Research reveals that the global information technology (IT) market size grew from $8179.48 billion in 2022 to $8852.41 billion in 2024.
This growth in the IT sector can be attributed to the increasing emphasis on digital transformation, improved infrastructure, easing global trade barriers, supportive policy framework, etc.
Further, technologies like artificial intelligence, cloud computing, cybersecurity, IoT, etc., have paved the way for the evolution and expansion of this industry. Therefore, staying abreast of all such emerging trends is imperative for organizations to stay competitive.
The following article discusses the latest IT industry trends that can steer firms toward sustainable success and how SAVIOM’s advanced resource management tool can help.
However, let’s first understand the state of the IT sector before the 2020s.
Let’s begin.
1. IT business landscape prior to 2020s
The IT landscape before 2020 witnessed a significant transformation characterized by a shift towards digitization and automation. Many businesses were transitioning from traditional on-premises IT infrastructure to cloud-based solutions, which offered enhanced flexibility, scalability, and cost-efficiency.
Additionally, technologies such as AI and ML gained prominence as they enabled organizations to process and analyze vast volumes of data, facilitating informed decision-making. Mobile technologies also grew as businesses developed applications and websites to connect with customers on the go.
Simultaneously, the proliferation of IoT devices revolutionized how businesses and consumers interacted with technology, opening new avenues for connectivity and automation. In the realm of project management, IT firms were initially using the traditional framework emphasizing detailed planning and sequential execution before transitioning to hybrid methodologies.
Furthermore, this transformative period also saw a heightened focus on environmental sustainability, with more IT firms driving investments in green technology. Finally, the COVID-19 pandemic further accelerated the adoption of numerous IT trends, ushering in significant changes and reshaping the business landscape.
So, the following are the latest trends every IT organization must integrate.
2. Trends to Look Forward to in 2024 and Beyond
Satya Nadella rightly said, “Innovation is the driver of progress and success in business.”
Therefore, it is a no-brainer that integrating these transformative trends powered by innovation is crucial in shaping an organization’s future. Let’s take a closer look.
2.1. Increased adoption of cutting-edge tools and technology
The IT industry has recently experienced a surge in the adoption of tools and technologies, such as adaptive and generative AI, cloud and edge computing, etc., leading to transformational changes. For example, IT firms are now leveraging edge computing in IoT by deploying devices and sensors to process data in real-time.
Furthermore, implementing AI and ML in predictive analytics within the IT infrastructure helps prevent potential issues ahead of time. This helps ensure the IT systems run efficiently while experiencing minimal downtime, enhance customer experience, streamline workflows, and boost overall performance.
2.2. Transition towards integrated project management
Amidst the rising complexity of IT projects, the transition towards Integrated Project Management (IPM) has become more prominent. This blend of traditional and agile methodologies is helping businesses address changing market demands proactively while staying profitable. For instance, an IT firm is entrusted with fortifying a company’s network and data security.
For this, it leverages a traditional waterfall methodology to establish a comprehensive security plan to identify vulnerabilities and implement essential security measures. Further, the firm employs agile sprints to continually update and enhance the security infrastructure, responding rapidly to evolving threats. This way, organizations can navigate the complexities of modern IT projects seamlessly.
2.3. Emergence of advanced data analytics and real-time BI
The contemporary IT sector deals with vast volumes of data, making it imperative for firms to harness advanced data analytics and real-time business intelligence (RTBI). These technologies allow firms to monitor system performance, identify user behavior trends and patterns, and make data-driven decisions.
The result is a more agile and responsive IT infrastructure that can adapt swiftly to changing market conditions and customer demands. This empowers organizations to thrive in volatile market conditions. Further, it helps enhance overall operational efficiency and drives substantial growth.
2.4. Rise in the significance of diversity, equity, & inclusion (D, E, &I) initiatives
A survey reveals that 86% of business leaders say embedding DEI and measuring its outcomes is very important to their organizations’ success.
By cultivating work cultures that prioritize inclusivity and equity, organizations can effectively attract top talent from diverse backgrounds. This would bring varied perspectives and experiences to the table, building problem-solving capabilities while fostering a high-performing and innovative workforce.
To aid this shift, organizations have begun introducing programs to educate the workforce on recognizing and addressing biases, instances of microaggression, etc. They also encourage employees to form Employee Resource Groups (ERGs) to create a supportive community for marginalized individuals. This fosters a sense of belonging among employees and enhances their reputation.
2.5. Implementation of robust cybersecurity measures
The digital transformation of businesses has created new challenges for cybersecurity. With more data and systems moving online, cybercriminals have more opportunities to exploit vulnerabilities and access sensitive information. To combat these threats, IT firms are implementing various advanced security measures.
These include firewalls to monitor network traffic, block unauthorized access, and encryption to protect data from unauthorized viewing. Further, firms also conduct regular security audits to identify and mitigate data breaches on time. This helps firms shield their financial assets and ensure compliance with security regulations.
2.6. Growing emphasis on sustainable technologies
IT firms are increasingly emphasizing sustainable technologies to reduce their carbon footprint. This shift is driven by various factors, including rising customer awareness and demand for environmentally responsible choices, mandates from global climate regulatory bodies, etc.
Organizations are implementing measures such as green data centers, carbon offset initiatives, traceability technologies, etc. This promotes social responsibility, allowing firms to cater to the demands of eco-conscious consumers and stakeholders. Further, it enables organizations to build an environmentally resilient future.
Now, let’s understand how resource management tools can assist in integrating the above trends!
3. How can a resource management tool help implement these trends effectively?
Advanced resource management software empowers IT firms to embrace and implement emerging industry trends adeptly.
- The tool’s enterprise-wide visibility feature enables firms to stay updated on the skills and capabilities of their current workforce.
- Its real-time competency tracking helps firms assess the existing workforce skills and ensure they are continuously updated to keep them aligned with the trending skill demands.
- The tool’s forecasting capabilities and capacity-vs-demand report also help assess pipeline project requirements. It enables managers to train/upskill IT consultants in the latest skills and technologies.
- Lastly, the tool provides real-time BI reports, offers actionable insights into critical performance metrics, and ensures data-driven decisions.
4. Conclusion
The IT industry is constantly advancing, implementing innovative trends, and redefining how business functions. By embracing the abovementioned strategies, IT firms can promote innovation, improve efficiency, and prioritize sustainability. This will empower the organization to position itself as a leader in the dynamic industry landscape.
