The Field Of IT in 2023 - Is It Worth Pursuing IT in 2023?

Hey there readers! It’s 2023, and the world still isn’t perfect.

We still haven't developed hoverboards and are still ages away from making “Back to the Future” a reality. With the chilly winds and freezing cold outside, we decided it was time we address a hot question on every tech nerd’s mind, which is….Is the field of IT and tech still worth getting into, or has this ship sailed toward its final destination?

In this article, we will take an extensive look at the present and future of the field of IT and what it has to offer going forward. So, with our nerd scopes out and our coding fingers charged and ready to create the next AI sensation.

The Current Scenario - The Challenges, Trends, and Murder Holes Of IT

The field of IT is layered like an onion. On the surface, it's full of shine and shimmer. At first glance, IT appears to be a progressive and growing field; however, a deeper look is required to understand how healthy and budding it really is. Here are a few key challenges facing the tech industry today.

• The Post-Covid World

Almost three years have passed since the 2019 pandemic, and traditional jobs and working styles remain obsolete. With the change in trends affecting all strata of life, IT as an industry has also been reshaped in this post-pandemic world.

In 2023, a majority of the workers in the tech industry will have to work from home or would have to work remotely; this means that for a large number of tech industry workers, there will be no traditional physical jobs available.

So far, in the last 13 months, we have seen major layoffs from some of the biggest tech companies, such as Amazon and Microsoft. This situation poses a challenge for both workers and employers. If you cannot adapt to the changing trend of remote working and cannot keep up with the base of the tech world and learn new skills quickly, you will soon find yourself in the trash bin, despite having a broad skill set.

On the flip side, employers are now struggling to find competent individuals comfortable in the work-from-home environment yet effective and efficient simultaneously. So, this situation will become a serious concern for the tech industry in the coming months.

• Global Tensions and Uncertainty

The world still remains an uncertain place for businesses and individuals alike. With threats of war brewing in Europe and the takeover of Ukraine by Russia in 2022, the world economy still remains jolted.

So, running a tech company is not only an economic challenge but also far riskier going forward in 2023 than it was ever before. It is a common saying that uncertainty is the biggest poison for the economy and business since you cannot confidently decide your next move as a businessman. Although the tech industry is growing and expanding, the global scenario will take a toll on its progress and will pose a major challenge this year.

• Economic Pressures

From the start of the year in 2023, it is clear that this year would prove to be tough since the supply chain issues that started in 2022 have not been resolved globally. With high demand for tech solutions and a damaged supply chain system, coupled with increasing inflation, things are looking pretty tough for all fields, including IT.

Experts are stimulating that tech workers will continue to lose jobs this year as the trend rolls on from 2022, adding to the existing economic pressure.

• E-commerce Explosion

During the pandemic, people discovered that it was possible to do virtually anything from the comfort of their homes. This led to an e-commerce explosion. With more and more people moving from traditional jobs to online earning, freelancing, and digital marketing, a multitude of e-commerce platforms have hit the market.

This rapid expansion would not only exponentially increase competition. Still, it would also prove to be a major challenge since a large number of people would now try their luck and skill to become successful in the field of IT and technology. This trend is poised to have a diluting effect on the overall technology market share.

Current Outlook of the IT Industry

The current outlook of the IT industry, despite the above-mentioned challenges, looks to be pretty positive in 2023. A few key indicators of positive growth are:

• Major Economic Contributor

According to the BAE of USA statistics provided for the year 2022, going forward in 2023, the IT industry has grown by 47%, which ranks it as the third fastest-growing industry in the United States. The overall growth and economic contribution to the US economy was 10% last year, which is pretty huge. The trend remains consistent throughout the world when looking at the growth and contribution to the GDP of the tech industry globally. It is clear that technology will continue to be a major source of attraction and earning for skilled labor and tech workers globally.

• Job Availability

According to the statistics collected globally for job postings, the technology industry has been a forerunner and has emerged as a major provider of jobs worldwide.

With over 10.7 million jobs offered last year for only basic computer literacy and skill level, and the numbers being higher for more technical and skilled areas such as data resource management, e-commerce AI and digital marketing, etc., it is clear that if you have the skill, the tech industry can pay your bill. Therefore, it is safe to say that in 2023, the highest number of jobs will continue to be in the field of technology and IT, providing a livelihood for millions of people with various skill levels worldwide.

• Spending on IT Projects by Tech Companies

Among the top players in the IT world, the number of new projects coming out this year is massive.

With a 51% increase in spending and investment in tech projects by technology companies as compared to last year and overall projected spending due to hit 1.36 trillion by the end of the year, it is safe to say that there is enough potential in the tech industry to provide a thriving career going forward, which is a great plus to have, and a significant motivator to get into IT.

So is it worth it?

Well, after an in-depth review of the possible challenges and the potential trajectory of growth of the IT industry, we recommend that you jump in head over heels since things are looking positive and exciting for tech workers, nerds, and tech enthusiasts.

We recommend acquiring E-commerce, web development, data management, digital marketing, python, and javascript skills. If you can upgrade your skill set and grow your knowledge base, the potential to make millions of dollars is at your fingertips.

With an extremely positive overly industrial outlook, there is no better time to get into IT than 2023, and as always, we hope that you will remain nerdy and excited to become the next Steve Jobs, and we’ll see you in the next article!