30+ Latest Tech Industry Statistics: Understanding Innovation & Trends

June 4, 2024 0 Comments

Tech has become an integral part of our lives.

The US is the largest tech market, but most tech spending occurs outside the US.

The total global tech industry is valued at roughly $5.2 trillion.

It is surprising that Tech employees earn up to 85% more than others.

The average salary in America is $51,480 but the average salary of a tech employee is $71,809

It is concerning to note that in 2010, 28.49% of tech workers were females but in 2022 the percentage decreased to 26.7%.

Seeking clarity in the tech realm?

Our expansive statistics reveal the forces shaping the industry, from AI to cybersecurity and beyond.

Top Tech Industry Statistics: Editor’s Pick

The tech industry is the #2 number industry in the US economy
  1. The tech industry accounted for over 10% of the total US economy. [6] 
  2. There were 557,000 tech firms in the US, including 13,400 startups and new business units launched in 2019. [6]
  3. Net tech employment is estimated to account for 7.9% of the total US workforce. [6]
  4. 58.90% of US employees come from the white community. [3]
  5. Hispanic and Latino people have the second highest count in the tech industry with 15.2%. [3]
  6. As of 2022, 73.3% of tech industry workers are men. [3]
  7. 44% of businesses increased the pace of their digital transformation. [2]
  8. The breakout of the pandemic pushed 76% of businesses to strategize for long-term changes with their IT. [2]
  9. 80% of businesses reported that their tech spending will either remain the same or increase. [2]
  10. 84% of businesses reported that they are hopeful about AI helping them grow. [9]

General Tech Industry Statistics

The US is the largest tech market, but most tech spending occurs outside the US. [1]

The positive factors that derive tech growth include

  • The pick up in existing customer business (59%). [1]
  • The successful outreach to new customer segments (47%).
  • Improvement of internal operations (45%).
  • Selling new goods or services (44%).
  • Improved sales and marketing (43%).
  • Return to normal commerce (37%).
  • Positive action by the government (30%).

The total global tech industry is valued at roughly $5.2 trillion. [8]

Global tech industry distribution?

North America, Asia, and Europe comprise most of the world’s IT industry. [8]

North America controls 35% of the global tech industry market share. [8]

31% of tech industry market share is controlled by Asia and 22% by Europe. [8]

Global tech industry distribution
Source: Zippia

Tech Statistics in The US

  1. The tech industry accounted for over 10% of the total US economy. [6] 
  2. There were 557,000 tech firms in the US, including 13,400 startups and new business units launched in 2019. [6]
  3. Net tech employment is estimated to account for 7.9% of the total US workforce. [6]
  4. The tech industry is the #2 number industry in the US economy. [5]
  5. Healthcare takes up the top position. [5]
  6. There are at least 585,000 tech companies in the US. [6] 

Did you know Amazon, Apple, Google, and Facebook are the four biggest tech companies in the US? [4]

Tech Industry Employee Statistics

How much tech do employees earn?

Tech employees earn up to 85% more than others. [7]

It is to be noted that the average salary in America is $51,480 but the average salary of a tech employee is $71,809. [7]

Here we have listed the top American states with a number of employees working in the sector.

StateTotal Tech Employees
California1,866,951
Texas1,025,106
New York679,083
Florida585,296
Virginia446,507
Pennsylvania445,168
Illinois441,205
Massachusetts440,793
Michigan412,324
Ohio401,066
Source: TechRepublic

Tech Industry Demographics

58.90% of US employees come from the white community. [3]

There has been a slight decrease since 2010, as at that time 63.89% of tech employees were white. [3]

In contrast, the representation of blacks has slightly increased in the tech industry.

Black workers only account for 10.2% of tech industry workers. [3]

Hispanic and Latino people have the second highest count in the tech industry with 15.2%. [3]

US tech industry employment by race & ethnicity
Source: Zippia

Black employees always had the lowest salary in the industry ($61,061 at present). [3]

Let’s look at US tech industry employment by age group.

Age groupPercentage of employees
20-29 years16%
30-39 years30%
40+ years54%
Source: Zippia

Women In Tech Statistics

Does the tech sector have gender equality?

Not yet!

It is concerning to note that in 2010, 28.49% of tech workers were females but in 2022 the percentage decreased to 26.7%. [3]

As of 2022, 73.3% of tech industry workers are men. [3]

Here is a comparison table about the percentage of total male and female workers in the tech sector over time.

YearMaleFemale
202273.30%26.70%
202172.74%27.26%
202074.50%25.50%
201975.98%24.02%
201877.22%22.78% 
201776.53%23.47%
201676.62%23.38%
201576.49%23.51%
201474.79%25.21%
201374.42%25.58%
201273.90%26.10%
201172.49%27.51%
201071.51%28.49%
Source: Zippia

On average, women earn about $3,000 per year less than their male counterparts. [3]

Impact of Covid on Technology Adoption

How have businesses handled the pandemic?

Businesses changed their ways and improved tech to deal with the pandemic and survive the tough times. 

  1. 44% of businesses increased the pace of their digital transformation. [2]
  2. The breakout of the pandemic pushed 76% of businesses to strategize for long-term changes with their IT. [2]
  3. 36% of businesses are working on improving IT operations and systems performance after Covid. [2]
  4. 32% are planning to connect with employees through standardized, secure, and intuitive tools. [2]
  5. 80% of businesses reported that their tech spending will either remain the same or increase. [2]

Future of Tech Industry

As AI (Artificial Intelligence) and AR (Augmented Reality] are the new norm, what tech industry holds for the future?

The AR market is expected to grow by a CAGR of 100% between 2021–2025. [9]

84% of businesses reported that they are hopeful about AI helping them grow. [9]

The cloud computing sector is expected to reach up to $832.1 billion in 2025. [10]

The US tech industry is expected to have a CAGR of 5% through 2024. [11]

FAQs

How does the US tech industry rank in terms of its contribution to the economy?

The tech industry is the second-largest industry in the US economy, accounting for over 10% of the total GDP.

What are the top priorities for Gen Z when choosing an employer in the tech sector?

Gen Z prioritizes work-life balance, learning and development opportunities, high salaries, positive workplace culture, and career advancement opportunities when choosing an employer in the tech industry.

What is the projected growth rate of the AR market between 2021 and 2025?

The AR market is expected to grow by a compound annual growth rate (CAGR) of 100% between 2021 and 2025, indicating significant expansion in the coming years.

Conclusion 

The tech industry remains a powerhouse in the global economy, with significant contributions to GDP and employment. Despite its growth, challenges such as diversity and gender equality persist. 

However, with advancements in technologies like AI and AR, coupled with increased investment in cloud computing, the future of the tech industry looks promising. As businesses adapt to the digital era, the tech sector is poised for continued innovation and expansion. 

Source

  1. CompTIA. IT Industry Outlook 2021
  2. Spiceworks Ziff Davis. The 2021 State of IT
  3. Zippia. Information Technology Professional Demographics And Statistics In The US
  4. BBC. How much power does tech ‘big four’ have?
  5. Investopedia. The 5 Industries Driving the US Economy
  6. TechRepublic. US tech industry had 12.1 million employees in 2019
  7. TechRepublic. Tech professionals make up to 85% more than state averages in other industries
  8. Statista. Tech sector as a percentage of total gross domestic product (GDP) in the United States from 2017 to 2020
  9. Forbes. How Artificial Intelligence Is Revolutionizing Business In 2017
  10. Yahoo!. 14 Best Cloud Computing Stocks To Invest In
  11. New York Times. Big Tech’s Domination of Business Reaches New Heights