Boom in Digital & Tech Sector Indicates Healthy Growth Over the Next Few Years - Ronald James

Boom in Digital & Tech Sector Indicates Healthy Growth Over the Next Few Years

Boom in Digital & Tech Sector Indicates Healthy Growth Over the Next Few Years

With businesses across all sectors relying heavily on the digital and technology industries for the running of day to day business activities, digital companies have grown at an impressive rate in recent years. Will this confidence continue to increase, as we enter the next decade? It certainly looks that way, and with the help of data collected by the Auxin Partnership, this article will explain why tech jobs will remain secure. One might say that business is currently booming…

Companies benefiting from higher turnover

Information technology(IT) is an expensive business and successful companies specialising in digital services will in the most part turn over reasonable profits. A recent survey carried out by Auxin Partnership, based on the regions of Newcastle and Gateshead, found that a healthy spread of businesses currently has high turnovers. For instance, nearly all respondents confirmed that their business had increased turnover in the past year, with 32% of them indicating an increase of 100%! The region’s digital and tech sector’s aggregated turnover was found to sit comfortably at £1.25bn.

Looking to the future, only a tenth of companies did not predict a growth over the course of the next three years, with the rest looking to expand their teams and source new skills. Of the 90% that predicted growth, 56% anticipated a modest increase of up to 50%, whilst the remaining respondents suggested they could grow beyond 50% (some even stating a growth of over 100%). With such confident targets and goals for the future, this data suggests that significant growth in the sector over a short period is more than possible. Even when looking at the numbers negatively, the data suggests an overall sector growth of at least 28%, with the potential to reach 40% by 2020. These figures highlight that there will be huge gaps to be filled by strong candidates.

Staffing levels to increase accordingly

It goes without saying that any company wishing to grow will be in need of additional staff. Not only are businesses anticipating staff level increases in the near future, many have already added significant numbers to their workforce in the past year. The level of increase is likely to correlate with the company’s growth predictions. Therefore, companies expecting to grow by 20% will expect to take on 20% more employees during the period of growth.

With the industry growing at such a fast rate, tech career opportunities should start booming too. Skills and expertise are vital to business success in the sector and your experience could wind up being very valuable to certain teams. Companies will be looking to spend their increasing turnover on talented staff who fit the bill and can contribute to future professional success. There could not be a better time than now to find exciting career opportunities within this growing sector.

Filling the skills gaps

If all of the above isn’t enough to convince you that the digital and tech sectors aren’t slowing down anytime soon, this is sure to stay with you. The digital sector itself has recently put in place a new initiative: code academies. Code academies put people through intensive and highly-relevant training so that they emerge capable of doing the job required of them. Some people entering this scheme may be beginners, but fast-forward three to six months, and they are fully-qualified individuals. Investments such as these go a long way in proving that the digital and tech sectors are a very good place to be right now.

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