In this market, candidates know their worth and are increasingly seeking not only higher pay but a range of other benefits such as clearly defined career development, and flexible working. Organizations are making use of contractors to fill short-term skills gaps in their full-time workforce, and to meet the demands of time-limited projects such as app development.
There is a wide range of technology growth areas that urgently need people with the right expertise to drive them forward but with this new Covid-inspired competition for skilled people the talent market is becoming ever more competitive.
The software services market will grow by 10.5% this year.
The Technology Market is Booming
There has been an explosion of demand for digital products and services since the beginning of the pandemic. There is a boom in demand for specific technologies, and companies are struggling to find the talent they need. Technologies currently in the spotlight include:
The pandemic and the surge in digital services are making cloud the center piece of new digital experiences. It is expected that 85% of organizations will embrace a cloud-first principle by 2025. By the same year 95% of new digital workloads are expected to be deployed on cloud-native platforms, up from 30% in 2021.1
Internet of Things (IoT)
The IoT, the network of physical objects connected to the internet by embedded sensors and software, is likely to expand rapidly because of the availability of increasingly inexpensive sensors and enhanced analytics. There are predicted to be 75 billion active IoT devices by 2025.2
Artificial intelligence, digital learning, and robotics
Greater use of artificial intelligence is forcing organizations to rapidly rethink processes, products, and services. There is a relentless advance in machine learning, which is unlocking value in areas like drug development. The pandemic has also created strong demand for robotic process automation, which is likely to see the market growing to $22bn by 2025.3
The widespread adoption of 5G will see faster internet infrastructure and technology, enable more complex software, and help drive the growth of the IoT. 5G adoption reached one-third of global smartphone volumes in 2020,4 indicating that there are real opportunities for the technology in the enterprise sector.
Cryptocurrency investors already number 200 million worldwide – a number that is expected to grow rapidly. The currencies are being broadly legalized by countries and states from Brazil to California. Recent legislation allows people in California to pay for government services with cryptocurrency.
This sector has mushroomed during the pandemic to combat the growing number of cyberattacks, including phishing, fraudulent websites, and direct attacks on companies. In one study 47%5 of people were found to fall for a phishing scam while working from home.
What is the outlook of the tech talent market for companies in need of top tech talent?
The landscape of the hiring market changes with such rapidity that only a few authoritative sources can accurately opine on the state of things and things to come.
Our new white paper, The Rise of the Tech Talent Shortage, is an exploration of the state of the current market, and informed predictions for the future.
- IT professionals' expectations have risen rapidly since the Covid-19 pandemic exacerbated the supply shortage.
- Employers will need the support of specialist recruitment firms to access the most qualified talent.
Download Our White Paper: The Rise of the Tech Talent Shortage
About Computer Futures
Computer Futures supports the world's largest and most innovative tech companies by providing comprehensive staffing solutions that add value.
We create true partnerships by providing the best talent within their sectors through a consultative approach beyond a traditional recruitment service.
Extensive market knowledge, innovative resourcing techniques, and proprietary networks allow us to develop a strategic campaign tailored to a client's specific needs.