FOR IMMEDIATE RELEASE
December 21, 2020
MERRITT TECHNICAL ASSOCIATES, INC. (MTA) celebrates completion of 22nd year of Business and answers the question "So, what is happening in The Technology Consulting Industry?"
Wow, MTA completes our 22nd year of business! 2020 has been quite the year! COVID-19 has turned the world on its head. With the new normal being, remote work, and technology driving our lives. MTA, since placing our first consultant in January 1998, has always been based upon a virtual footprint. Who know we would be so ahead of our time? We have always been structured to work remotely and to integrate new technologies into our day-to-day business practices.
What a difference a year makes! At MTA, we have always prided ourselves on our face-to-face interviews and building personal relationships with our clients and consultants. COVID-19 has certainly changed that. The ongoing COVID-19 pandemic in addition to having immense human health impacts, this crisis has presented challenges for companies around the world, introducing economic instability and compelled more than half of businesses to have employees work from home. Most of our workers in 2020 have been working exclusively remotely since March. But as a company, MTA has not missed a beat. During this rapid rush to remote work, IT departments everywhere rapidly deployed technologies to maintain business continuity during the global health crisis. The massive move to work-from-home policies spurred shifts in hardware, software and services spend, and will continue to make waves as many companies stick to flexible working arrangements permanently.
So, what is happening in The Technology Consulting Industry?
Technology continues to evolve and advance and that our industry is changing, it was not that long ago when recruiters would spend countless hours faxing and sorting through paper resumes. Today there is little doubt that social media has profoundly affected how recruiters go about sourcing and researching potential candidates. A case can be made that the telephone still tops the list of ‘must have’ tools, but once again advances in technology are challenging that claim. While in-person interviews will always be our goal, COVID-19 has meant that hiring now happens usually after a Telephone screening and video conference.
Now to further answer the question let us first look at the results of a recent IT consulting industry survey that included more than 1,000 technology buyers in companies across North America and Europe.
Some of the more notable statistics are:
· The technology consulting industry has grown to employ 2,385,571 people in the United States alone
· Between 2014 and 2019, the industry grew at an average annual rate of 4.2%
· The market for IT and technology consulting is approximately 20% of the overall consulting market
· The Compounded Annual Growth Rate (CARG) has been around 5% annually since 2011
· Integration services, app design, and development account for approximately 25% of the industry
· Internet of Things (IoT) devices have increased 30% between 2018 and 2019, with much of this affecting the IT consulting industry
· 62% of business leaders in the technology consulting industry view culture as a hurdle they need to overcome
· CAGR is expected to grow 11.8% between 2018 and 2025
· North America is expected to lead revenue and growth in the technology and software consulting industries
· The rise of smartphones has meant that they have become an increasing focus for many firms in the niche and is expected to drive revenues in the coming years
· COVID-19 is a catalyst for business transformation: 76% of businesses plan on long-term IT changes
· These transformation plans drove tech spending in 2020 and more than a third of 2021 budget increases will be influenced by COVID-19
· Overall IT budgets are expected to decline slightly year-over-year in 2021, but 80% of businesses still anticipate tech spending to stay the same or increase
· Businesses expect to increase cloud and managed services spending in 2021, and Hardware spending in 2021 is expected to decline
· Plans to adopt emerging tech have dropped significantly in 2021, as IT buyers deprioritize cutting-edge features in favor of more pressing needs
Below are some of the IT trends MTA believe will continue to be critical in the future:
· Cloud - There will continue to be increasing acceptance of cloud computing as an alternative to more established hosting models. Cloud enables organizations to conveniently access a shared, scalable pool of computing services, which in turn can help the organization be more agile and drive down deployment costs. However, as organizations experiment with the cloud, careful consideration will need to be given to system integration, data integration and security, particularly between cloud and on-premises solutions.
· Mobility - Mobile will continue with a greater number of organizations considering supporting bring-your-own-device (BYOD) and expanding the corporate services available for smartphones and tablets. BYOD enables an organization’s staff to use their own laptop, smartphone, or tablets in the corporate environment rather than rely on ones provided by the IT organization. This provides greater convenience for employees but can present a security challenge for organizations.
· Enterprise social media - Enterprise social media are tools that let employees share and connect with co-workers in private enterprise-only social networks. Enterprise social media will gain wider acceptance as organizations seek to facilitate collaboration and foster innovation.
· Internet of things - organizations will continue to explore and begin to benefit from the Internet of things (i.e., uniquely identifiable technologies, connected by the internet). This includes smart meter technology installed in homes or medical devices that connect directly to mobile devices. For consumers, this will enable individualized services based on real-time data and for businesses, it will provide critical insights on customer behaviors (see Big Data below), which will help drive business growth.
· Big Data - Data continues to be a critical source of competitive advantage for organizations, whether to better understand their customers or to better manage their products and services. However, because of the increasing volume of data in our everyday lives, created by everything from Internet searches and social media to smart-technologies, Big Data will continue to become increasingly prominent in IT discussions over the next few years.
· Cyber security - We have seen a growing number of headlines related to digital attacks on both corporations and governments. Due to increased levels of connectivity, virtually all business assets now vulnerable in cyberspace meaning that the scale, scope of threat and potency are now more significant than ever. We will continue to see organizations developing cyber security strategies and focusing their investments on their most valuable asset- information
Knowledge is vital for most industries, with this being especially true for the technology consulting industry. Each of the above trends will continue making their presence felt across 2021. As such, they are areas that most professionals in the sector will need to pay a significant amount of attention to. While these may present certain challenges, preparation can help overcome them. As such, knowing how they are affecting the industry can be quite helpful. Alongside this, researching them and planning should allow you to avoid any negative consequences while capitalizing on the trends.
MTA is a privately owned and operated company, which provides a wide range of technology services and solutions for businesses with our focus on the tri-state metropolitan area of New York, New Jersey, and Connecticut. Among MTA clients are Fortune 500 firms in the financial services industry.
For more information on this news release and other information on the company please contact the corporate offices of MTA at 1(203)834-0010.
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