Technology Forecast Assignment Example | Topics and Well Written Essays - 1250 words

Technology Forecast - Assignment Example This paper discusses the forecasted development of information technology industry through the year of 2013. Industry Overview Davis (1989) defines information technology as the use of telecommunication equipment and computers to keep, retrieve, transmit and manipulate data mostly in the field of a business or any other activity. Davis (1989) adds that this term is mostly used as a replacement for computers and everything that has to do with them, including other information delivery technologies, such as television and telephones. In the business setting, Information Technology Association of America defined information technology as the studying, scheming, developing, instigating, applying technical support, as well as handling computer-based information systems. People who work in this field are responsible for network administration, installing and developing software and even planning and managing an organization’s life cycle, under which software and hardware is upheld, upgraded or exchanged. It is through such processes the information technology is being developed in such a way that it enhances productivity and efficiency of employees and organizations. Indisputably, introduction of information technology within the contemporary business environment has had great impact on human daily routine. Chesbrough and Spohrer (2006) assert that information technology demand is driven by the high rate of rapid technology improvements. The profit of a modern company heavily depends on technical know-how, innovative services as well as real advertising by means of hi-tech. Chesbrough and Spohrer (2006) add that large companies have advantages over small companies in that they have broad global reach as compared to small companies that may choose to compete by specializing in market niche. The small companies may as well choose to partner with the big ones to enable their services are being rendered at a more productive rate. The business worth of information technology depends on the mechanization of business procedures, providing information in making decision, linking the businesses with customers and providing other productive tools to increase efficiency. Organizations, businesses, and individuals continue to employ information technology features and systems within the operations with the main aim of increasing efficiency and effectiveness. There is no doubt that since the coming of information technology many business operations, processes, and activities have considerably changed. The world continues to spend a lot of money to adopt and implement information technology in daily life at all levels. Amongst the aspects that the world spends so much money on in respect to information technologies there are devices, data system centers, enterprise software, information technology services, and telecom services, as illustrated in the following chart. The following charts show how global information technology has spread over the last two years. World spending in the year 2012 was found to amount at $3