McKinsey’s Four Prominent Tech Trends in IT

McKinsey & Company's analysis of leading tech trends shows that four major trend groups are emerging in IT and business: innovation, perpetual learning, IT as a service, and expanded boundaries of trust.

While innovation might seem like a catch-all term for technological advancement, the meaning is something quite a bit more profound. According to McKinsey, the future of tech shows that data creation and artificial intelligence (AI) will grow exponentially by 2030. The consulting firm predicts 50% of user touches will be augmented by AI-driven writing, speech, or visual algorithms by 2024, and global data creation will almost triple by 2025.

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Next, perpetual learning will be a huge player in tech by 2025. McKinsey's data predicts that there will be $800 billion in global metaverse revenue opportunity by 2024, and the following year, more than 50 billion devices will be connected to the Industrial Internet of Things Market (IIoT). The IIoT is an enormous ecosystem of applications, sensors, devices, and networking gear that collects and tracks the usage of various devices, such as smart homes, smart TVs, Alexas, and more.

The next burgeoning trend is IT for the service economy. Currently, over 90% of developers are using application programming interfaces (APIs), and software sourced from cloud-service platforms or software-as-a-service (SaaS) has doubled. There are more than 200 code repositories in the software development internet hosting site GitHub, showing that tech isn't just about protecting big assets anymore — any small company can use bespoke blocks of code for their own purposes.

Finally, consumers will begin to trust tech more, and in turn, tech will have to continually improve its services. Two-thirds of Americans are extremely concerned about being hacked, and to help prevent that from happening, tech has been leveraging biometrics to aid in security. Facial identification algorithms are fifty times better since their popularization around 2014, and biometrics-capable devices are continually finding ways to simplify safe and effective consumer transactions.