Why Toronto’s Tech Industry Continues to Soar
New products with innovative technology are hitting the U.S. market faster than ever before. As a result, the tech industry is evolving at an unprecedented rate. Although these advancements may seem exciting for tech companies, it is also incredibly challenging for them to keep up with the cut-throat competition in the market, overcome cybersecurity issues, and adapt to the changing regulatory landscape. Experts at Infiniti understand how difficult it can be for tech industry players to stay ahead of the curve. Based on their analysis of the tech market, here are some of the biggest challenges facing tech companies in 2019.
U.S. Tech industry challenges 2019
Technologies are being developed at an accelerated rate without being able to fully incorporate them into existing products. Two notable examples of developments with tremendous investment and effort involved, but with negligible impact on the market so far are Artificial Intelligence (AI) and voice control. Experts at Infiniti Research expect this gap to grow in 2019, in which case companies in the tech industry will be in the desperate need to reduce it.
Talent drives innovation and execution of new technologies. However, finding the right talent is one of the biggest challenges facing the U.S. tech industry right now. One of the key reasons behind this being, that talent is now globally distributed than before, and it is challenging to retain talent due to the rising competition in global tech industries. Companies in the tech industry that can be efficient with remote teams and build strong cultures have greater chances of success.
Data governance, security, and privacy
2019 is expected to be a critical year for data governance, security, and privacy in the tech industry. Both within and outside the enterprise, these factors will have major implications on AI utilization. Heavily unbalanced regulation greatly limits its applications and can cause a major setback in business innovation of companies in the tech industry.
Issues in cloud network
Companies in the tech industry are increasingly moving their workload and other critical data to cloud infrastructure. However, the network could pose some major setbacks here. Every organization has a set amount of bandwidth or the budget to spend on it. The rising amount of data that is being generated by users, IoT, and AI applications could lead to major network issues to store and manage this data.
Estimating market demand
Companies in the tech industry who base their product development on what they anticipate would be the future market demand could undergo severe risks in their business. This could be primarily due to the fact that the expected market demand does not materialize. To avoid the risk of failure, it is vital for the U.S. tech industry companies to be more measured in decision-making relating to the current market demand and how it is likely to change over time.
Despite several challenges in the tech industry, why is Toronto’s tech industry continuing to soar? Download Infiniti’s latest free resource to find out :
LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest market segmentation solution for an IT services provider. The relentless shift in the consumers’ demands and the rising spending on IT products and services are some of the prominent factors that have fueled the growth of the IT sector. Additionally, the increasing need of companies to outsource their IT requirements is also expected to boost the growth of the IT services sector.
“There is an increase in demand for customization of IT services. With the help of market segmentation IT services providers can profile different groups of customers and tailor specific products to meet the end-user requirements, “says an expert at Infiniti Research.
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The market segmentation solution offered helped IT services provider to understand the strengths and weaknesses of their key competitors in the market and develop robust marketing strategies. The client was also able to predict the most profitable customer segments and profile customers based on demographics, behavior, and geography using market segmentation.
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- Streamline product positioning strategy based on the potential opportunities
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To know more about how our market segmentation solution helped the IT services provider
The tech industry undoubtedly holds a plethora of opportunities. Players in this industry are continuously keeping themselves updated with the changing demands of customers and are focusing their efforts towards developing new solutions to meet these requirements. With technologies such as IoT and cloud computing altering the face of business, there is no looking back for IT sector companies. But the journey of the tech industry is not entirely a bed of roses. There are several challenges that the players in this sector need to sort out for successfully reaping the benefits of the advancements in the industry. We have identified a few key challenges that the players in the tech industry need to watch out for:
Impact of robotics and artificial intelligence
Recent advancements in IT and technology are all about identifying how human labor can be eliminated from a process and how machines can replace those activities. However, of late, there has been a lot of flak around the impact of these advanced technologies in the job market. Several IT sector companies are gradually resorting to a higher degree of automation in processes owing to the benefits they offer such as lower risk of error and increased efficiency. This means that many employees in the tech industry who were previously performing these tasks manually are likely to lose their jobs.