As the global technology market continues to grow, concerns about privacy and increased regulations have joined the conversation. For instance, data privacy is a common worry, with many individuals believing their data and information aren't safe from third parties. This concern is affecting countries globally and collectively: earlier this year, Meta was fined $1.3 billion for violating data privacy rules in Europe. Let's take a look at some of the broader concerns about going online, how to combat those, and whether, ultimately, the positives outweigh the negatives.
Recently, there's been significant attention on the potential risks associated with artificial intelligence and the security of data stored within AI systems, raising concerns about heightened cybercrime like identity theft if this information falls into malicious hands. To safeguard against such risks, individuals and businesses have long embraced protective tools like VPNs for Chrome, foreseeing a continued reliance on these technologies as AI and data-driven systems become more integral across industries. VPNs were specifically designed to mitigate these concerns, especially when using browsers in public networks, offering a shield against the storage of personal online habits through the absence of logs. This allows individuals in VPN-accessible regions to securely and privately explore the internet.
And despite such risks, the global technology market has seen incredible growth levels over the last decade. According to a recent MGI Research report, analysts project that the worldwide technology market will grow to $11.7 trillion by 2026, a stark contrast from the reported $8.51 trillion in 2022. Much of the conversation about the growth of the technology market focuses on Silicon Valley in the US, which reported revenue of nearly $400 billion in 2022. However, India has also made massive contributions to the global economy. The technology market in India is expected to reach $245 billion in 2023, and a recent EY India report suggests that the main drivers are the country’s IT and BPO sectors.
Such growth has likely had a natural driving force because the changes in the technology market that have occurred over the last few years haven’t all been negative. Even as AI privacy concerns increase, we still see many positive use cases. For example, AI is increasingly being used in the supply chain to reduce problems. Most commonly, we see AI used in logistics links, with AI dash cams installed to minimize issues with truck drivers, such as reckless driving, texting, and speeding. In the US, technologies like RFID trackers are also used by restaurants like Chipotle to track ingredients from start to finish, enabling the restaurant to have better visibility.
The technology market has also created more employment opportunities. Take India, for example, the information technology and business process management industry alone employs more than five million people here, according to a Statista FY 2023 report. Such opportunities have increased the number of women entrepreneurs in India, and the country has also captured the attention of many US companies. With offices across ten cities in the country and employing over 20,000 employees, global technology brands such as Microsoft are helping to ensure that India’s technology market continues to see investment in the coming years. It also will mean that US technology companies are expanding internationally into profitable markets.
This example of globalization has helped the world and businesses become more connected and interdependent.
Over the last decade, the technology market has transformed for the better and the worse. Technologies like AI are increasingly used in various industries, such as the transportation and logistics sector. Still, concerns about how much data AI systems store and who controls this information have also developed. As such, we’re seeing increased regulations and data lawsuits in the US, India, and Europe. Still, there are many positive use cases of technology, not just in high revenue but also in creating innovative solutions and employing many residents. While we are coming to the end of 2023, and there is no guarantee for what the next year will bring, it will be worth watching the growth trajectory of the US and Indian technology markets in 2024.