Technology Sector in 2024

Technology Sector in 2024

junio 19, 2024 Desactivado Por Redacción

The technology sector continues to develop rapidly in 2024, despite various challenges. Key growth factors include increased demand for digital solutions from businesses, the growth of e-commerce and mobile applications, the development of the startup ecosystem, and government support for innovation.In this article, we will analyze IT jobs in Mexico and identify key development trends in the labor market.

Labor Market in Software Development and Multimedia

As of the fourth quarter of 2023, the software development and multimedia sector employed 422,000 people, an 8.87% increase from the previous quarter. The average salary rose by 12.4% to $10,200 per month. These figures indicate a high demand for technology specialists and good employment prospects in the industry.

Men dominate the workforce (80.7%), but the proportion of women is gradually increasing, reaching 19.3%. The highest employment is observed in the age group of 25–34 years (191,000 people). The average age of specialists is 36 years, indicating a relatively young and dynamic workforce.

Most workers have higher education — about 402,000 people have studied for 16 or more years. This underscores the importance of quality education for a successful career in the technology sector. Over 89% of specialists with this level of education are employed in the formal sector of the economy.

The level of informal employment in the software development sector is relatively low — 11% compared to 54.8% on average across the economy. Among the informally employed, men predominate (87.7%), with an average salary of $3,020 compared to $9,800 for women. The highest level of informal employment is observed in Oaxaca (45.5%), while the lowest is in Tamaulipas (2.02%).

Several key trends define the development of the technology sector in 2024:

  • Rapid growth of Artificial Intelligence and Machine Learning. More companies are adopting AI to automate processes, personalize services, and analyze data. This creates a demand for specialists who can develop and train intelligent models.
  • Expansion of the cloud computing market. Businesses are actively moving their infrastructure and applications to the cloud to enhance flexibility, scalability, and service availability. There is increasing demand for cloud solution developers on platforms like Amazon Web Services, Microsoft Azure, and Google Cloud.
  • Increased focus on cybersecurity. As businesses digitalize, cyber risks such as data breaches, ransomware, and DDoS attacks also rise. Companies are forced to invest in system protection and hire information security specialists.
  • Popularity of big data and analytics technologies. Organizations aim to extract valuable information from vast data sets to make more informed decisions. These drive demand for data analysts, big data engineers, and visualization specialists.

In addition to these trends, areas such as the Internet of Things (IoT), blockchain, virtual and augmented reality (VR/AR), and 5G networks continue to develop. These technologies are gradually moving from the concept and prototype stages to real business solutions, creating new markets and job opportunities.

Challenges and Issues

Despite active growth, the technology sector faces several challenges that may hinder its development:

  • Shortage of qualified personnel. According to industry surveys, over 70% of technology companies struggle to find and hire specialists with the necessary qualifications. This problem is particularly acute for software developers, data engineers, AI experts, and cybersecurity professionals.
  • Insufficient investment in research and development (R&D). Experts estimate that technology companies spend less than 1% of their revenue on research and development. This is significantly lower than in leading innovation countries such as the United States, China, and Japan. Without adequate R&D funding, it is difficult to create breakthrough products and services.
  • Increasing international competition. Many foreign players, especially from Asia and Eastern Europe, offer software development outsourcing services at lower prices. This creates pricing pressure on local companies and complicates their access to international markets.

The digital industry is evolving very dynamically, and knowledge quickly becomes outdated. What was a cutting-edge solution a couple of years ago may be obsolete today. This requires specialists to constantly learn and adapt to new trends.

Sector Development Forecast

Despite existing challenges, most experts give optimistic forecasts for the technology sector’s development in the coming years. The industry is expected to continue growing at an accelerated pace due to the increasing digitalization of business and the economy.

The government plans to further support technological development through investments in education and professional training. The expansion of educational programs in IT and the launch of new specializations in data analysis, AI, and cybersecurity are anticipated. Tax incentives and other stimuli for innovative companies are also being considered.

In terms of in-demand skills and professions of the future, experts highlight the following areas:

  • Software development, especially at the intersection with other technologies (IoT, blockchain, AI).
  • Data science and machine learning.
  • Cybersecurity and information protection.
  • Cloud computing and DevOps.
  • IT projects and product management.
  • UX/UI design and interface development.
  • Technical support and customer service.

In addition to purely technical competencies, employers will increasingly value “soft skills”, such as the ability to work in a team, creativity, adaptability, leadership qualities, and emotional intelligence. In the context of remote work and complex projects, these abilities become critically important for success.

Conclusion

Imagen-de-Gerd-Altmann-en-Pixabay

The technology sector maintains high growth potential even in challenging economic conditions. The digitalization of business and society, the introduction of breakthrough innovations, and the demand for skilled professionals are all factors that will continue to support the development of the industry.

At the same time, the industry faces significant challenges. Overcoming these challenges requires the joint efforts of the government, businesses, and educational institutions.

It is crucial for the government to implement consistent and long-term policies to support the technology sector, encouraging research, development, and workforce training. Businesses, in turn, should invest more in innovation, human capital, and corporate social responsibility.

The effective collaboration of all stakeholders will largely determine the country’s position on the global technology map. Ultimately, the development of the digital economy is a matter of national competitiveness and long-term prosperity for citizens.

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