Fascinating Tech Industry Statistics and Demographics

20 Fascinating Tech Industry Statistics & Demographics in 2024

20 Fascinating Tech Industry Statistics & Demographics in 2024

Whether you work in technology, market technology offerings, own a tech business, or are just curious about the industry, the tech industry statistics and demographics you’re about to read will fascinate you.

For instance, you’re going to find out about some trends in technology, how the market is growing, where diversity and equality fit in, and where technology is headed according to experts.

Moreover, we will share demographics that may surprise you.

Let’s look at the technology industry and see what’s going on and what the future potentially holds. 

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Key Statistics 

  • IT spending is expected to grow by 5.5% in 2023.
  • IT spending is expected to surpass $5 trillion by 2024.
  • Jobs across tech occupations accounted for 6% of the U.S. workforce in 2022. 
  • 264,500 technology jobs were added to the industry in 2022. 
  • The augmented reality (AR) market is expected to grow by 100% (GAGR) by 2025.
  • Only 26.7% if women work in the tech industry.
  • 73.3% of men work in the technology industry.
  • Globally, fewer women engage in STEM studies.
  • In the United States, 62% of the white community works in tech.
  • 20% of Asian Americans work in tech.

Top Tech Industry Statistics in 2024

We’ll start off with some statistics before we jump into the demographics related to the tech industry.

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1. Global IT Spending Is Expected to Grow by 5.5% in 2023.

The most recent data is from a press release by Gartner that reveals that IT spending alone will account for over $4.6 trillion by the end of 2023.

That represents a 5.5% increase over IT spending in 2022, which was just over $4.4 trillion. 

(CompTIA, Gartner Press Release)

2. Global IT Spending Is Expected to Surpass $5 Trillion by 2024.

The IT industry is expected to increase spending in 2024, which is expected to come to over $5 trillion (USD), a growth of 8.6% over 2023.

While the entire world faces high inflation rates, IT spending will continue to grow in the coming years, according to experts.

(Gartner Press Release)

3. Jobs Across Tech Occupations Accounted for 6% of The U.S. Workforce in 2022. 

In 2022, it was expected that the technology sector would account for 8.9 million jobs just in the United States.

That figure represents those working directly in tech and those in core technology occupations.

The tech labor force accounts for 158 million workers, which is around 6% of the workforce in America.

(CompTIA)

4. 264,500 Technology Jobs Were Added to The Industry in 2022. 

In 2022 alone, 264,500 tech jobs were added to that market.

In the IT market in 2023, 174,000 jobs have been added, which is a bit fewer than in 2022 when IT jobs added accounted for 186,300 jobs.

(Forbes, Zippia)

5. The Augmented Reality (AR) Market Is Expected to Grow by 100% (GAGR) by 2025.

According to sources, the AR market is expected to grow by a CAGR of 100% between 2021 and 2025.

So, a mere two years from now, AR may be used to enhance the shopping experience among retailers.

In terms of revenue, it’s expected to reach $25 billion by 2025 in the media and entertainment market.

(GoRemotely)

6. Spending on Smart Home Devices Is Expected to Achieve $157 Billion (USD) in 2023.

According to 2019 data from Strategy Analytics, it was expected that global consumer spending for smart home devices would reach $157 billion (USD) by 2023.

That represents a growth of 11% (CAGR) from 2019 where this consumer spending accounted for $103 billion (USD).

(Businesswire, FinancesOnline, Strategy Analytics 2019)

7. In 2022, There Were Over 585,000 Tech Companies in The United States.

Tech Industry

In the United States, technology companies are thriving even in the wake of inflation.

Data from 2022 reveals that there were over 585,000 technology companies in the United States of America.

These companies combined accounted for more than 12 million workers.

(LinkedIn, Zippia)

8. 34% of Working Adults Think Their Jobs Will Be Automated Within the Next Three Years.

It shouldn’t surprise us that 34% of people who have jobs today believe automation will take over their jobs in the next three years.

After all, there has been so much hype and chatter about this in the news for several years.

It’s something millions of Americans worry about these days. On the flipside, 74% of workers claim to be ready for retraining to learn new skills when it becomes necessary.

Employers are less positive about that since only 45% think that the workforce is prepared to adapt.

(GoRemotely)

9. People Working in Tech Fields Earn up To 85% More than Those in Other Fields.

If nothing else tells you that technology is king, earning 85% more per year in any tech field should.

That 85% is an average figure since in San Jose, California, tech workers earn around 507% more than the average worker in another occupation.

On the other hand, tech workers earn only 32% more than other industry workers.

(Zippia)

10. 89% of The Global IT Industry Is from North America, Asia, and Europe.

A whopping 89% of the world’s IT industry comes from North America, Asia, and Europe.

Related:  WhatsApp Users: How Many People Use WhatsApp in 2024?

When we break that down we see that North America accounts for 35% of the overall tech industry.

Asia has a 32% share and Europe has a 22% share. Latin America is a growing market but has only 6% of the share.

Finally, Africa has a 5% share of the tech market, but that’s from significant growth in recent years.

(Zippia)

Tech Industry Demographics in 2024

Now that we know the basics about the tech industry by and large, let’s see how this market holds up in demographics.

11. Only 26.7% of Women Work in The Tech Industry.

Data from 2021 revealed that only 26.7% of technology jobs are held by women.

Our sources show that there are more than 12 million workers in the tech industry across 585,000 tech companies.

Also, women in the United States account for over half of the country’s workforce.

The tech industry just isn’t one of those fields that hire this majority of women. 

(EnterpriseAppsToday, LinkedIn, Zippia Diversity)

12. 73.3% of Men Work in The Technology Industry.

Compared to women in tech that account for 26.7% of the technology workforce in the United States, men have the larger share of 73.3% of them working in the tech sector.

Therefore, we know that the tech industry is largely a male dominated industry.

Whether that’s due to interest or gender inequality cannot truly be known, though that is the overarching opinion.

(EnterpriseAppsToday, LinkedIn, Zippia Diversity)

13. Globally, Fewer Women Engage in STEM Studies.

Statistics show that at the global level fewer women get an education in science, technology, engineering, and math (STEM).

It’s not because they can’t in most cases (in some countries it is because of that), it’s due to a lack of interest.

For instance, in the United States, women account for only 18% of all computer science bachelor’s degrees. 

(LinkedIn)

14. In the United States, 62% of The White Community Works in Tech.

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In the United States, white Americans account for 62% of the technology workforce.

Additionally, 83.3% of white Americans work in executive roles in the technology industry.

Moreover, 3% of white Americans are tech CEOs.

Compared to other American industries, the tech industry employs more white workers than from other races and ethnicities. 

(EnterpriseAppsToday, Zippia Diversity)

15. 20% of Asian Americans Work in Tech.

Second to white Americans, Asian Americans have the most tech jobs.

This demographic group accounts for 14% of those employed in the tech industry.

In 2021, 8.8% of Asian Americans were hired at Google compared to 44.5% of white Americans.

Moreover, 44.4% of Facebook employees were Asian Americans in 2020, which was 3.4% more than white Americans.

(EnterpriseAppsToday, Zippia Diversity)

16. 7% of Black Americans Account for Those in Tech Jobs.

Black Americans have only a 7% share in technology jobs in the United States.

In the past five years, Facebook has increased the number of Black women in their workplace by 25% and black men by 10%.

Finally, in 2020 only 4.9% of black or African American people in the United States worked for Microsoft. 

(EnterpriseAppsToday, Zippia Diversity)

17. Latinx Americans Account for 8% of Technology Workers.

In the Latin/Hispanic community, 8% of them work in technology.

Between 2014 and 2019, the rise in percentage of Latinx employees was less than 1%.

At Google in 2021, only 8.8% of employees were from the Latin community. 

(EnterpriseAppsToday, Zippia Diversity)

18. London, England Has the Highest Penetration of Women Working in Tech at 28.4%.

In London, 28.4% of women work in tech, which is the highest concentration of any country or region on the globe.

Only the area of Southeast of England comes in close with 27.7%.

Australia employs women in IT at 29% and India employs 34% women in IT.

German women make up only 16% of the country’s tech workers.

(EnterpriseAppsToday)

19. 41% of Programmers Have Bachelor’s Degrees.

In terms of education, 41% of programmers have obtained their bachelor’s degrees.

While most IT workers have at least some college coursework behind them, not all have a degree yet still work in this field.

However, in 2022, 75% of all mathematical and computer jobs require a bachelor’s degree. 

(EnterpriseAppsToday)

20. 53% of IT Professionals 45 Years Old and Older Have Experienced Ageism.

According to data, 53% of IT pros at least 45+ years old have experienced ageism.

That said, in terms of age there’s not much statistical data upon which to draw.

We have only a few pieces of data for age.

However, our sources claim that IT firms do have a problem with ageism which makes it more challenging to almost impossible for anyone over 45 to be employed or even keep their jobs in the industry.

(EnterpriseAppsToday)     

FAQs

What Is the Average Age of Tech Workers?

While ageism is present in the IT sector, it’s not always seen across all tech industries.

The average age of a technology worker is 40 years old, which is older than the overall average American worker which is 38 years old. 

How Much Do Tech Workers Earn?

The median annual salary of an American tech worker is $100,000 more or less.

The national media annual salary across all workers is $41,950.

Pay in the tech field ranges from experience level to career level. Sadly, it can also range according to gender or race.

It pays to have good negotiation skills when you are a skilled tech worker.

What Are the Challenges of The Tech Industry?

First, the lack of diversity in the tech industry is a big hurdle for companies to overcome.

Likewise, there is a shortage of skilled talent in this industry.

Let’s not leave out the fact that cyberattacks are real and that they happen every day.

These are just a handful of challenges that the tech industry faces. 

How Can the Tech Industry Be More Diverse?

Tech companies should be providing more opportunities for minorities, women, and other underrepresented groups whenever possible to help grow their workforce.

The tech industry is a male dominated environment, but that doesn’t mean everyone else is left out.

It’s important to gain the skills you need to work in the tech industry regardless of age, color, or race. 

What Tech Skills Are the Most In-Demand Today?

Our sources revealed that AI (artificial intelligence), cybersecurity, cloud computing, data science, Blockchain, DevOps, RPA (robotics process automation), and VR (virtual reality skills are the most in-demand and trending as of 2023.

Remember, the technology industry is ever-changing and evolving. Along with that so are new skills in the industry.

It’s wise to stay informed about what’s new and how to get new skills for tech jobs. 

Conclusion

Now we know that the technology industry is massive and is continually growing.

Technology will only keep evolving and growing.

It’s not going away for the near or far future, according to expert projections.

However, we also know that this industry has a long way to go to even enter the world of diversity in hiring.

While some strides have been made, the technology industry especially remains less than equal among genders and races/ethnicities.

We hope you have enjoyed reading this tech industry statistics and demographics information, but mostly we hope you got value from it.

Sources

ZippiaZippia DiversityForbes
GoRemotelyCompTIABusinesswire
FinancesOnlineEnterpriseAppsTodayStrategy Analytics 2019
GitnuxGarner Press Release 2023LinkedIn
Facebook
Twitter
LinkedIn
Written by Kelly Indah
I’m the editor at Increditools and a dedicated cybersecurity expert with a robust technical background. With over a decade’s experience in the tech industry, I have worn many hats, from software developer to security analyst.