The global market for tech purchases by business and government reached a staggering $2.9 trillion in 2016. Even at that size, the market grew at 4.5% in 2016 and is projected to grow an additional 4.7% in 2017. U.S. growth is slightly ahead of the global pace at 5.1% and 5.9%, in 2016 and 2017 respectively. The growth is fueled by cloud-based systems, analytics, and traditional IT spending.
High-tech industries are an important part of the U.S. economy, employing nearly 17 million workers in 2014. While this accounted for about 12 percent of total employment, the high-tech sector contributed almost 23 percent of output – roughly twice the rate of other US industrial output.
Many think of high-tech as being comprised of computer-related industries and occupations. However, the Workforce Information Council defines the high-tech sector as any industry having high concentrations of workers in STEM (Science, Technology, Engineering, and Mathematics) occupations. These include various types of engineers, IT workers, scientists, postsecondary teachers, and managers of these workers. And the STEM workers are employed in many different industries.
The following table summarizes the employment, output and productivity numbers for major high-tech manufacturing and service industries in the United States. This information is based on 2014 US Census data.
The petroleum and oil and gas sectors have the highest output per employee ratios, followed by chemicals and wireless telecommunications. State government has the lowest ratio followed by management, scientific and technical consulting. Most technical industries operate at a productivity rate equating to $400K to $600K output per employee.
Priority Metrics Group has completed studies in a wide variety of high-tech industries including software, hardware, testing, research and development, advanced industrial equipment and machinery, petrochemicals, digital printing, chemicals, resins and fibers, and many others. We understand the fast- paced environment of technology-driven companies and are equipped to respond in kind. Our deep knowledge of research and applications across many different technology platforms makes PMG the choice for your technology market research.
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