By the end of 2016, major tech companies, including Facebook, Google, and Microsoft, accumulated over $464 billion in ash. As a whole, the tech industry generates over $800 billion in revenue each year, with enterprise software being the most significant investment made by each company. Silicon Valley companies make up half of the tech industry, which accounts for the vast amounts of profits made across the board.
The tech world continues to expand in ideas and innovation as the world continues through its journey of the 1st half of the 20th century — jobs such as network administrators, cybersecurity specialists, and software engineering. Depending on which field you choose, salaries typically start between the mid-to-high five digits, plus another zero added in at the end if you’re holding a specialist or expert position within a highly technical field.
Companies around the world have increased their budgets in information technology, with estimated spending to amount up to $4 trillion this year. Cybersecurity is expected to sum up to $125 billion in expenditures alongside IT as state actors and independent hackers continually launch cyber attacks around the world and disrupt multiple industries. Advances in cloud computing and artificial intelligence have increased efficiency and improved business practices tenfold by leveraging the capabilities of the internet and extending the reach of tech companies on a global scale.
How Are Tech Companies Making Money?
Tech companies make their money for the most part in which companies from the old days made their money: through advertising and sales. For example, Tesla sells its fleet of cars within the continental United States based on a need within the market for automated vehicles. Cars ran by artificial intelligence seemed like the next logical step in Tesla’s campaign to become innovators in automation. The tech companies regularly leverage the use of social media platforms such as Twitter, Facebook, and Instagram, which helps expand a company’s presence across the globe and give them wiggle room to sell their products.
What Kind of Jobs Are Available On the Market?
Many jobs are available within the tech industry. They typically require degrees such as computer engineering, computer science, software engineering, or digital marketing. Industry certifications from companies such as CompTIA and Microsoft for those that are looking to specialize their skills. Here is a sampling of jobs to give you an idea of what kind of money people in the tech industry make:
Salaries for web designer: Web designers can earn, on average $19.75 per hour, with the average salary being $49,234 per year. This is just a general figure, as web designers have the potential to be paid more based on their design portfolio and work experience.
Salaries for system and network administrator: Network and system administrators manage computer networks across the enterprise, and make on average $77,810 with a $37.41 as hourly median pay. They are paid that amount due to their highly specialized technical skills and the amount of time necessary for the training and certification of these skills.
Salaries for cybersecurity specialist: These individuals possess similar skills and experience to network administrators, and are reported to make $90,120 on average since they lean more towards the side of cyber defense.
Technology continues to reshape how the world and the global economy works. The tech world has no shortage of jobs for those that are looking to contribute to exciting new developments in technology. Since they continue to drive change and innovation in technology, it is no surprise how all the large alphabet tech companies make their $800 billion in yearly revenue.