5 Current Trends in the IT Job Market
Updated: October 17, 2023
Due to how technology is constantly advancing, it is important for people within the web security space to be kept up to date on the current IT job market trends in information technology.
According to the US Bureau of Labor Statistics, posting for open IT jobs are at their highest level since 2019. Additionally, jobs related to emerging technologies and skills account for about 28% of open IT positions, as reported in COMPTia’s annual State of the Tech Workforce | CYBERSTATES 2022 report.
What Are the Current Trends in the IT Job Market
Keeping technology updated with the latest IT job market trends in information technology will help companies stay competitive in today’s market, making these very sought-after positions. Today. CIOs are turning to technologies that drive agility, efficiency, and speed throughout their business.
Take a look at five trends shaping leaders’ digital agendas in 2022 and 2023.
Artificial Intelligence and Machine Learning
It is no surprise that Artificial intelligence (AI) and Machine Learning remain top IT job market trends in information technology. In a simplified definition, Artificial Intelligence (AI) is the science behind machines mimicking human abilities. The AI market is expected to increase from USD 387.45 billion in 2022 to USD 1,394.30 by 2029. Between 2022 and 2029, the compound annual growth rate (CAGR) is 20.1%.
AI is entering all areas of everyday life and consumer behavior, from retail to finance to insurance. Companies are boosting customer engagement by deploying AI to deliver real-time individualized experiences and services. One example is online shopping, where AI provides people with customized recommendations based on their search.
In IT, AI can be found in machine language translations when creating subtitles. Additionally, AI is a significant factor in cybersecurity. AI systems can help recognize and anticipate attacks or threats by identifying patterns through input data.
IT professionals can grow their knowledge of AI by learning and incorporating elements of DataOps, ModelOps, and DevOps. Rather than being considered a discreetly specialized and isolated project, it should be regarded as part of the mainstream DevOps process.
Virtual and Augmented Reality
Just like AI, virtual and augmented reality also continues to be one of the top IT job market trends in information technology. The global virtual reality market is projected to grow from $16.67 billion in 2022 to $227.34 billion by 2029. Such growth will create a CAGR of 45.2% from 2022-2029.
Industries also continue to adopt VR and AR for entertainment, retail, and general business purposes. Here are just a few of the latest VR and AR trends in technology:
- AR for the workspace– This applies from working remotely to generating 360-degree marketing videos. AR can help remote workers feel more connected with their coworkers, while 360-degree marketing videos help promote products and help capture a user’s attention.
- Remote Assistance and Virtual Manuals – AR allows IT professionals to provide real-time tech support using on-screen directions. Employees can use their smartphone camera to show a technician a computer needing service. The technician can then use a drawing tool to highlight areas of attention on the screen.
- Augmented shopping relies on Artificial Intelligence – As social media continues to grow in popularity, social shopping has become a big market. According to market research company Grand View Research, augmented shopping will experience a CAGR of 47.1% from 2020 to 2027.
- Smartphone Hardware – in 2022, Apple will have a new A16 chip with faster processing and high-performing machine learning. Additionally, this year will showcase foldable (?) displays from Samsung and possibly Google, which will increase the FOV for the AR experience.
- There will also be a considerable focus on more powerful connectivity using 5G C-Band and WiFi 6E, bringing faster wireless speeds and lower latency. More affordable options will start to incorporate major hardware features the flagship phones debuted the previous year. This will bring faster processing and 5G to more users. Using AR on high-performing devices at a lower cost will allow AR to be experienced by a wider audience.
Which skills do you need for a virtual and augmented reality technology career? It depends on which niche you choose:
- Software Developer / Senior Software Engineers need two to five years of experience in VR, AR, or MR. Practical experience with Unity and knowledge of developing for Oculus, Vive, and other platforms is also a plus. It is also important to know programming languages such as C#.
- Design/Graphics Engineers require experience in developing 3D applications or games. They should also be familiar with 3D game engines like Unity and Unreal. Years of experience coding in C#, C++, and other languages like Java are also a plus. Finally, they must have an academic degree in computer engineering and be skilled with 3D maths.
- Product and Project Managers generally require five to ten years of product management experience. Product and project managers should be able to lead customer experience by establishing a good work environment to generate effective project frameworks. Additionally, collaboration on projects across multiple teams, including designers, prototypers, product testers, and engineers, is a must.
IoT stands for “Internet of Things” and describes the network of physical objects (“things”) embedded with sensors, software, and other technologies that connect and exchange data with other devices and systems over the internet.
According to the March 2022 update of IoT Analytics’ Global IoT Enterprise Spending Dashboard, the enterprise IoT market grew 22.4% to $157.9 billion in 2021. The market grew slightly slower than the 24% forecasted last year due to several factors, including Covid-19 and other current global events. The slower-than-anticipated growth is attributed to a slow economic recovery, a lack of chipsets, and disrupted supply chains. However, despite these setbacks, North America was the fastest-growing region in 2021 (+24.1%), and process manufacturing was the fastest-growing segment (+25%).
One of the more current IT job market trends, in the most simplified definition, a blockchain is a distributed ledger. Information is stored across a system of public or private computers in an ever-growing list of transactions known as “blocks.” These transactions are permanently recorded and encrypted in chronological order, which adds to the “chain” of records. Various protocols are used to ensure a new block is authorized by other participants before it can be added to the chain. As a result, blockchain is an eternal, transmutable, transparent recording of data.
One of the most well-known applications for blockchain technology has been in cryptocurrencies like Bitcoin, but the potential of this technology goes far beyond financial transactions. Blockchain technology has grown to be one of the biggest markets in the IT space and is expected to grow to $67.4 billion by 2026.
Blockchain technology is used for data sharing, IoT network management, and processing money transfers making it an essential aspect for any business. Furthermore, blockchain technology has tighter security measures and can help save time and money.
Cybersecurity is not necessarily a new trend, but given how technology constantly evolves, it will always be in demand in the IT world. The Bureau of Labor Statistics projects that jobs in information security will grow 33% between 2020– 2030 — that’s much faster than the average for all other occupations.
Considering more advanced technology trends with IoT and blockchain, hackers will continue to discover ways to work around the most challenging security protocols. Making sure to have the most enhanced security measures is necessary to ensure your data and information is safe.
Cybersecurity is challenging and lucrative. Roles range from cybersecurity engineer and information systems analyst to ethical hackers and Chief Information Security Officers. Therefore, cybersecurity is one to consider if you are looking for a career that promises constant change and growth.
About Benchmark IT –Technology Talent
Benchmark IT offers technology consulting, executive search, and direct hire recruitment and staffing services. We service many clients and industries throughout the metro New York area and beyond. Our proprietary recruitment process and dedication to precision, ethics, and personalized service set us apart from other IT recruiting services firms. As a result, Benchmark IT has become a trusted partner among Fortune-ranked companies, mid-market, start-up, and growth-phase firms since 2007.