British businesses set to reap billions from IT

Figures released by Centre for Economics and Business Research show that the big data equity, which was earning £12 billion a year in 2012, is set to reach £46 billion in 2020, a rise of almost 400% in just eight years. Furthermore, increased earnings are expected to be accrued by the Internet of Things, which could see that figure pushed up further to £62 billion by the end of the decade.

The big question is whether these developments will offer even more work for IT contractors, and the outlook is optimistic largely because of that old perennial, the skills gap. According to Information Age, “The skills gap is something we’re all aware of – we need more data scientists and people in the workplace now (as well as future graduates) with skills in handling and analysing data to meet the current demand.” As it will take years to train graduates, the boom in IT will more than likely offer plentiful opportunities to those who take on IT jobs on a contract basis for many more years to come.

This increase in IT opportunities has become something of a godsend for the British economy, especially in those sectors that are struggling, such as manufacturing, as it leads to increased billions being pumped into the economy. However, the sectors expected to benefit the most are telecoms and banking. Retail banking, in particular, is strong in this regards and is expected to be a leader in data analytics adoption by 2020.

Of course, a considerable barrier to British companies adopting more sophisticated technology is the lack of personnel with the requisite expertise. Once again, this should be music to the ears of the country’s IT contractors as it promises big paydays ahead as they continue to pick up the slack.

Article: Contract Recruit