In 1952, oil exploration began in Algeria. but it wasn’t until the mid-fifties that commercial quantities were discovered in Nigeria. Today, approximately 96 million barrels of crude oil are produced daily, valued at about $6.7 trillion.
But a new industry is giving the energy sector a run for its money: Technology.
With the advent of the internet, the tech industry has witnessed exponential growth mainly driven by connectivity.
The smartphone has practically replaced traditional devices such as alarm clocks, calculators, mobile games, and cameras.
Telemedicine is disrupting the health sector, driverless cars are disrupting the automobile sector, and digital books are disrupting the print industry.
Technology is making lives easier and changing every convention we’ve been associated with — and for good. That is why the global tech industry value is expected to be about $5.3 trillion in 2022 despite not reaching full potential as of yet.
Below are 5 reasons Tech will be just as lucrative as (and even surpass) the oil industry in the coming years.
1. Self-Driving Cars:
The global autonomous car market value is projected to be around $11 billion in 2028. This is a whopping 31.3% increase from $1.45 billion posted in 2020. Self-driving cars are fast replacing traditional cars as they address concerns of safety, environmental pollution, and utility.
Machine Learning (ML) and Artificial Intelligence (AI) are the main drivers of this new trend, an offshoot of Data Science.
2. Virtual Reality and Augmented Reality:
Facebook recently announced its name change to ‘Meta’. This reflects the expanded vision of virtual reality (VR) and augmented reality (AR) as part of its services. Immersive technology such as virtual gaming is fast becoming the norm.
According to fortunebusinessinsights.com, the global virtual reality market is projected to grow from $6.30 billion in 2021 to $84.09 billion in 2028. A 44.8% compound annual growth rate (CAGR) within the period.
3. Artificial Intelligence (AI):
AI has grown rapidly within the last decade. It drives the technology behind autonomous cars and can be applied to almost any field. The broad goal of AI is to ensure repetitive tasks are processed automatically without human intervention. With an exponential increase in data collection, corporations are developing automated processes to solve business problems. For example, Amazon uses AI to restock wares based on the predictive analysis of consumer choices.
4. Educational Technology:
Edtech services are making it easier to deliver education across the globe. With online education, students can complete degrees without leaving the four walls of their homes. This has been a lifesaver, especially as the coronavirus pandemic rages. The internet has indeed democratized access to education and will only get better with further research.
5. Blockchain Technology:
Protocols drive the internet. They are the set of rules used in routing and addressing data to arrive at their correct destination. Blockchain is a new internet protocol. Blockchain provides a more secure, censorship-immune protocol for the internet. In the future, you can expect internet transactions to be safer and free from government regulation.
Start a Tech career today!
There are lots of opportunities in the tech industry for enthusiasts and experts. This window will continue to expand as tech solutions continue to improve human existence. It is always a good decision if a tech career is your calling.
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