Is technology advancing quicker than our population is ready for? It was just a few years ago that many of the current technologies were adopted.
Within the last decade, everything from business productivity softwares and AirBNB’s, to gene editing, robotics, big data, and NFT’s have exploded in growth.
The speed at which technology is growing by 2x every 18 months when computing is measured. Over 89% of big data has been produced within the last 2 years.
The future of technology does not appear to be slowing down and only looks to be increasing.
Advances in Tech have grown at a what appears to be an exponential rate throughout the past 10 years. Let’s dive into the facts.
The technology industry is on pace to exceed $5.3 trillion in 2022. The tech industry sits at a 5-6% growth pattern year over year.
In 2022, the US is the largest tech market in the world (33% of the total, or an estimated $1.79 trillion)
In this post, we’re going to cover the growth of technology, how fast it is changing, and the statistics and facts that support this.
- How Fast is Technology Growing? (Technology facts and statistics)
- Technology Growth and Adoption: Business productivity
- How is Technology Changing?
- What is the Future of Technology
How Fast is Technology Growing? (Technology facts and statistics)
Exactly how fast is technology growing? Technology grows by 2x every 18 months in processing capacity. Over 89% of Big Data has been generated in the past two years. According to the past 50 years technology is growing at a steady rate.
Is the speed of technology advancing too quickly? Let’s take a more in-depth look at the research & facts.
At a Glance – Technology Growth Facts & Statistics
- Computer chip cost: A computer chip with 2000 transitors had costed $1000 back in 1970. Today, the same chip costs $0.02 to manufacture.
- Amount of internet users: There are 4.88 billion internet users as of the fourth quarter, 2021. The rate of internet adoption expects to exceed 61% in 2022.
- More Data than ever before: 89.7% of big Data has been generated within the last 2 years.
- How fast is AI growing?: By 2025, data center spending on AI processors will grow by over 4x. Global AI market is forecasted to hit $89.8 billion
- Cloud solutions increase: 69.2% of spending for tech is forecasted to be spent on cloud solution
- Smartphone usage: Millennials unlock their smartphones 71 times per day, while Generation Z unlocked their phone an average of 82 (MediaPeanut 2021 survey).
- Smartphone use reliance: Reliance of smartphones has increased by 16% over the past 8 years: 12% of young adults, and low income American’s said they relied on their smartphones and not broadband internet in 2013 – By 2022, this number has grown to 28%.
- 50% of today’s tech growth derives from disruptive tech such as AR/VR, Robotics, SaaS, Artificial intelligence, robotics, and more. (see chart)
- Fast Micro SD Cards: 1TB micro SD cards are now being used for storage on devices like Drones and Nintendo Switches. External storage technology has allowed an advancement in the storage of our phones and tablets.
Technology industry growth statistics
- Internet adoption increases: Amount of Internet users is expected to hit 5.3 Billion by 2023
- Web hosting market value is only rising: In 2025, web hosting is expected to reach 77.78 billion
- Number of Tech startups globally: As of Q4 2021, there is an estimated 1.47 million tech startups around the world. Fintech sits at the largest, making up roughly 7% of the total. This number differ geographically vastly based on several factors.
- Companies are investing in Big Data: 92.7% of Fortune 1000 companies are deciding to invest further in AI & Big Data.
- Data Collection increases: There are 21.5 billion connected smart devices as of 2021. Total smart devices gathering, analyzing, and interpreting data (interconnected) will reach an estimated 50 billion by 2025.
Technology statistics by Demographics Report (Minorities)
- More than 65% of 18 – 28 year olds reported feeling uncomfortable in the workspace due to their ethnicity, gender, background or other neurological related conditions. This includes blacks in tech, women in tech, as well as latinas.
- In 2022, 68% of business leaders felt there was a clear lack of diversity in their workplace.
- Over 50% of business leaders reported there is a challenge in diversifying the tech position that are considered entry-level.
- Automation is projected to take over 45 million jobs from Americans by 2030.
- Improvements: The average Reskill training programs in the US have placed 35% female and 46% Black, asian, and other minorities to bridge the skills gap in tech in 2021.
In the technology industry, there is a clear lack of diversity. There is an approximate $8 Billion a year spent (collectively) on diversity training for b This highlights the need for the engagement of the right persons within companies to create and move forward with updated practices.
Motivating children both and younger individuals to consider careers in tech could result in improved equality in society.
Technology Growth and Adoption: Business productivity
- New way to sign: 38% of small businesses found security as the top motivation of eSignature adoption, while 36% said they adopted eSignature tools due to ease of use. The remaining 26% deemed document turn around time, improved storage and the ability to work remotely as their top motivator of adopting electronic signatures. Examples of this include, but are not limited to solutions such as signNow by AirSlate.
- Marketing automation increases: More than 78% of high performing businesses have been utilize online forms and marketing automation for 3 years or longer. Businesses that can automate lead management see a 10% increase in revenue within a 26-39 weeks time frame. Due to technology increasing at such a fast rate, solutions such as Paperform.co and jotform provide it easier than ever for creating responsive web forms.
- Security and storage: More than 81% of IT Professionals admitted managing the growth and security storage was a core pain point when surveyed by MediaPeanut’s IT audience. Additionally, data storage requirements are growing at 39.7% per year as of 2021. Examples of solutions that allow companies to keep up are that of Egnyte and other, highly secure google drive alternatives.
- Adaptation: According to our survey, 81% of small businesses in particular have not fully capitalized on technology.
How is Technology Changing?
With computing power doubling every 18 months, along with technology such as Drones, Artificial Intelligence, Metaverse/Virtual reality, Gene-Editing and Electric Vehicles – it is not a surprise when we learn the general population is increasingly concerned about how technology is advancing too quickly.
Self driving cars and new drug discoveries as a result of deep learning and code written by data may feel like normal technology to us, until we take a step back and realize how quickly all of this knowledge is advancing due to the growth of technology and data. It can be scary for some to look at
See below for the Growth of technology graph.
If you are one to deem Moore’s law invalid, you may find it difficult to argue the hard data; the amount of money spent on AI chips fueled by deep learning intelligence.
How has technology changed in the last 10 years? (Graph)
Starting at 2010, several technological advancements caused a significant shift in lifestyle, education, healthcare, communications, and farming.
Due to the progression of technology and its increasing rates of change, there is a large gap of lifestyle changes constantly evolving. This gap technology between generations is most clearly observed between millennials, baby boomers, and younger generations.
In 2012 the deep learning or “software 2.0” era began. Fast forward 10 years later – deep learning is powering nearly every large scale internet service.
This includes social, media, and even small applications, such as youtube recommendations.
How has technology changed in the last 5 years
Technology has grown significantly in the past 5 years due to deep learning, which has resulted in self driving cars, social media (ex. snapchat, instagram), and even AI powered voice assistants and smart speakers powered by ‘Alexa’ and google.
It is no wonder there was a global chip shortage in 2021 – tech is exponentially expanding. Devices with emerging technology around note taking include Digital writing pads (Electronic notebooks) which behaves as a digital paper tablet.
What is the Future of Technology
Due to deep learning, the future of technology will grow by benefiting large internet companies and every industry in the economy.
This is due to what researchers deem a “deployment phase” for deep learning.
- In 2016 the data center spending on AI processors was an estimated $1 Billion.
- By 2020, data center spending on AI processors was an estimated $5 billion.
- By 2025 the future will bring an estimated $22 billion AI chip market total based on Data sourced from company derived statistics .
This means technology will grow by 4x when AI chips are the focus in which we are measuring advancement.
By 2025, data center spending on AI processors will grow by over 4x.
Millennials and Technology
A survey in 2019 shows us that 48% of adults in the United States, between the ages of 18 and 29, were online nearly every moment of the waking day with mobile device being the primary usage. This was referred to as ‘almost constantly’.
Millennial research from 2019 reveals to us that they spend the following amount of time per day on the internet:
- 211 minutes spent on internet or apps.
- 31 minutes spent on daily desktop use.
- More than 25% of millennials utilize a smartphone for content & video consumption, while Gen X sits at 17%, and baby boomers, 7%.
- 70% of millennials owned a laptop, while 57% owned a desktop, making millennials the first generation found to use a laptop more than a desktop as their primary device.
The amount has estimated to increase by 17%, a lot of this is hypothesized due to the heightened interest is technology trends for stocks through the usage of apps like Robin hood, Webull, and TD Ameritrade.
We ran a similar survey ran here at MediaPeanut (our audience) revealed to us similar results 2021:
- Millennials unlock their smartphones 71 times per day, while Generation Z unlocked their phone an average of 82.
While the studies vary slightly, it’s difficult to say if the main driver that a growth of technology was the main driver and was statistically significantly causing a higher use of smartphone device.
One thing is for sure: Gen Z are using their phones slightly more than millennials. Both are using their phones a significant amount more than ever before. Not only are millennials editing photos on their phone, but they are using everything from a touchscreen to a drawing tablet for photoshop & illustrator.
While subjective, even baby boomer and technology are being observed as more casual than ever before. Many are quick to hypothesize technology growth is the cause, but is there more?
Technology use among Seniors
- 60% adoption: six-in-ten seniors are smartphone owners (2021 Mediapeanut survey). Seniors still have lower rates of adoption and trail behind other age groups.
- 62% of the seniors surveyed believe they lack access to digital health technology.
- 82% of 65-69 year olds use the internet, two thirds of them claim they have access to internet via broadband.
- 79% of people between 50 and 64 own smartphones.
- 61% of seniors 65 and older own smartphones.
- 49% of adults aged 65 and up use a streaming service like Netflix and Hulu.
- 50% of adults are interested in using smart home technology, but only 10% admitted to using it regularly. 59% are motivated to use smart home tech to monitor their door bell, temperature, and to request help for emergencies.
- 42% of Seniors pay a portion of their bills online via banking and merchant websites.
- 7.3% of seniors use smart speakers or AI voice assistant a minimum of 1 time per month. The amount is estimated to be higher in 2021.
The reason seniors are adopting smart phones is mainly due to the growth of technology. It is easy to see why seniors using technology is more common than ever before, yet still have challenges to access of certain digital health apps – it is hypothesized this is due to the learning curve.
Now, more than ever before, seniors have now adopted mobile phones and tech is nearly of regular use among older adults. The rate of senior technology adoption is steadily increasing over the past 10 years.
This is likely due to apps used for medication, audio books, shopping at home, nutrition, and video calling with younger family. Seniors are streaming content, using voice assistants, and surfing tablets in addition to smartphones.
Is Moore’s law still true & valid?
Yes Moore’s Law still holds true, however its relevance has diminished due to new interpretations of the measurement of computing and processing power.
Experts believe that while Moores law is still valid, it is more challenging for processing technology to push the envelope, particularly due to expense and availability.
In short, Moores law is still alive, and is not dead or coming to and end, however it does appear to be slowing down.
- Moore’s law was originally published in 1965 in electronics magazine. It was named after the Intel cofounder Gordon Moore. Beginning in 1970, computing power has doubled (2x) roughly every year or year and a half since then.
- This means that technology grows every 18 months when processing power is the unit of measurement.
- Moore’s law is a term for computing more than it is an actual law. Similar to the law of averages, which is more of a rule of thumb or practical way of thinking – rather than a law.
Updates to this page will be completed by 4pm EST (Jan30, 2022)
MediaPeanut (Official survey statistics)
Datareporta: Q4 Internet users
Statistica: internet adoption, number of devices gathering data.
WPforms: Form automation
Ark-invest: Future of technology
Aeris: Smart devices
AARP National survey – Seniors and tech adoption
ACI Worldwide – Seniors and online bill payment.
Aite Group – Seniors and online bill payment.