Technology industry consists of the companies developing software, providing IT consulting, manufacturing computers, electronic equipment, semiconductors and many more products and services. These products and services are used by both consumers and businesses.
Technology industry drives the innovative solutions to every industry and sector of an economy. There are huge benefits to businesses and individuals that come with the technology. Economies, businesses, personal lives become more digital and more connected. The customer behavior and the business models are changing rapidly.
At the same time concerns arise about the safety and the privacy. Data breaches and privacy violations can lead to greater government regulation of the industry.
The demand for newly emerging technologies – Blockchain, Artificial Intelligence, 5G, Internet – of – Things, Virtual Reality and Touch Commerce – will increase and play a significant role in the future.
According to the information on Capgemini SE website, the IT services market has the global value of about USD 1trillion and is forecast to grow at 5.7% annually through 2023. North America is the largest global market representing about 44% of worldwide activity.
Sectors of the Industry
According to the Industry Classification Benchmark (ICB), Technology industry consists of the following sectors.
|Technology||Software & Computer Services
|Technology Hardware & Equipment||Computer Hardware
Electronic Office Equipment