $15.7 trillion in global GDP. Already 77% of devices feature AI.
This shows the rapid growth and adoption of AI, which is becoming increasingly essential in many industries. It also highlights the potential of AI to revolutionize the way we live and work.
AI services are rapidly growing in popularity and profitability, with the number of businesses utilizing AI services growing by 270% between 2015 and 2019 and revenue generated in 2020 reaching $19.4 billion.
Despite concerns about job loss, it indicates that AI could be a major driver of economic growth in the future.
5G in the Technology Industry
5G global subscriptions have grown to 236 million, with the 5G chipset market projected to reach $22.86 billion by 2027.
5G is on the brink of achieving widespread adoption, and that the 5G chipset market is expected to grow significantly over the next few years. This points that the technology industry is investing heavily in 5G, which could have a major impact on the industry in the future.
The 5G services market is expected to grow at a CAGR of 25.3% over the next five years, reaching USD 331.12 billion, with 90% penetration among consumers in the US and Canada.
This shows the rapid growth of the 5G services market, which is indicative of the increasing demand for 5G technology. The growth is likely to have a positive impact on the technology industry, as more people adopt 5G services and devices.
Augmented Reality in the Technology Industry
The Augmented Reality market is flourishing, growing at a CAGR of 41.5% up to 2030, with revenues of $942 million in 2022 and 1.4 billion AR device users by 2023, and a value of $137.14 billion by 2028.
It highlights the growth potential of AR technology and its potential to disrupt the industry.
By 2022, consumer spending on AR/VR is forecast to account for 37.4% of the global AR/VR customer market, with 8.9 million units shipped in 2018 and total sales of $9.7 billion by 2020.
Thus, it shows the rapid growth of AR/VR technology, and how it is becoming increasingly popular in both consumer and industrial applications. It indicates that AR/VR technology is becoming more widely accepted and used, and that it could become a major part of our daily lives in the near future.
Smartphone Market in the Technology Industry
Smartphone shipments are projected to reach 1.43 billion units in 2022, with 6.23 billion subscriptions in 2021 and 7.7 billion by 2027. Samsung holds 23.4% of the global market share, while Apple typically peaks in the last quarter of the year.
On this, we can see the competitive nature of the market, and how important it is to stay ahead of the development curve in order to remain competitive. Nokia’s decline after 2011 serves as a reminder of this.
The global smartphone market is projected to grow from $484.81 billion in 2022 to $792.51 billion by 2029, with a CAGR of 7.3%.
This statistic is important as it shows the potential growth of the smartphone market, even after the pandemic caused a decline in 2020. It also highlights the leading distribution channel of smartphones, which is retailers, and provides insight into the recovery of the market.
Different Parts of the Technology Industry
The technology industry is made up of 56% hardware, software, and services, 26% telecom services, and 19% emerging technologies, with most of the tech spending occurring outside of the US.
The Covid-19 pandemic has caused a 77% decrease in growth, as well as decreased customer purchases, margins, and labor costs. Furthermore, it shows the importance of emerging technologies, and the need for businesses to adapt to changing market conditions in order to remain profitable.
The U.S. tech industry is estimated to reach a market value of $1.6 trillion by the end of 2021, employing 12.2 million workers and accounting for 7.9% of the total U.S. workforce and 10.5% of the total U.S. GDP.
This displays the importance of technology in everyday life, and the need for continued investment in the industry to ensure its continued growth.
Conclusion
In conclusion, the technology industry is an ever-growing and ever-evolving industry. It is important to stay up to date on the latest technology industry statistics to ensure that businesses are making the best decisions for their growth and success.
With the right data, businesses can make informed decisions that will help them stay ahead of the competition and remain competitive in the market.
References
1 – https://techjury.net/blog/ai-statistics/
2 – https://explodingtopics.com/blog/ai-statistics
3 – https://financesonline.com/5g-statistics/
4 – https://www.marketsandmarkets.com/Market-Reports/5g-services-market-226908556.html#:~:text=The%205G%20services%20market%20was,to%20reach%20USD%20331.12%20billion.
5 – https://www.xrtoday.com/augmented-reality/augmented-reality-statistics-to-know-in-2023/#:~:text=A%20report%20from%202022%20found,%25%20(Source%3A%20PR%20Newswire)
6 – https://techjury.net/blog/augmented-reality-stats/
7 – https://www.statista.com/topics/840/smartphones/#topicOverview
8 – https://www.fortunebusinessinsights.com/industry-reports/smartphone-market-100308
9 – https://financesonline.com/technology-statistics/
10 – https://www.zippia.com/advice/tech-industry-statistics/
ZipDo, cited June 2023: Technology Industry Statistics
