Let’s get straight to the point: tech jobs will continue to be in high demand in 2024 and beyond.
In the wake of widespread layoffs among big tech companies, a cloud of skepticism enveloped the tech industry, raising concerns about job security and growth prospects. This narrative was fueled by news reports and social media, painting a picture of an industry in decline.
We’re here to set the record straight—no, the tech industry is not out of jobs. In fact, the job market is in a growth state. Despite mass layoffs following the upheaval of business-as-usual caused by a years-long pandemic and an unstable economy, tech jobs are still some of the most in-demand jobs available. The Bureau of Labor Statistics estimates that between 2021 and 2031 jobs for software developers will grow by 25% and data scientists by 35%, both far outpacing the average 5% growth rate.
Read on to learn more about the job outlook for tech jobs, salary data, and reputable industry resources that debunk the narrative that “it’s a bad time to get into tech”.
Is there still demand for tech professionals?
The demand for tech professionals is not waning; in fact, it’s expanding.
As industries across the board undergo digital transformations, the need for professionals with expertise in technology becomes even more pronounced. From traditional sectors like finance and healthcare to emerging fields like green tech, the demand for tech talent is diverse and widespread.
We understand your skepticism though: when companies Google, Amazon, Microsoft, and Meta are laying off employees, it’s hard to ignore.
These layoffs, which have affected thousands of employees, have understandably led to a sense of unease. The pandemic’s boom-and-bust effect, coupled with economic uncertainties, and multiple wars, has further compounded this perception. Yet, this is only one side of the story.
The reality is this: lay-offs are normal in every industry, and they’re even more normal in tech. The tech industry is so impactful, but it’s also really volatile. Thanks to its outsized impact, the tech industry is subject to constant scrutiny, and tech leaders must always be innovating. This results in lay-offs occurring in a cyclical fashion because of financial compulsions, business reorganization, and changes in technology.
But employment for tech workers is not confined to the tech giants making headlines. Many tech workers hold jobs in fields like financial services, healthcare, insurance, retail, manufacturing, government, and more. And these industries have not seen recent layoffs.
Plus, according to new BCG research on tech talent trends “the vast majority of tech workers who lost tech-industry jobs are working again. Not only that, most stayed in the tech industry and are satisfied with compensation and other aspects of their new roles.”
It’s also worth noting that of all tech-industry workers affected by layoffs, only 22% were software engineers. The largest group laid off worked in HR & Talent Sourcing.
So in the tech industry or not, there is most definitely still demand for tech jobs.
Will tech hiring pick up in 2024?
The short answer is yes, the tech job market is expected to continue its upward trajectory in 2024.
For instance, according to the BLS, web developers and digital designers are projected to see a 16% job growth from 2022 to 2032, significantly outpacing the average for all occupations. Similarly, data engineering roles are expected to grow by 21% from 2018 to 2028, highlighting the sustained need for skilled professionals in these areas.
With advancements in artificial intelligence, machine learning, and other emerging technologies, companies are expanding their digital footprint and investing in innovative solutions. As a result, the demand for skilled tech professionals is likely to increase.
What is the big tech outlook for 2024?
Looking ahead, the big tech sector outlook for 2024 is characterized by several key trends.
First and foremost, the integration of AI and machine learning into various aspects of technology will reach new heights. This will not only improve efficiency but also open up new possibilities in fields like healthcare, finance, and autonomous systems.
Additionally, the continued proliferation of 5G technology will unlock new opportunities for connectivity and transform the way we interact with the digital world. The Internet of Things (IoT) is set to become more pervasive, creating a seamless network of interconnected devices that enhance our daily lives.
Augmented and virtual reality are poised for a breakthrough in 2024, revolutionizing industries ranging from gaming to education. As big name tech firms and companies continue to compete to push the boundaries of innovation, we can expect exciting developments in these and other groundbreaking technologies.
Will the tech industry become saturated?
While the tech industry has experienced exponential growth in recent years, concerns about saturation persist. However, it’s crucial to recognize that the concept of saturation is nuanced and varies across the tech sector. The industry as a whole continues to expand into uncharted territories. New specializations, like quantum computing and bioinformatics, are emerging, creating fresh avenues for professionals to explore.
Is the software engineering field oversaturated?
The software engineering field is competitive, but it would be premature to label it as oversaturated. The demand for software engineers remains strong. Continuous advancements in the technology industry create a need for skilled software developers who can adapt to evolving landscapes.
However, staying relevant in this field requires a commitment to ongoing learning and the acquisition of new skills. As technology evolves, so do the demands of the industry, and those who embrace lifelong learning will continue to thrive.
5 perks of landing a tech job in 2024
- Tech salaries are still competitive (even for entry-level roles)
Tech jobs continue to offer some of the most competitive salaries in the job market. In 2024, as demand for skilled tech professionals remains high, companies are likely to maintain or even increase compensation packages to attract and retain top talent. Beyond base salaries, many tech companies provide enticing benefits such as health insurance, retirement plans, stock options, free meals, and wellness programs, making these positions financially rewarding for job seekers.
According to the BLS, as of May 2022, the median annual wage for web and digital interface designers is $83,240. Data engineers earn an average salary of $109,675. And the median annual wage for software developers is $127,260.
These figures underscore the lucrative nature of tech careers, extending to entry-level positions.
- Remote work is now the default for tech jobs
Remote work, once a perk, is now a mainstay in the tech industry. This shift has not only introduced unprecedented flexibility in how and where work is done but has also democratized access to tech jobs globally. Remote work arrangements have proven particularly resilient in the face of job market fluctuations and economic downturns.
In 2024, tech companies are expected to continue supporting remote work options, providing employees with the freedom to work from anywhere. This flexibility not only enhances work-life balance but also opens up opportunities for tech workers to collaborate with diverse teams from around the world…
- Global collaboration and networking opportunities
In 2024, tech jobs come with the added perk of participating in a globally connected workforce. The nature of technology allows professionals to collaborate with colleagues, clients, and experts from around the world. This interconnectedness not only enriches projects with diverse perspectives but also opens doors to extensive networking opportunities.
Tech workers can engage with industry leaders, attend virtual conferences, and join online communities, fostering a global network that transcends geographical boundaries. This exposure not only enhances professional development but also positions tech professionals at the forefront of global innovation and industry trends.
- Continuous learning opportunities (for free)
The fast-paced nature of the tech industry means that learning and skill development are ongoing priorities for tech managers. Many tech companies actively invest in the professional growth of their employees, offering training programs, workshops, and opportunities to attend conferences. In 2024, landing a tech job means gaining access to a dynamic learning environment where staying ahead of the curve is not only encouraged but also essential for career advancement.
- Fulfillment through innovation and impact
Tech jobs provide a unique platform for individuals to work on cutting-edge projects and contribute to groundbreaking innovations. Whether in artificial intelligence, blockchain, renewable energy, or other emerging fields, tech workers have the opportunity to be at the forefront of transformative developments. In 2024, landing a tech job means being part of a community that drives progress and creates solutions to some of the world’s most pressing challenges, offering a sense of purpose and impact in one’s career.
The future is bright for tech workers
The notion that the tech sector is running out of jobs is misleading. In reality, the tech job market is diversifying, evolving, and growing in ways that continue to offer a wealth of opportunities to tech workers.
With its projected growth rate significantly higher than the average for all occupations in the labor market, competitive salaries, and a shift towards more inclusive and flexible working environments, the tech sector remains an attractive field for those seeking long-term career prospects. For anyone passionate about technology and innovation, the tech industry is not only viable but also vibrant with opportunities.
Here at Promineo Tech we offer programs to learn skills to land the most in-demand careers in the technology industry. Explore our available programs to learn more!