Is technology evolving faster than society can handle?
Thirty years ago, people barely knew what a computer was. A decade ago, you couldn’t buy a plane ticket or book an Uber or rent an Airbnb on your phone.
The past 10 years have brought us countless life-changing innovations. Technology’s disruptive nature continues to transform our world.
So, we decided to delve a little deeper into the growth and usage of technology with the help of all the latest how fast is technology growing statistics.
Let’s take a closer look.
How Fast Is Technology Growing Statistics: Editor’s Choice
- 40% of the world’s population has access to the internet.
- 90% of the world’s data was generated within the past two years alone.
- Only 8% of US households owned a personal computer in 1984.
- 5 billion people in the world own a mobile device.
- 2.65 billion people in the world use social media.
- 1 in every 5 Americans is smartphone-dependent.
- Mobile banking adoption will produce 95 million jobs.
Facts about Technology Growth
The rapid development and adoption of breakthrough technologies are changing how we interact with each other as well as with the outside world.
1. 40% of the world’s population has access to the internet.
The number of internet users has grown exponentially over the years. According to Orleans Marketing, around 3.8 billion people are active internet users. That means a whopping 40% of the global population uses the internet.
2. 90% of the world’s data was generated within the past two years alone.
Maybe you wondered:
How fast is technology advancing in 2019?
Although the internet was invented half a century ago, around 90% of the world’s data was only produced in the last two years. The bulk of it comes from social media, digital photos, videos, customer data, and more.
That’s a lot of Instagram Stories and Facebook status updates! The growing popularity of social media also increases the need for unforgettable instagram story ads, something that many big companies are now deeming as of vital importance for their marketing efforts.
Each day, we produce 2.5 quintillion bytes of data according to big data statistics. Given the growth of the Internet of Things (IoT), that figure should accelerate in the years to come.
3. Only 8.2% of households in the US-owned a computer in 1984.
When did the first computer come out?
Ed Roberts dubbed the Altair 8800 a personal computer when it came out in 1975. However, many consider the Kenbak-1, introduced a few years prior, to be the first PC.
In 1984, only 8.2% of households in the US-owned a personal computer, and the World Wide Web had yet to be invented. By 2000, 54 million households or 51% of US households had owned one or more computers.
4. Five billion people in the world own a mobile device.
What examples of acceleration have you noticed throughout your lifetime?
In a recent study, Pew Research estimates that five billion people around the world own a mobile device.
About 96% of Americans currently own some kind of cell phone. That number is up from 35% in Pew’s first mobile ownership survey in 2011.
5. 2.65 billion people in the world use social media.
Using social media is one of the most popular online activities. According to the latest how fast is technology growing statistics, of the 7.7 billion people in the world. Approximately 2.65 billion people used social media in 2018, a number projected to reach 3.1 billion in 2021 #huge.
Mobile Technology Growth Statistics
One of the most interesting developments in recent years is the rapid adoption of smartphones. Mobile devices have been breaking down all sorts of barriers.
Check this out:
6. 1 in 5 Americans is dependent on a smartphone.
A growing number of Americans solely depend on their smartphones for internet access at home. About one in five adults across the country is a smartphone-only user. This means they don’t utilize standard broadband services.
7. Mass adoption of mobile banking technologies could generate 95 million jobs.
Technological development empowers emerging economies. The widespread adoption of digital banking in developing nations can potentially produce 95 million jobs.
Not only that:
It can raise GDP by a mind-blowing $3.7 trillion in 2025!
In a 2014 study, McKinsey Global Institute found that 80% of adults in developing countries owned a mobile device; however, only 55% had a bank account. So, mobile technology can empower people financially.
8. Mobile sales could make up 72.9% of all eCommerce sales.
As indicated by our Cyber Monday statistics, consumers are growing increasingly interested in online shopping. The rapid growth of technology, mobile usage, in particular, is driving retail eCommerce sales. In 2017, the mobile share of retail eCommerce sales reached $1.4 trillion, which was 58.9% of the total number. It’s expected to hit $3.5 trillion by 2021, which will make up 72.9% of all retail eCommerce sales.
9. 5G is expected to be a hundred times faster than the 4G standard.
The 5G network technology is expected to supersede the widespread 4G LTE standard, delivering speeds of 10 gigabits per second, making it an insane one hundred times faster. Technological progress of mobile broadband networks will enhance IoT, bringing faster wireless internet to cars, refrigerators, and other innovations.
10. Mobile internet advertising is forecast to reach $13.3 billion.
The oncoming introduction of 5G technology is expected to increase spending on mobile video marketing. In 2015, mobile video advertising made up $3.5 billion of total online ad revenue. According to the Pew Research Center, it increased to 30.3% in 2021, reaching $13.3 billion.
AI and Machine Learning Technology Growth Statistics
Artificial intelligence and machine learning are two of the most disruptive technological forces in the world. These burgeoning technologies are going to change the world of consumers, enterprises, and governments all over the globe.
11. AI augmentation will produce $2.9 trillion in business value.
Gartner projects that artificial intelligence will create a smashing $2.9 trillion worth of business value and an incredible 6.2 billion hours of productivity by 2021. Decision support or augmentation should also see the most investments out of all AI-driven initiatives, as indicated in the same technology stats report.
12. AI in retail is projected to hit $4.3 billion by 2024.
P&S Intelligence forecasts the global retail artificial intelligence market to reach $4.3 billion by 2024. The tremendous growth of the eCommerce retail sector, widespread adoption of IT technologies, improving mobile internet connectivity, and increasing AI investments will boost the market.
13. The wearable AI market will reach $180 billion in 2025.
AI tech progress and 5G proliferation will drive the growth of the wearable AI market. According to Global Market Insights, the market was worth over $35 billion in 2018. It is expected to grow at a CAGR of around 30%, reaching $180 billion by 2025.
14. The global virtual assistant market will be worth $11.3 billion in 2024.
In 2018, the global virtual assistant market was worth $2.2 billion. If it expands at a CAGR of 31%, the market should be worth $11.3 billion by 2024.
15. Artificial intelligence will generate 2.3 million jobs in the US.
No doubt about it:
Jobs will be lost due to artificial intelligence. According to Gartner, it will wipe out 1.8 million occupations. On the bright side, it’s also expected to create more, enough to offset the number of jobs it eliminates. Gartner expects to see 2.3 million jobs starting in 2021.
Virtual Reality: Rate of Acceleration Statistics
Another immersive technology that’s poised to reshape the world is virtual reality. Unlike AR, VR offers a completely immersive experience into a computer-generated world. Although it makes an interesting platform for gaming, the technology is seeping into other industries and transforming them as well.
Read on to learn more about virtual reality statistics.
16. The Virtual Reality Market will be worth $44.7 billion by 2024.
According to Markets and Markets, the VR market will expand at a CAGR of 33.47% from 2018 to 2024. With virtual reality technology progressing, the VR market value is going to increase from $7.9 billion in 2018 to $44.7 billion in 2024.
17. 42.9 million people expected to use virtual reality in 2021.
An eMarketer report suggests there are 42.9 million virtual reality users this year. That means 13% of the US population is using VR. Of that number, 19.6% use a VR headset, while 23.3% don’t need it for an immersive experience. The combined figure of VR users should reach 51.8% through 2021.
18. 62% of parents believe that virtual reality can further their children’s educational experiences.
The pace of technology change is dizzying. A technology that was once used purely for gaming is now being used in education. In a survey, Tech Trends found that 62% of parents believe in virtual reality’s capacity to educate.
19. VR will generate $1.8 billion in retail by 2022.
In this increasingly digital world, eCommerce and other online platforms have proven to be effective at driving sales. Recent research shows that another innovative technology is driving sales in the retail sector—virtual reality. ABI Research predicts virtual reality in retail and marketing will generate a massive $1.8 billion in revenue by 2022.
An Overview of IoT’s Technological Advancement
The Internet of Things is transforming the landscape of business as well as the consumer electronics market. Each year, it increases in popularity and demand. In turn, more people are starting to pay attention to IoT statistics.
20. The number of IoT devices is expected to reach 75.44 billion.
Statista estimates that the number of IoT devices will reach 75.44 billion in 2025, representing a fivefold increase in this era of acceleration, change, and progress.
21. 66% of US cities are investing in smart systems.
An NCL report in 2017 shows that two-thirds of US cities are investing in smart systems. Of the remaining one-third, 25% claim to be exploring the possibilities of implementing some kind of smart city solution.
22. The global market value of IoT is expected to hit $1.1 trillion by 2026.
Expanding at a CAGR of 24.7%, the global IoT market value is projected to reach a mind-blowing $1.1 trillion by 2026, up from $190 billion in 2018. The financial services industry is expected to make up the largest segment of the market share.
23. 44% of companies use IoT to reduce costs.
Due to the IoT’s technological growth, more businesses are pursuing smart systems. About 44% of businesses use IoT devices to reduce costs, 37% use them to enhance operational processes, and 30% use them to grow revenue.
These are the top three reasons why businesses are utilizing smart systems within their company.
24. IoT spending will surpass $1 trillion by 2023.
A recent IDC report suggests IoT spending will hit $726 billion within the year. IDC technology facts also projected it to go over $1 trillion in 2023, representing a 12.6% CAGR from 2019.
25. IoT’s economic impact can reach from nearly $4 trillion to $11 trillion.
IoT has the potential to generate real economic value. To be exact, the McKinsey Global Institute expects it to have a nearly $4 trillion to $11 trillion impact on the economy by 2025—that is, if entrepreneurs and policymakers optimize the technology.
As our how fast is technology growing statistics clearly show, technology is advancing at a rapid pace. To remain competitive in this ever-changing landscape, businesses must up their game.
They must pay attention to growing trends such as immersive technologies and artificial intelligence. They also need to have a better understanding of these technologies and the latest trends in order to use them successfully. The same goes for individuals who plan on having a successful career in tech industry. You just can't afford to get left behind.
See you around, guys.
Have a great day!