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IT Market Situation Overview

The IT market includes everything related to computers and the network. This industry is one of the fastest-growing in the global economy. It has a significant influence in the developed world and connects many essential aspects of life, such as the economy, government, and society. A person encounters the subjects of the IT-sphere every day since they have an extensive range. These include television, radio, mobile phones, laptops, the web, and more. The sphere of information technology is a tool for helping and influencing society, as it surrounds each individual.

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The IT industry is the fastest growing industry and attracts more and more participants every year. Since the 2000s, technology has gradually started to appear in every home. Each individual was interested in buying a new phone or computer. Besides individual use of IT, it also influenced key technologies and aspects of life such as business and medicine. According to McCullough et al. (2016), innovations provide the most challenging patient, ensuring quick medical coordination. The result is a decrease in mortality and an increase in patient satisfaction with services. The technology industry has radically changed society’s personal life and helped many areas develop faster and better.

The current state of the IT market is in decline but tends to reshape and recover. The coronavirus pandemic has wreaked havoc on the global economy as a whole, and technology is no exception. She underwent a decline in sales of services and equipment at all sites. Retail buyers began to worry about the instability of the situation, so they postponed expensive equipment purchases for some time. A similar situation is observed in the public sector. This spectrum is more crucial since initially, a significant profit came from it. In research from CompTIA (2020), the global IT market will reach $5 trillion in 2021 and grow by 4.2%. The situation in Canada is stable, “employment-related to STEM in October across the country was 8.7% higher than in February.” (Moetaz, 2020). Technology is the sector least affected by the pandemic and is looking to modernize and rebuild.

The IT industry has not experienced the shock and supply phenomenon like many other areas. During the coronavirus, public life went online, and that would cause a demand shock. However, training in this profession requires time that has not been there, so there was no demand shock. People who worked in this area at that time had to work hard to quickly provide resources in a changed situation. On the other hand, if we look at the problem, there is no supply shock since IT specialists were in great demand. Despite the coronavirus, tech workers’ wages remained the same, or rose to 3.6% in 2020, and continue to rise in 2021, according to Dice.com (Gruman, 2021). The IT industry is one of the areas that has remained stable during the coronavirus era.

At present, the world economy is stabilizing and reconstructing for the better while developing IT technologies. Many companies could not withstand the coronavirus’s impact because people lost their jobs or were obliged to live on a living wage/benefit. In just a few months, the COVID-19 crisis has brought about years of change in the way companies do business across all sectors and regions (LaBerge et al., 2021). People were forced to go online, so they learned a lot. Also, some business processes, such as financial statements, which were previously provided in paper form, have become electronic. Situations like these have shown companies that workflows can be streamlined, and many of them continue adhering to the new rules. Employees who did not interact well with the computer had to learn how to do it, which greatly simplified life.

The coronavirus vaccines will help people return to their old lives and stabilize IT technologies. The pandemic came unexpectedly, so the world was not ready for it. The tech industry reacted quickly to what was happening and helped provide society with the resources to keep the economy running. It means providing support for people who can work from home. However, these innovations had some bugs because of the quick withdrawal. In the future, IT will strengthen its breakthrough and eliminate errors. It implies that people will return to the office and be able to communicate live when needed. IT technologies are an excellent assistant that has shaped a new reality in people’s minds and will continue to transform and stabilize.

To illustrate the situation, consider two graphs.

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Changes in the market situation
Chart 1 – Changes in the market situation

Chart 1 shows a steady and rapid improvement since the active development of the IT sector. In addition, there was a slight economic downturn in 2020, which affected the tech industry. In the second half of 2020 and early 2021, a forced IT breakthrough begins. The orange line expresses the trend line, and the R^2 indicator describes the forecast accuracy, which is equal to 95%. Equation y allows one to calculate 30% forecast values for future periods. Let us inspect the situation in graph two after introducing the vaccine.

Monthly Post-Coronavirus Market Analysis
Chart 2 – Monthly Post-Coronavirus Market Analysis

The line reflects the behavior of the IT sector during the coronavirus period. There was a decline in February, and a rapid rise began in March-April. After which, the situation tried to stabilize and return to the previous level. Since the start of the spread of the coronavirus vaccine (red line), the IT industry has increased with varying degrees of success. The development prediction for the coming months can be calculated using the function y shown in the graph. Based on the initial data, the forecast accuracy will be 67%.

References

CompTIA. (2020). IT industry outlook 2021. Connect.Comptia. Web.

Gruman, G. (2021). Tech salaries rose in 2020 — Despite COVID-19. Computerworld. Web.

LaBerge, L., O’Toole, C., Schneider, J., & Smaje, K. (2021). How COVID-19 has pushed companies over the technology tipping point—and transformed business forever. McKinsey & Company. Web.

McCullough, J. S., Parente, S. T., & Town, R. (2016). Health information technology and patient outcomes: The role of information and labor coordination. The RAND Journal of Economics, vol. 47 no. 1, 207–236. Web.

Moetaz, M. (2020). Canada needs tech talent. CIC News. Web.

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Appendix A

CompTIA 2020. This article provides a forecast that gives insight into the trends shaping the industry, its people, and its business models. Trends move to the market in stages; thus, the authors described the processes at their various stages of formation.

Gruman 2021. The writer describes the growth of wages in some regions by 3.6%. In addition, he notes that the salaries of some employees have increased up to 10%. Only 52% of representatives received a salary increase.

LaBerge et al., 2021. The article talks about a rapid technical breakthrough and describes the experience that employees and company leaders recruited during the coronavirus period. The main takeaway is the importance of learning and the willingness to change at the tactical (application of technology) and organizational level (quick response to change).

McCullough et al. 2016. The author talks about the importance of technologies that help very sick patients. He describes the process of rapid medical coordination and the reduction in mortality for this reason. It is worth noting that minor human ailments are not strongly influenced by technology.

Moetaz 2020. Source reveals more IT jobs in Canada as local professionals move south for higher wages. This approach is reasonable since STEM is an area that allows work from anywhere in the world.

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