For the first time ever the job market is awash with digital natives. With generation Z now entering the workforce, this is telling for the future of the job market. Today’s graduates have never been without ICT or even electronic devices in their adult life and digital communications come as naturally to them as breathing. Together with the old guard who developed proficiencies with digital and ICT technologies even as they arose and evolved around them, the workforce of today is primed to face the digital challenges of tomorrow.
For all those who have trained in ICT this can only be a good thing, as increased global sector spending is on the rise leading to a plethora of new job opportunities and challenges which the JM Group’s ICT Recruitment Division is ready.
ICT spending to reach almost $5 trillion by 2023
Recent forecasting from International Data Corporation offers encouraging statistics. It predicts that worldwide ICT spending on telecoms, software, services / SaaS and hardware will achieve a compound annual growth rate (CAGR) of 3.8% between this year and 2023 reaching overall global spending of $4.8 trillion by the time we usher in 2023.
Stability in a chaotic climate
This steady increase in global ICT spending is an encouraging island of stability in a turbulent economic and political ocean. The economic uncertainty surrounding Brexit, collapsing economies in the European Union, the political and economic turbulence of the Trump administration and speculation over trade wars and tariffs make any sense of prediction seem a little uneasy.
However, no matter how fraught the political and economic global landscape may become, there’s no escaping the knowledge that businesses and consumers alike are likely to become increasingly dependent on digital and ICT technologies, making ICT as sure a bet as it gets in a turbulent economy and job market.
Businesses need ICT
Digital technologies give businesses a competitive edge, not just in the way they operate but in the way in which they engage their target audiences. And this doesn’t seem set to change any time soon, nor is the likelihood that upgrades and refresh cycles will continue to drive commercial ICT spending.
Commercial are projected to account for almost two thirds of all ICT spending by 2023. That’s a 60.4% from 2018 and a five-year CAGR of 5.1%. Manufacturing and banking are expected to be the industries spending the most on ICT between now and 2023 followed by professional services as well as media and consumer services as DX or digital transformation changes the way in which consumers are engaged.
Where the money goes
ICT sector spending is likely to grow across the globe with China continuing to grow at the fastest rate with a five-year CAGR of 6.1%. In terms of forecast spending, the United States will (perhaps unsurprisingly) be spending the most with ICT spending forecast to top $1.66 trillion by 2023. However, Western Europe won’t be too far behind with $927 billion in ICT spending forecast for 2023.
Wherever and however you choose to apply your talent and passion for ICT, it’s clear that this continues to be a global growth industry.