You’ve probably been told to learn a “Tech” skill or to get a tech job and secure your financial future but I bet you don’t know just how much you can earn through tech.
The tech industry is a multi-billion dollar industry and If you’re interested in getting your figures right as much as I am, then this post is for you. If you stick around till the end, here’s what you’ll learn
- The Tech Industry: Size, Net Worth And Future Forecast.
- Highest-paying Tech Jobs In 2023
- Lowest Paying Tech Jobs In 2023
- How Much You Can Earn Through Tech And Where To Find Tech Jobs.
The Tech Industry: Size, Networth And Forecast
Look around you and you’ll find bits of technology everywhere. From our mobile phones to sophisticated medical equipment and robots, you’ll agree with me that tech is the future. Not only does the availability of technology make our lives as humans much easier, but it also means that there will always be a high demand for people with tech skills.
According to The Business Research Company, the global information technology market alone is worth $9,358.51 billion and is expected to grow by 8.8% bringing the market to $13,092.49 billion by 2026. The Software market is projected to reach $593.40 billion in 2022, and the blockchain technology market was valued at $4.8 billion in 2021 and is projected to grow annually by 68% between 2022 to 2030 bringing the market to $68 billion. The U.S. tech industry alone was valued at $1.6 trillion and that says a lot because the US tech market makes up 35% of the global tech world market.
Gartner also projects that global IT spending will reach $4.6 trillion by 2023. This means that companies will spend more on IT and ultimately spend more on hiring IT professionals. Currently, as of 2022, there are at least 3.97 million tech jobs available in the U.S. alone and the number continues to grow.
So in total how much exactly is the global tech industry worth?To answer that, Zippia records that as of 2021, the global tech industry was valued at $5.2 trillion and the market is expected to have a growth rate of 5% annually through 2024. So rest assured, you’re getting into a lucrative industry. However, not all tech jobs pay well. For this reason, we’ll be looking at the highest-paying and lowest-paying tech jobs so you have a better understanding of how much you can earn through tech jobs.
Highest-paying Tech Jobs In 2023
Here’s a list of the highest-paying tech jobs and their average salary. With these jobs, you’re guaranteed to earn at least $100,000 annually.
● Cloud Computing
● Data Science
● Artificial Intelligence And Machine Learning
● Cyber Security
● Software Engineering
● Product Management
● Internet Of Things (IoT)
● Mobile Application Development Web Development
1 . Cloud Computing
With many businesses looking for ways to manage decentralised data, the need for more cloud computing engineers is currently on the rise and at this rate, experts say the market is expected to hit $791.48 billion in the next 7 years.
As a cloud engineer, you’ll earn an average salary of $152,373 and you’ll be needing these key skills to get started.
● Linux, SQL
● Various cloud platforms of companies including Microsoft (Azure) Amazon (AWS), IBM, Dell, Oracle, and Google (GCP)
● Automation and orchestration
2. Data Science
Data science has experienced a steady demand for qualified talent over the years. Even the U.S Bureau of Labour Statistics BLS projected a 28% increase in data science jobs by 2026. Much of this demand will come from data science Jobs like machine learning, artificial intelligence, and big data technologies. There are lots of data science jobs and the salary varies based on education, experience and certification. But all things being equal, you can expect to earn anywhere between $124,000 to $153,000.
The key skills you’ll need to function effectively here are:
● Mathematics and Statistics
● Hadoop, SQL, Pig, Hive, Spark
● Python, Ruby
● Data visualization, data mining, analysis, modelling and manipulation
● Machine learning, AI, GPUs, NLP
3 . Artificial Intelligence and Machine Learning
The need for IT experts who can use computer programs to perform human tasks is on the rise and it’s been estimated that 97 million more jobs will be made available in this space by 2025 and that the global AI market will reach $190.61 billion in the same year. On average, AI specialists earn about $145,067 and this figure will keep increasing. To get a job in this field, you’ll need the following tech skills.
● Data Engineering
● Python, C++, Java, R, C
● Computer vision, NLP, ML technology
● SQL, Linux, Unix, Hadoop
● ML Algorithms, Spark, TensorFlow, Scikit Learn
● Mathematics and statistics
● Signal processing techniques
● Artificial neural networks
● Language, audio and video processing
4 . Cybersecurity
Private companies, businesses and government organisations all face cyber attacks, hence the need to hire cybersecurity experts. In 2022 alone, a total of 714,548 cybersecurity jobs were posted online. The U.S Bureau of Labour Statistics also projects a 35% increase in the job market for cyber security specialists which is 16% faster than all other tech jobs. As a cyber security expert, you’ll earn around $160,000 annually, which could be more or less depending on your qualification and experience.
Here are some key skills you’ll need.
● Cloud Security
● Incidence response
● Application development security
● Blockchain security
● Risk management
● Data privacy
● Threat intelligence
● Computer forensics
● Access management
● Compliance and controlsSecurity governance
By using automation and the adoption of large-scale cloud computing, DevOps helps companies to develop quality software and increase productivity. The global market for DevOps is estimated to reach $10.31 billion in 2023 and if you want to be a part of this number, you’ll be earning about $118,801 annually. Some tech skills you need for this role include:
● Python, Ruby
● System Administration
● Data storage
● Ansible, Salt, Chef
● Docker, Kubernetes, Cloud
6. Software Engineering
The U.S Bureau of Labour Statistics projects that there will be a 17% annual increase in the demand for software engineers, quality assurance analysts and testers, which will require about 162,000 job openings being created each year over the next decade. On average a software developer/engineer is expected to earn $137,014.
Some key skills you’ll need are:
● Redux, Kubernetes, Docker
● AWS, Azure
● HTML, CSS
● Apache Spark, Apache
● Database application
7. Product Management
Tech companies are constantly in need of product managers to help, design, oversee and launch new products. In the last eight years, 500,000 product manager jobs have been created. Although the average salary for an entry-level product manager is $75,000, you can earn up to $133,212 annually.
Essential product manager skills include:
● Data analysis
● Product lifecycle management
● Agile, Waterfall, Scrum, Kaban
● Quality management
● Financial modelling
● Planning and forecasting
8. Internet of Things (IoT)
The increased use of internet-enabled devices and cloud adoption services has brought about an increase in the IoT market. Projections by Future Business Insight show that the market will grow by 25.4% each year from 2021-2028 bringing the market value to $1,864.76 billion by 2028. As an IoT engineer, you can expect a minimum annual salary of $123,189.
Key skills that are needed in this field are:
● Data visualization, analysis and management
● Application design and development
● Hardware interfacing
● UI/UX design
● Artificial intelligence and machine learning
● Field gateway
● Information security
● Business intelligence
9 . Mobile Application Development
This increase in the use of mobile apps means there will be an increase for mobile application developers, making it one of the fastest growing tech jobs with a growth rate of 22% between 2021-2029 as projected by the U.S Bureau of Labour Statistics. If you want to go for this job, you can expect to earn anywhere between $107,000 to $135,000.
Some key skills you’ll need to have are:
● HTML, CSS
● UI/UX design
● APIs- Windows mobile, Android, iOS
● Cyber security
● C#, Java, Kotlin
● Back-end computing
10. Web Development
Last on our list of high-paying tech jobs in web development. New businesses will always need websites to sell their products or services and that’s where web developers come in. On average, a front-end developer typically earns $107,000, back-end developers earn $101,619 and full-stack developers earn about $113,500.
To get started in this field, you’ll need these core skills
● HTTP, MySQL, APIs, Git
● Versions control
● BrowserDev tools
● C#, C++, C
● Python, Ruby, Java, PHPNode, Django
Lowest Paying Tech Jobs In 2023
Having seen the highest-paying tech jobs, it’s time to look at the other side of the card. These tech jobs still pay a decent amount but you’ll be earning below $100,000 annually.
● Operations Research Analyst- $77,147
● Computer Programmers- $66,681
● Network Administrator- $65,235
● Network and Computer Systems Administrators- $61,620
● Computer Network Support Specialist- $61,207
● Survey Researchers- $59,740
● Quality Assurance Specialist- $51,593
● Computer User Support Specialist- $49,424
● Technical Support Representative- $42,345
How Much You Can Earn Through Tech And Where To Find Tech Jobs
Judging from our list of high-paying and low-paying tech jobs, we see that one can earn anywhere between $42,000 to $150,000 through tech. I’m guessing that by now, you would have made up your mind on which tech job you want to pursue.
The next question would be, where do you find these tech jobs?
There are lots of online platforms that offer free and subscription-based job updates, and you can search through them. Sites like LinkedIn also work perfectly well, if you have a well-optimized profile. However, I recommend you check out the Elite Digest job board to see a list of fresh tech jobs and start applying today!