According to the US Bureau of Labor Statistics, job possibilities in software development will expand by 22% from 2020 to 2030, well above the national average growth rate of 8% for all professions. These figures indicate that software engineering has a promising future, especially as new software development trends drive the field forward.
But what does the future hold for the key industries regarding software engineering?
For Health Tech, software engineering revolutionizes the collecting and processing of health data, opening up previously unimagined diagnostic and preventive disease possibilities. This increased interest in telemedicine and telehealth and the development of the IoT have led to the emergence of a new industry: the Internet of Medical Things (IoMT). It combines the usage of numerous wearables, such as ECG and EKG monitors, to cover some of the most frequent medical data, including skin temperature, glucose level, and blood pressure readings.
To know more about IoMT, you can visit IoMT and Medical Device Cybersecurity.
For FinTech, the advent of online and mobile payments, as well as alternative financing, has increased the demand for financial management software 66.7% of bank executives said they already interact with FinTech and major tech businesses to develop new services for their clients. In addition, the financial sector is highly software-intensive, so an excellent specialization in studies could turn attractive to many undergraduates in IT.
For eLearning, purchasing educational resources through the internet has become the new normal. According to this study, the eLearning industry will grow to more than 370 billion dollars by 2025, up from 101 billion dollars in 2019.
For eCommerce with online shopping forecast to quadruple in size by 2023, reaching 6.3 trillion dollars, eCommerce software development is the trendiest field for software developers to work in. As systems progress, autonomous systems will come to play a critical role in delivering, integrating, and interoperating to meet supply chain needs. The expansion of commercial systems in the fourth industrial revolution necessitates connectivity, information transparency, technical aiding systems, and decentralized decision-making for electronic commerce systems to be sustainable. As a result, imagining commercially creative ideas needs smooth and interoperable solutions widely acknowledged across the business ecosystem. It necessitates fast network connectivity, scalable communication across systems and devices in storage and architecture, and transaction decentralization.
For R&D, corporations and governments rely greatly on innovative tech solutions to pursue innovative solutions and discoveries. This trend will continue to gain traction, as software programming research and development will increasingly rely on Artificial Intelligence and Machine Learning solutions soon. As a result, companies are investing more in R&D than they have in the past. In a recent poll of prominent European companies, 52% said their organizations would increase R&D budgets in the next year or two, and 67% said they aim to do so in the long run. The reason is simple, companies who invest in software R&D will gain a competitive advantage. Those that do not will lose clients and be relegated to a second-tier position in their industry.
Programming will pervade practically all business domains and our daily lives in the future of software engineering. The imperative need for skilled software engineers will mold new hiring processes in any business worldwide, and the lack of talent for some countries could harm their speed in operations. Luckily the best solution for this kind of scenario is called Nearshoring. If you want to know more about acquiring the best talent for your company, you can visit How to Choose Your Nearshore Software Provider?.
ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.