- 1 Definition / Scope
- 2 Market Overview
- 3 Key Metrics
- 4 Market Risks
- 5 Top Market Opportunities
- 6 Market Drivers
- 7 Market Restraints
- 8 Industry Challenges
- 9 Technology Trends
- 10 Pricing Trends
- 11 Regulatory Trends
- 12 Other Key Market Trends
- 13 Market Size and Forecast
- 14 Market Outlook
- 15 Technology Roadmap
- 16 Distribution Chain Analysis
- 17 Competitive Landscape
- 18 Competitive Factors
- 19 Key Market Players
- 20 Strategic Conclusion
- 21 Further Reading
Definition / Scope
Information technology (IT) is the use of any computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all forms of electronic data. Typically, IT is used in the context of enterprise operations as opposed to personal or entertainment technologies. The commercial use of IT encompasses both computer technology and telephony. IT is considered to be a subset of information and communications technology (ICT). An information technology system (IT system) is generally an information system, a communications system including all hardware, software and peripheral equipment operated by a limited group of users.
The term is commonly used as a synonym for computers and computer networks, but it also encompasses other information distribution technologies such as television and telephones. Several products or services within an economy are associated with information technology, including computer hardware, software, electronics, semiconductors, internet, telecom equipment, and e-commerce. Based on the storage and processing technologies employed, it is possible to distinguish four distinct phases of IT development: pre-mechanical (3000 BC – 1450 AD), mechanical (1450–1840), electromechanical (1840–1940), and electronic (1940–present).
IT includes several layers of physical equipment (hardware), virtualization and management or automation tools, operating systems and applications (software) used to perform essential functions. User devices, peripherals and software, such as laptops, smartphones or even recording equipment, can be included in the IT domain. IT can also refer to the architectures, methodologies and regulations governing the use and storage of data.
Business applications include databases like SQL Server, transactional systems such as real-time order entry, email servers like Exchange, Web servers like Apache, customer relationship management and enterprise resource planning systems. These applications execute programmed instructions to manipulate, consolidate, disperse or otherwise affect data for a business purpose.
IT architectures have evolved to include virtualization and cloud computing, where physical resources are abstracted and pooled in different configurations to meet application requirements. Clouds may be distributed across locations and shared with other IT users, or contained within a corporate data center, or some combination of both deployments.
- The United States has the most advanced software and information technology (IT) services industry in the world.
- More than a quarter of the $3.8 trillion global IT market is in the United States.
- The industry accounts for $1.14 trillion of U.S. value-added GDP and 10.5 million jobs.
- The number of jobs created directly by the software industry has increased 14.6 percent since 2014.
- There are more than 100,000 software and IT services companies in the United States, and more than 99 percent are small and medium-sized firms (under 500 employees).
- This total includes software publishers, suppliers of custom computer programming services, computer systems design firms, and facilities management companies.
- The industry draws on a highly educated and skilled U.S. workforce of nearly two million people, a number which has continued to grow during the past decade.
U.S. software firms operate a mature, harmonized market and have a reputation for producing reliable and effective solutions that accelerate quickly to the marketplace. International companies in the industry have shown a keen interest in the U.S. market because of its strong intellectual property rights laws and enforcement. U.S. companies lead the world's packaged and custom-software markets, and are competitive in nearly all other market segments with a stable overseas market share.
To enhance the United States’ competitive advantage in technology, the Trump Administration has prioritized funding in the 2019 fiscal year budget request for fundamental AI research and computing infrastructure, machine learning, and autonomous systems.The International Data Corporation (IDC) surveys show that infrastructure projects are high priorities for U.S. businesses, and interest is growing rapidly in collaborative tools, green information technology, cloud computing, and mobile applications.
Until recently, IT leaders typically have viewed the avoidance and reduction of costs as the primary benefits of cloud-based flexible consumption (“pay as you go”). However, over the last year, two new and highly strategic factors appear to be driving the rapid growth of service-based IT: increased business agility and “democratization" of innovation. These advantages signal an exponential expansion of cloud’s value proposition: Everything-as-a-service (XaaS) solutions make it faster and easier to experiment and innovate—dramatically shortening the journey toward enhancing customer experience. And, XaaS capabilities are making it cheaper and easier for broad ranges of users to access cutting-edge technologies and services, such as AI- and Internet of Things (IoT)-based solutions. Now, large, medium, and small enterprises can harness powerful capabilities once limited to a select few.
|Base Year||2018||Researched through internet|
As one of the fastest-growing industries, the tech sector is constantly developing brand-new solutions and opening its doors to the dangers that come with untested innovation. The Tech industry needs to keep an eye on these following risks to compete in the market.
1. Cyber Security
Awareness of cyber risk increases every day as more and more businesses are threatened with some form of cyber attack. Yet companies still neglect to prepare for such threats. The technology industry is working hard to combat these attacks, but it can still be vulnerable to hackers.
Cyber crime damages are estimated to reach a total of $6 trillion annually by 2021. And with old, inconsistent hardware being more prone to an attack than newer equipment, delaying upgrades may seem like a great way to save some money short term. However, that kind of thinking can lead to long-term costs for IT support and downtime after an attack.
When an attack is set in motion, tech experts have to be on top of the breach now. Technology industry companies have to be in contact with the right partners and vendors that will find the source of the attack and resolve it in time to protect the business.
2. Robots and Artificial Intelligence
If a robot malfunctions, who is at fault? The user or the manufacturer? Or maybe it’s the person who created the technology in the first place? Tech companies are beginning to see this dilemma crop up more frequently. Recently in Arizona, a driverless car struck a pedestrian on the road and killed her. The technology within the car was examined, and investigators determined that the car did see the woman before the impact. But whom to blame?
Robots and other artificial intelligent devices (like the driverless car) are gaining in numbers in every industry, from manufacturing to hospitality. The technology needed for these creations to perform has to be fail proof or else the tech industry will continue to face liability lawsuits for both personal injury and property damage.
3. Steep Pressure to Innovate
Nowadays, every single person has access to a computer in the palm of their hands. And with the instant, easy-access tool that is the cell phone, anyone can create the next “big thing” in technology. That’s why so many in the technology industry are feeling pressure to invent. To stay on top and to stay relevant, tech geniuses have to create devices, applications and inventions that will outlast and outshine the competition. This need to create can lead to mishaps and overlooked details while techies are working — which in turn can become a huge can of virtual worms if the wrong thing is overlooked and people get hurt.
4. Lacking in Diversity
The tech workforce is predominantly male. Five percent of the entire technology industry workforce is Latino or black, and women make up around 11 percent of globally employed cyber security professionals. In the U.S., only 14 percent of the tech-based workforce is female.
Millennials are a leading force behind the push for tech diversity. And countless studies have shown the benefits of have a diverse workforce, from increases in productivity and creativity, to growing networks (and clients) in different languages and cultures.
Top Market Opportunities
- As the world becomes more digitalised, companies are transforming to use technology more intelligently and strategically. This is leading to the creation of new jobs in the IT sector, even as some earlier ones evolve or get obsolete. For example, the job role of a security analyst is well-defined. This individual focuses on using Secure Information and Event Management (SIEM) tools, studying threats, managing vulnerabilities and responding to incidents. In the future, the job role of a security analyst will probably remain the same, but new skills or approaches will be required.
- Us has the largest software industries in the world and it is the fertile ground for innovation for tech startup as well as small tech companies. As there are many angel investors as well as venture capitals who are looking to invest in the field of information technology. Those tech companies who has a unique and innovative services get easy funding and has a support of giant tech companies and can easily penetrate the marketplace.
- Demand in the US Software Market is currently related to Cloud Computing and software-as-a-service or SAAS solutions. The US is a hub for emerging cloud solutions. This niche genre is estimated to make up about half of the public global cloud spending over the next five years.
- A large percent of the U.S. budget allotted for IT is for new innovations in the IT solutions segments, such as cloud computing and virtualization. Cloud computing and virtualization is the future of tech industry and to be ahead in the global IT industry, US tech industries are pushing hard in order to be in top. IT companies in US almost separate 40% of their total budget in new innovation and strategies.
- The IT industry in USA is growing mainly because of huge demand of innovative technology in every sectors. Technology has been the main focus in every industries as the country is going through digital transformation and many companies hire the Tech companies for building their software, websites, mobile apps etc. Most of the business has been emerged due to innovation of technologies. For instance, According to an April report by Forrester Research, US marketers will increase their investment in marketing technology by 27.1% over the next four years, spending more than $122 billion on marketing tech by 2022.
- The ICT sector is, and is expected to remain, one of the largest employers. In the US alone, computer and information technology jobs are expected to grow by 22% up to 2020, creating 758,800 new jobs.
- The American government has reduced the corporate tax from 35% to 21% on December 22, 2017. Due to this significant transformation , it has been favorable for Technology sector as they can have high profits within US.
- US government is investing highly in information technology sector for the development of machine learning, Artificial intelligence, cloud computing and Internet of Thing(IOT). According to Bloomber government's analysis, US government spent $64.7 billion on Information Technology. So the tech startup who are in the related field providing services are highly funded by the government as well as the large tech giants.
New technologies are developed at an accelerated rate without being able to fully incorporate them into existing products. Artificial intelligence (AI) and voice control are the best examples of two developments with tremendous investment and effort put in, but with negligible impact on the market so far. This gap will continue to grow in 2019, and need to reduce it.
Continued Deterioration Of Public Perception And Trust
The technology industry has faced the continued deterioration of public perception and trust as consumers gain a broader understanding of the monetization models of tech giants and privacy violations and security incidents continue topping headlines. For example, the Facebook-Cambridge Analytica data scandal was a major political scandal in early 2018 when it was revealed that Cambridge Analytica had harvested the personal data of millions of people's Facebook profiles without their consent and used it for political advertising purposes.
Implementing Regulated Privacy Protections
One of the largest challenges facing the industry in 2019 will be the implementation of user privacy rights. GDPR and similar regulations are not easily implemented. Balancing the ownership and rights of the end user with most technology platforms will require refactoring of many systems and necessitate new approaches for storing user data, like per-user keys, which are destroyed on user request.
Lack Of U.S.-Based Talent
New skill sets and more engineers are key, but employers are competing for the same talent in a hot job market. The U.S. needs more engineers through investments in science, technology, engineering and math (STEM); retraining; and immigration. As of now, unemployment in the US is at its lowest rate since 2000, which leads to tech skills gap widening, as nearly 60% of employers struggle to fill their vacancies within 12 weeks.
According to CRBE report 2018,Corporations like Google and Amazon drain the local talent pool as they plan to add an estimated 45,000 new tech jobs in the near future. College Factual reports that only fewer than 2,000 graduates enter the US job market each year which means that even if US recruits thousands of skilled specialists, it won’t suffice to match the demand.
- Forward-thinking organizations are now implementing privacy by design in their products, but making sure those efforts meet GDPR standards is an ongoing concern. For example, France’s data protection regulator issued Google a €50 million fine (around $56.8 million USD) for failing to comply with its GDPR obligations. According to the regulator,Google failed to provide enough information to users about its data consent policies and didn’t give them enough control over how their information is used.
- Organizations are increasingly moving their corporate workloads into public, private and hybrid cloud infrastructure. However, there’s one large piece of the puzzle missing — the network. An organization has a set amount of bandwidth, or budget to spend on it, and hauling the amount of data that users, Internet of Things (IoT), AI and applications generate today to the data center to process will be a huge network issue.
- IT companies are resorting to the recent advancements in the IT technology like robotics and artificial intelligence leading to employees losing their jobs. These tasks were previously performed by manual labor and were replaced by recent technologies to lower risk of error and increase efficiency.
- The IT world has gotten increasingly complex. The complexity is rapidly reaching a point of critical mass, where one single developer can no longer know everything needed to be proficient at his or her job. Because of this, teamwork is more important than ever.
These days, some players have begun to offer Internet of Things (IoT) based smart vehicular telematics systems, which offer a wide range of safety solutions. Such devices are usually comprised of a piece of hardware that fits inside vehicles, along with a companion mobile app for the customer’s phone, which can be synced via cloud intelligence infrastructure. The biggest advantage of telematics systems include: navigation, wireless network connectivity, diagnostics/remote data management, and safety & security against theft
- Artificial Intelligence (AI)
Over the past couple of years, Artificial Intelligence or AI has become a much talked about topic among industry giants as well as the masses. As the name suggests, AI refers to the level of intelligence demonstrated by computer machines, i.e. any device that can recognize its immediate surroundings and take actions based on its perception of the same. While its implications are still being debated upon by most industry experts, it can be said that Artificial intelligence can certainly transform the IT sector in years to come.
- Virtual Reality (VR)
Although Virtual Reality (VR) has been around the block for some time now, the technology is far from becoming a done deal, and its application is proving to be a massive success across multifarious industries. The VR technology combines physical spaces with simulated environments, allowing users to experience and move around in a virtual world via VR headsets, and can transport their presence into an imaginary, yet hyper-realistic world. VR is already being utilized across different segments like gaming, healthcare, education, and arts & entertainment, and is being developed for use across more fields in future.
In the 2018 Interop/Information Week Salary Survey, unveiled that median total compensation climbed 5% from $100,000 per year in 2017 to $105,000 in 2018.
The survey polled 1,900 technology professionals employed in the United States. Half of the respondents worked in management roles, and half held staff positions. Forty-five percent were from enterprises with more than 1,000 employees, and they represented a wide range of industries.
Both managers and IT staffers saw their pay rise by $5,000. For staff, median total compensation rose from $85,000 in last year to $90,000 this year. That’s a significant increase, but the end result still trails the all-time high of $92,000 set in 2014.
Those who identified themselves as managers experienced a median pay increase from $120,000 to $125,000. That’s the highest mark ever in this survey; the previous record was $121,000 set in 2016.
For women working in IT, the news wasn’t quite as good. They averaged about $10,000 less per year than their male counterparts. Female staff made $80,000, compared to $90,000 for male staff. Female managers earned a median salary of $115,000 compared to $125,000 for male managers. However, women did see sharper increases between 2017 and 2018 than the men did, so the gender gap appears to be narrowing.
Overall, IT professionals are happy with their pay. Fifty-seven percent said they were satisfied or very satisfied with their pay, and only 3% were very dissatisfied. That seems to translate well into job satisfaction because 59% said they were satisfied or very satisfied with all aspects of their jobs.
The following graph shows the median wages for U.S IT occupation in 2017.
Financial Services – MiFID and PSD2
Back to the present, and in January 2018, MiFID II (the Market in Financial Instruments Directive) and PSD2 (the Payment Services Directive) come into effect. MiFID II effectively takes the regulatory regime for equities trading price transparency introduced by MiFID in 2007 and extends it to trading in bonds, derivatives and most structured finance products. PSD2 takes the regulatory regime for payment services introduced by the PSD in 2009 and updates it for developments in e-commerce, the internet, mobile payments and new technologies and changing customer patterns. Both sets of rules are driven by, and in turn drive, technology change. MiFID II means rearchitecting business processes and data flows to fit the new regulatory environment and provides a great opportunity for RegTech. PSD2 provides a great opportunity for FinTech start ups. Changing financial services regulatory environments in these and other areas will continue to be an important source of work for IT lawyers in 2018.
GDPR and data protection
The GDPR ‘is “the most complex piece of legislation the EU has ever produced”’ and “has been one of the most important pieces of legislation brought into force in 2018”. It is related to data protection as it has been a major concern in IT industry.
A potential curve ball to watch out for is the new ePrivacy Regulation – the source of the rules on cookies and the requirements for cookie policies. The EU published a draft regulation in January 2017 and it is still under discussion, but it looks like extending the current (2009) ePrivacy Directive significantly. Although the EU said in early 2017 that they want the new regulation to start at the same time as the GDPR, this is looking increasingly less likely, and it may be 2019 before it comes into effect.
Data governance and trust frameworks
Perhaps more significant even than this, GDPR is prompting a deeper dive across business into the governance and management of data flows within, and data sharing between, organisations.
The trend towards standardisation of data governance at the international level also continues to gather pace. The International Standardisation Organisation (ISO) has done great work in 2017 in publishing as international supersets (i.e. to sit above but consistently with EU, US and other privacy rules) standards on data governance (ISO/IEC 38505-1) and PIAs (ISO/IEC 29134) and a code of practice for protecting PII (personally identifiable information – ISO-ese for personal data) (ISO/IEC 29151).
Other Key Market Trends
- The Tech industry are researching and implementing the new innovation like AI, cyber security to survive in the market.
- Tech services and software account for nearly half of spending in the U.S. technology market; significantly higher than the rate in many other global regions.
- Organizations are now spending up to 40 percent of their IT budgets on optimizing traditional IT infrastructure, developing high-skilled talent, and innovating digital processes to make their business adaptive.
- The country’s IT ecosystem that includes the associated education and training sectors, will continue to develop and that will be providing foreign entrants the upper edge they need in the global market.
Market Size and Forecast
- The United States is the largest tech market in the world, representing 31% of the total, or approximately $1.5 trillion for 2018. In the US, the IT industry is dominated by small businesses. Of the 475,000 estimated IT industry establishments in 2018, 97.7% had fewer than 100 employees.
- Within the U.S., telecom services are expected to represent 30% of the country’s IT market. Compare this to the 41% forecast for telecom service spending in the global IT market.
- Net tech employment in the United States reached an estimated 11,812,147 workers in 2018, an increase of 2.3 percent or 260,865 new jobs.
- Enterprise software is forecasted to be the predominant driver of growth in overall IT spending in 2019 at 8.3 percent, followed by IT services at 4.7 percent. Devices, a segment driven by an increase in the average selling prices of mobile phones, will experience moderate growth (2.4 percent) in 2019, a slight downturn from 3.6 percent in 2018. Counterintuitively, data centers and communication services will exhibit the most sluggish growth of all segments (1.6 percent and 1.2 percent, respectively) in 2019, declining sharply from the preceding year (6 percent and 2.4 percent, respectively).
- Business Technology(BT)-focused software and consulting services will grow at 8% to 10% rates in 2018 and 2019, spending on back-office-focused software and services will grow nearly as rapidly, at 6% to 8% rates.
- For the most recent year of available data, U.S. exports of tech products and services were an estimated $322 billion, an increase of about 3% over the previous year. Exports account for approximately $1 out of every $4 generated in the U.S. tech industry.
The rapid rise of the digital age and the IT sector has shaped nearly all contours of the U.S. economy, helping to fuel upstream and downstream growth in employment and productivity, small businesses, and corporate investments in workforce training for the digital age.
Within and outside information technology (IT), the U.S. has delivered slow and steady economic growth since emerging from the financial crisis. U.S. GDP growth averaged 2.3 percent between 2010 and 2018, according to BEA figures. The IT industry is growing in dominance within the services-producing sector, powered in large part by a vibrant technology sector. But the industry is relatively small in absolute size, accounting for only 6 percent of the total economy.
America will constitute the bulk of worldwide IT expenditures from 2015–2019 and is expected to gross more than $1 trillion in spending in 2019. Emerging technologies such as AI, IoT, and blockchain will continue to influence the IT industry into 2022. While growth in expenditures on traditional technologies (hardware, software, services, and telecom) is expected to largely mimic the single-digit GDP growth over this period, growth in advanced technologies is anticipated to be much more prolific, stretching into the double digits and commanding an increasingly greater share of total IT spending.
US Tech industry is predicted to reach approximately USD 3.98 trillion, CAGR of almost 17 percent over the forecast period of(2018- 2025).Demand for hi-tech jobs is expected to outstrip demand for jobs across the US economy through at least 2020. Hi-tech industries are projected to grow by 16.2% over the nine-year period, compared to 13.1% for the rest of US industry.
The U.S. Bureau of Labor Statistics expects the core technology jobs to reach 626,000, in 2026. If you consider the number of jobs created due to retirements and career-shifts, then this number could be as high as 1.2 million, in 2026.
A spike in consumer demand for flexible pay-as-you-go models coupled with large IT companies integrating costly cloud-based tools with enterprise systems has brought the cloud to the mass market. Consequently, high-end technologies such as AI and IoT—tools normally restricted to a select few large companies and innovative startups—have been made available to a range of small, medium, and large-sized firm.
Many companies are switching their storage to cloud based system. Most people have experienced “the cloud” in the form of services such as Dropbox, Box, Google Drive, and iCloud.
2019 is also the year many enterprises will likely begin exploring blockchain technology, which provides an incorruptible and encrypted method of recordkeeping that is easily verifiable. As people and devices are increasingly connected, identity/privacy protection is a prime concern. Both blockchain and biometrics can help to secure and manage user identities, and technology companies may even combine them to make their offerings more secure.
Distribution Chain Analysis
Software technology and its related activities are examined from an industrial and economic perspective. More specifically, the distinct characteristics of software from the perspective of the end-user, the software engineer, the operational manager, the intellectual property lawyer, the owner, and the economist are identified.
The overlaps and relationships among these perspectives are discussed, organized around three primary issues: technology, processes, and value relationships. Examples of the specific issues identified are licensing vs. service provider models, alternative terms and conditions of licensing, distinct roles in the supplier value chain (development, provisioning, operation, and use) and requirements value chain (user needs and requirements), and the relationship of these issues to industrial organization and pricing.
The characteristics of software as an economic good and how they differ from material and information goods are emphasized, along with how these characteristics affect commercial relationships and industrial organization. A primary goal of this paper is to stimulate more and better research relevant to the software industry in the economic, business, and legal disciplines.
Demand for IT services is driven by rapid technological advances, but spending depends on the health of the economy. The profitability of companies depends on technical expertise, innovative services, and effective marketing. Large companies have advantages in broad service offerings and global reach, which give them the ability to provide outsourcing services to big corporate customers.
Small companies can compete effectively by specializing in market niches or by partnering with larger companies that want to broaden their mix of services. The US industry is fragmented: the 50 largest companies account for about 40% of revenue.
- High quality and maximum security: It is one of the competitive factor because through IT applications and e-commerce, people are dealing in huge transactions. So, safety is most required factor.
- Innovation: Customers keep on demanding new and easy applications than before for their simplification of complex work. If service is not innovated to meet the demand, company may be collapsed from market place.
- Brand name and Reviews: Customers have high belief on brand value. They think branded products as guaranted products and remain loyal towards those products. They also check the companies portfolio and their reviews that either those companies services are good or not.
- Full services offerings: People generally prefer all things from one place. There are lots of freelancer who does the work in half the price the company offers. So, the companies are offering full service package annually in the lowest price possible to compete in the market.
Key Market Players
The following key player are based on revenue in 2018:
Apple is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. Its hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatch, and the Apple TV digital media player. Apple's consumer software includes the macOS and iOS operating systems, the iTunes media player, the Safari web browser, and the iLife and iWork creativity and productivity suites. Its online services include the iTunes Store, the iOS App Store and Mac App Store, Apple Music, and iCloud.
Apple is the world's largest information technology company by revenue, the world's largest technology company by total assets, and the world's second-largest mobile phone manufacturer. Apple's worldwide annual revenue totaled $265 billion in 2018. This revenue generation accounts for approximately 1.25% of the total United States GDP.
Microsoft is one of the most valuable companies in the world, worth an estimated market value of $750.6 billion US. Founded by Bill Gates and Paul Allen in 1975, Microsoft Corporation, headquartered in Redmond, Washington, is one of the largest tech companies in the world. It develops, manufactures, licenses, supports and sells computer software, consumer electronics, personal computers, and services. Its best-known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer, Edge web browsers, and Xbox. The company also produces a wide range of other consumer and enterprise software for desktops and servers. In 2018, Microsoft's revenue totaled $110.4 billion.
IBM, short for International Business Machine, is the world’s largest IT company with over 400,000 employees operating in over 170 countries around the world. IBM provides two core IT solutions – Global Technology Services (GTS) and the Global Business Services (GBS). GTS encompasses the infrastructure support, product maintenance, and the process outsourcing, whereas GBS handles consulting, application management services as well as the systems integration. Today almost 97% of Banks all over the world depend on IBM services and making it the largest host of online transactions. IBM has also stepped into cloud computing having ‘IBM Cloud’ as a leading platform for the enterprise. In 2018, IBM’s revenue totaled $79.59 billion.
Oracle Corporation is an American multinational computer technology company, headquartered in Redwood Shores, California. Oracle specializes primarily in developing and marketing database software and technology, cloud engineered systems and enterprise software products, and database management systems. It is also the world’s second-largest software company by revenue, after Microsoft. In recent years, Oracle is investing heavily in AI, machine learning, IOT, the blockchain, and human interface technologies. Oracle is among the most innovative in this list of top 10 IT companies in the world. In 2018, Oracle's revenue totaled $39.83 billion.
Facebook, Inc. is an American online social media and social networking service company based in Menlo Park, California. It was founded by Mark Zuckerberg, along with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. It is considered one of the Big Four technology companies along with Amazon, Apple, and Google. It is considered technology company because the primary thing that they do is have engineers who write code and build product and services for other people. Facebook revenue was $16.8 billion in Q4 of 2018.
Google Revenue: $136.22 billion
Amazon Revenue: $232.9 billion
AT &T Revenue: $170.8 billion
Dell Technologies Revenue: $78.7 billion
Intel Revenue: $70.8 billion
Alphabet Inc. Revenue: $39.3 billion
Adobe System Revenue: $9.3 billion
Symantec Revenue: $4.019 billion
Revenue: $4.262 billion
Progress in many of the basic computing and information technologies has been rapid in recent years, and the committee does not expect the pace of change to slow down in the foreseeable future. While some technologies are reaching maturity now, many important technologies have enormous future potential. As more of the world’s information is digitized and more people and things are networked, the economics of the digital, networked economy will become ever more important.
This includes the ability to make copies of goods and services at almost zero cost and deliver them anywhere on the planet almost instantaneously. Furthermore, digitization of products, services, processes, and interactions makes it possible to measure and manage work with far more precision. Data-driven decision making and machine learning provide vast opportunities for improving productivity, efficiency, accuracy, and innovation.
Potential future technological capabilities and innovations are largely unpredictable, and their implications and interactions are complex. Investing in extensive and effective data gathering, a robust infrastructure for analyzing these data, and multidisciplinary research will enable a deeper understanding of emerging changes in technology and the workforce. The results of this research will inform the adoption of policies that will help maximize the resilience and prosperity of the institutions, organizations, and individuals in our society.