2021 is becoming new golden age for IT sector for sure. According to the most recent Forrester report on IT services trends, this sector is expected to see double-digit growth in the next three years. With the number of Internet users growing at a fast pace and companies facing an ever-increasing demand for IT services and solutions, the forecast is hardly surprising.
The IT industry is now one of the fastest growing industries in the world, generating enormous profits. Yesterday, energy companies such as Exxon and Shell dominated the stock exchanges. Today the first places on the stock exchanges are reserved for IT companies Amazon, Google, Microsoft, Facebook.
Pandemic times
The industry was well affected by the pandemic, it accelerated the digitalization process. More and more companies have simply realized that they cannot survive without working from home. With usage digital tools and platforms and speeding up the process.
Due to the current situation caused by the Corona virus, many industries around the world are at a standstill or working slowly, which has caused millions of people to lose their jobs or go on unpaid leave. 
As the world has become smaller and smaller due to globalization, it is possible that some new pandemics will occur and similar situations will be repeated. This in turn will lead to the suspension of work in all sectors.
Adjusting to new times
In order to avoid a complete collapse and suspend all business processes, many companies were forced to move their work from the office to the homes. This means that workers more or less carried out their daily work activities from home. The situation the world is currently in clearly shows that digital transformation is something that should be a priority when it comes to adapting work systems, not a matter of choice.
Technology is a tool in our hands that can be properly used or misused, like a hammer that can be used to drive a nail into a tree or hit your fingers. It is now clear that it is possible, and in recent weeks necessary, to adapt existing business models and processes and regulations to enable measurable and efficient work from home, on digital platforms that have all the functionalities that business leaders need.
Effects of the new situation
This situation certainly has lasting effects in many areas and the digital transformation of society will accelerate in all directions. It is necessary to accompany these changes professionally, to prevent Internet addiction in the population, especially among young people, and not to forget that there is a real world outside cyberspace. In addition, some standards and norms for the ethical side of technology use, the social impact on human relations and society in general, the issue of data protection and cybersecurity need to be defined in advance and evaluated in parallel, as technologies are applied in a wide range of areas.
Although the ability to work from home used to be an option, especially in certain industries, it is only the current pandemic that has popularized such a work system. This forced a large number of people to rely more and more on more advanced technologies. Even those who were reluctant to embrace technology are now forced to make the most of it. This could ultimately lead to people being more willing to use advanced technology in their daily lives, and also focus on areas where they can work from home.
Influences on IT industry
All this influenced the rapid rise of the industry IT. At a time when all other industries were experiencing losses. The industry IT emerged as the solution.
Over the next few years, the individual IT services industry will grow between 8% and 9%, compared to the 4%-6% pre-Covid. Growth will be more towards digital services used by 
individuals. IT service companies have taken advantage of this and grown.
There is also a growing desire for AI capabilities. This is due to the growth of cloud-based services and analytics. Covid has created a significant presence in this space, and it will continue to grow in the coming years.
Funds available to other departments are diverted to technology-related growth. In the future, your business will be able to grow with less money. The forecast depends on a number of variables, so it is updated each quarter to reflect changes.
The trend is clear: more and more companies are making technology decisions without IT. As the digital world grows, technology and business are becoming more intertwined. This is not a new concept, but it will accelerate. After all, you can’t run an e-commerce site without IT.
What future holds and new golden age for IT sector
The demand will span across different industries. Right now, there are certain sectors that will grow faster than others. In some cases, the next big opportunity will come from a sector that has already been tapped. It all depends on what kind of opportunities a company is considering.
The “golden age” of double-digit growth is over. It is now harder to grow and compete in a more competitive market. Many companies are cannibalizing each other’s profits, which negatively impacts sales (for example iPhone and Android case). The only way to continue this creative destruction is to accept that growth must decline.
The old dream of a world where we can effortlessly run our businesses, secure our content, and be financially viable is no more. The new reality is that security and sustainability are now key issues for all of us. Sustainability is becoming a key issue across the industry. The importance of sustainability has increased significantly, and it will continue to increase.
Some big players like Google, Facebook, Amazon and Microsoft are feeling the pressure from nimbler, smaller companies. The market is changing dramatically. Emerging technologies are shaping the industry. In particular, cloud computing, artificial intelligence, blockchain, edge computing, Internet of Things (IoT) and virtual reality.
The industry IT is growing. But no matter what industry you’re in, clear financial management should be your top priority, and InvoiceCrowd’s tools can help you do that and make your day-to-day operations easier.
