The information technology (IT) industry consists of hardware, software and services. In 2015, IT industry revenue reached $3.7 trillion, representing just under 28% of global economic activity. The vast majority of IT spending stems from business or enterprise purchases, with a small portion originating from consumer spending. In fact, with the blurring of work and personal life, many technology purchases are no longer clearly classified as either business or consumer.
As a result, the IT industry has become more omnipresent. While core IT occupation employment is relatively flat year-over-year, nearly every other industry sector is incorporating more information technology elements into its operations. For example, a manufacturing company that produces farm equipment may now include internet-connected sensors to monitor production. As a result, these manufacturers are creating jobs that could be considered part of the IT industry, even though those positions don’t directly support the manufacture or sale of farm equipment.
Likewise, a professional services firm that provides IT consulting and implementation services can also be considered an IT firm. In addition, a number of IT service providers and solution providers have been shifting from primarily product-centric offerings to services-based models.
Despite the challenges that face the overall economy, IT employment opportunities remain robust. According to Burning Glass Technologies Labor Insights, postings for IT-related jobs grew in 2015, while the unemployment rate for the Computer and Mathematical Occupations category remains well below the national average. This is encouraging news for IT workers, and it reflects the continued confidence that IT leaders have in the ability of their industry to drive digital transformations that create measurable business value.
