Businesses of all types and sizes need effective IT solutions to help them thrive. As more businesses adopt remote and hybrid models, as the world grows increasingly digital and the threat of cyberattacks increases, the IT industry rapidly grows with it.
iuvo Technologies is a leader in the IT field because we offer world-class solutions to our clients. We work with businesses that understand how concerning recent cyber security stats are. Our team can offer you peace of mind while also managing costs by increasing efficiency. Discover more about current trends and challenges in the IT industry and how they should inform your decision-making.
As of 2021, the information technology industry is estimated to be around $8.3 trillion. A large percentage of this is concentrated in the United States. By 2025, the industry is expected to reach approximately $11.86 trillion, representing a 9% compound annual growth rate. In other words, IT is growing quickly (significantly faster than the economy as a whole).
Some specific areas of the industry are growing incredibly quickly. For example, cloud spending is on track to increase a full 19% in 2021. More and more companies are deciding to switch from fully on-premises infrastructure to cloud-based or hybrid-cloud models. Similarly, artificial intelligence software has been growing at an annual rate of 41%. It is expected to reach $126 billion globally by 2025.
Overall, the outlook for growth in the IT industry is very promising. This is partially driven by a greater need for robust infrastructure, especially as many jobs are going partially or fully remote.
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While IT is growing, some of the growth is for less-than-ideal reasons. Cyberattacks are growing more frequent and more damaging when they happen. Businesses large and small need help from IT personnel who know security inside and out. This need has helped to drive part of the cloud adoption, thanks to the security benefits offered by major cloud providers.
Some of the main areas for cybersecurity growth have been banking, manufacturing and the federal government. The White House’s cybersecurity spending in 2021 was $18.8 billion. This is likely to continue peaking due to ever-increasing threats.
While certain businesses and industries are investing more than others in cybersecurity, the bottom line is the same for everyone: you can’t wait to start taking cyberattacks seriously. Even small operations are being victimized by breaches and ransomware. Every business should expect to spend more on cybersecurity in the coming years.
Effectively scaling IT infrastructure to meet modern demands while also combating the threat of cyberattacks is perhaps the most significant issue facing the IT industry at present. Part of the problem is that security systems are only as strong as their weakest links. In many cases, this is the users.
Educating employees about how to prevent cyber attacks by being mindful when using computer systems is essential. Businesses with strong security cultures tend to be much more resilient to potential attacks.
Another key challenge facing the IT industry is the increase in remote work. As described above, this has resulted in an increase in spending on infrastructure. However, it has also resulted in an increased risk of cyberattacks. For example, more than half of all companies have experienced an increase in phishing since transitioning to remote work. IT professionals need to ensure that networks are secure even when devices are connecting from a remote environment.
Between the second half of 2019 and the first half of 2020, the number of cyberattacks doubled. These cyber-attack stats should be a concern for everyone in the business world. Connected organizations cannot afford to wait to secure their systems.
Every business has to decide whether to handle IT in-house, through outsourcing or with some combination of both. While every organization has different needs and circumstances, the vast majority of businesses can benefit from using managed IT services, a type of ongoing outsourcing. Choosing a managed services provider means that your IT needs are being handled by capable experts. Research suggests that the majority of cloud security failures are the result of misconfigurations and poor implementations.
In short, businesses are not investing sufficiently in setting up their cloud-based infrastructure properly. By failing to do things right the first time, those organizations open themselves up to both cybersecurity breaches and the cost of having to fix problems from the initial implementation.
Cyberattacks are more than just a nuisance. They can have a major impact on businesses’ reputations and finances. In 2020 alone, more than 30 billion accounts were exposed, and the cost of ransomware increased 300%. Between 2013 and 2019, businesses lost $26 billion to email scams alone. In May 2021, a ransomware attack on the Colonial Pipeline led to significant portions of the East Coast facing gas shortages. While that situation resolved relatively quickly, it highlights the dire need for better cybersecurity in the energy industry and beyond. The United Nations has begun discussing new cybersecurity standards. The world is starting to take cybersecurity more seriously and any organizations that remain vulnerable may find themselves even more targeted.
However, despite the IT industry growth and the need for better solutions, some tech businesses are still reticent to make the changes they need. Cost-cutting during the pandemic led to scaling back of IT budgets. Plus, many technology businesses are increasingly relying on technical staff such as software engineers also to provide in-house IT. Don’t let your business get caught unprepared; commit to building robust and secure IT infrastructure.
If you want to set your business up for lasting success, you need to work with an IT solutions provider that can deliver results. iuvo Technologies has a consistent history of not only offering industry-leading andervices but also of providing superior customer service and communication. Due to this, we have earned a Net Promoter Score that is three times higher than the average for managed services providers. The following are a few other highlights you should know about iuvo Technologies:
Our IT professionals have, on average, 22 years of experience each. Unlike other MSPs, all of our team members are trained to handle level three issues (as opposed to starting with a level one tech and going through a slow escalation process). Plus, our team has a broad knowledge of Windows, Linux, OSX and a variety of other systems that your business may use.
We have earned over 30 awards for our IT solutions. iuvo Technologies is recognized both by customers and peers as being an excellent MSP.
Venture capital-backed businesses have a lot of potential, but they need to execute well to realize it. The VC companies we have worked with have a 52.9% exit rate, more than double the national average of 25%.
iuvo Technologies has been providing white-glove IT solutions since 2007 and earned the lasting trust of many businesses in the Greater Boston and Southern New Hampshire areas. Our clients love the peace of mind they get from working with us. Plus, we can often help businesses cut costs, and prepare while also preparing for long-term growth and scaling.
The IT industry is growing rapidly in response to increasing demand for robust infrastructure and increasing threats from cybercriminals. However,If you want your business to grow and thrive, you need the right managed services provider to support you. iuvo Technologies is here to empower your business’s success. We provide managed services that you can count on to keep your business running smoothly. We outpace the general IT industry stats in almost all measurable ways and give our customers a competitive edge. Contact us today to learn more about how we can supercharge your business or get a FREE IT assessment.
A 2021 report found that the IT industry is worth about $8.3 trillion dollars as of 2021. It is expected to grow to nearly $12 trillion by the end of 2025.
One of the biggest trends in the IT industry is the move to cloud-based infrastructure. Demand for cybersecurity and overall growth are also major trends.
Modern businesses of all types rely on technology to operate. With an increased demand for remote work, strong infrastructure is more important than ever. IT is growing and is expected to continue doing so.
Cyberattacks can include data breaches, ransomware and denial of service. In addition, they may use techniques such as phishing, malware, SQL injection and social engineering.
Some of the biggest cyberattacks in history include the 1999 Melissa Virus, the 1999 NASA cyberattack, the 2007 Estonia cyberattack, the 2011 PlayStation Network attack and the 2017 WannaCry ransomware attack.
