According to CompTIA’s State of the Tech Workforce 2024 report, “...in the next ten years, the tech workforce will grow twice as fast as the overall U.S. workforce.”
This makes now an exciting time to think about a career in tech, no matter the type of position you’re drawn to.
In this post, we’ll explore the current tech job market, the fastest-growing sectors, and the enduring need for passionate, skilled tech professionals.
How fast is the tech job market growing?
When people hear the phrase “tech jobs,” they might think of industry giants, like Google, Apple, and Microsoft. While those companies certainly employ many tech workers doing incredible work, the existence of tech jobs is much more widespread.
This means that opportunities to work in tech outside of traditional big tech companies are more vast than ever before – and it also means that during times of upheaval at big tech companies (like we saw during the large-scale layoffs of early 2023), there are other options for you to explore.
As an example, the following Lightcast data compared software developer jobs from 2019 and 2023 when the demand for open roles outside of traditional “big tech” companies rose across industries:
- Retail jobs grew from 4% to 7%
- Manufacturing jobs grew from 10% to 16%
- Finance and insurance jobs rose from 8% to 14%
- Additionally, the current healthcare IT market is valued at around 167.7 billion and is expected to grow by about 16.5% from 2023 to 2030.
Information Technology, Software, and Computer Careers: A Growth Sector
As far as growing tech positions go, the Bureau of Labor Statistics (BLS) lists the expected job growth and total numbers for a variety of tech careers, including:
- Software Developers (expected to grow by 26% through 2032)
- Computer Research Scientists (expected to grow by 23% through 2032)
- Systems Analysts (expected to grow by 10% through 2032)
Those and many other projections indicate a strong tech job market with technology and computer occupations in high demand. The BLS also states that employment in computer and IT tech jobs will “grow much faster” compared to the overall job market. The entire category of employment is expected to grow by 14%, compared to a national growth rate (all positions) of 3%.
What about labor saturation?
There is some concern that although total demand is increasing, there will be a flood of workers in the tech sector, creating a level of competition that leaves some professionals without jobs. But according to a variety of sources, the still-present “digital skills gap” makes that concern dissipate under scrutiny. The World Economic Forum and RAND have commented on the growing need for more qualified technology workers as tech evolves and new needs emerge. As of April 2024, Pluralsight found that the biggest skills gaps were in cybersecurity, cloud technology, and software development – all good areas to explore for a potential tech career.
Of course, conditions can change, but right now, there’s more concern about finding skilled, prepared software and technology workers than concern about oversaturation.
Flexibility and Other Factors of an Evolving Tech Job Market
It’s not a stretch to say that with tech skills, you can work anywhere, for virtually any company that has tech needs (which is most, if not all companies).
Additionally, the nature of tech work often leads to flexible arrangements like remote or hybrid work. Not to mention, you can choose to work in an industry that you’re passionate about, like healthcare, finance, and beyond.
Bottom line: the tech job market is ready for you, your skills, and your passion to do good work.
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