Small Tech Companies See A Bright Future

As technological advancements occur every day, it’s no surprise the tech industry is positioned for greater growth than all other occupations in the coming years.

According to the Computing Technology Industry Association, employment of computer and information technology (IT) occupations grew by 5% from 2015 to 2016, a net total of 324,000+ jobs within the U.S. The growth is due to a few areas of expanding interest:

  • Cloud computing – the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.
  • Big data collection and storage – gathering vast amounts of data, running analytics within large data sets, such as high-performance computing (HPC) and storage in data warehouses.
  • The “Internet of things” (IoT) – everyday items connecting to the Internet via interrelated computing devices, mechanical and digital apparatuses, objects, animals or people utilizing unique identifiers to transfer data over a network without further interaction.
  • Mobile computing – technology that allows transmission of data, voice and video via a computer or any other wireless enabled device without having to be connected to a fixed physical link.

Tech Sector within the U.S Economy

The tech industry in the U.S. accounts for an estimated 8% – more than $1.3 trillion – of total activity within economy according to CompTIA. The information technology sector has a significant surging effect on the U.S. economy that drives many industries towards efficient tech solutions. Generating revenue and employing workers at a relatively high median wage, 105% higher than the national average, the IT sector also helps other industries “improve productivity, operate more efficiently and innovate faster,” per CyberStates.

Preparing for the Technological Advancement

In this industry, it’s vital to be forward-thinking and easily adaptable to the ever-changing direction that technology moves. As companies prepare to evolve with the technology, it is expected that emerging interests will have varying effects. Polling of 2017 Impact of Emerging Technologies on bottom line of IT companies shows business expectations to be:

  • 21% Significant impact
  • 40% Modest impact
  • 21% Minor impact
  • 18% No impact or don’t know

Considering the impending progression for most tech owners and professionals in the industry, recognition and preparation is imperative to capitalize on developing technical trends.

Supporting the Demand

Forty-one percent of U.S. IT companies report having employment opportunities and are pursuing dynamic candidates. Among hiring firms, more than half specify it’s due to business expansion, while a similar percentage stipulate the need for new skills in areas such as software or application development, IoT, or data analysis is motivating the employment at their tech company. Similar to many industries, tech is no different in that small businesses dominate the spectrum of competition. Though development will push interests within all channels, small business potential stands to gain higher ground as specialties diversify tech work and sole proprietorship gains further traction.

  • 186 – Large Channel Firms [500+ employees]
  • 1,493 – Medium Channel Firms [100-499 employees]IT 
  • 14,783 – Small Channel Firms [10-99 employees]
  • 120,959 – Micro Channel Firms [1-9 employees]
  • +203,380 – Self-Employed, Sole Proprietors

Understanding the impending opportunities within the industry is in the best interest of all tech entrepreneurs in preparing for future growth. By focusing on advanced certifications and hiring motivated employees, tech owners will establish better positioning to capitalize on approaching industry advancements.

As many tech entrepreneurs will understand, it’s better to reboot initiatives now than hit critical failure later.


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