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How Fast Is Technology Advancing in 2024?

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Fascinating Technology Growth Statistics

Almost everything we do today has an atom of technology in it. From our smart devices to advanced computers, and sophisticated engineering equipment - technology is all around us.

But this question remains - How fast is technology advancing?

Statistics that illustrate how fast technology is growing over the years have shown breakthrough technologies from all aspects of life. Experts predict that there is more to come.

We compiled some of the most groundbreaking stats to enlighten you more on how far technology is progressing. In addition to this, we will shed more light on some of the upcoming trends, sure to leave you stunned!

Fascinating Technology Growth Statistics

The following are some eye-opening stats handpicked from the most reliable sources:

Globally, there are about 1.35 million tech startups around the world.
The number of smart devices collecting, analyzing, and sharing data should hit 50 billion by 2030.
The global internet penetration rate in 2022 is around 63%.
The computing and processing capacity of computers hits double figures every 18 months.
The world will produce 463 exabytes of data by 2025.
By 2030, 500 billion devices will be connected to the internet.
5 billion people use the internet.

Sounds amazing right? That’s just the tip of the iceberg - we have more in store for you. Read on to find out!

General Technology Growth Statistics

The following are some generalized statistics about how the growth of technology is influencing every sector.

1. 63% of people around the world use the internet.

(Source: Data Reportal)

There are about 7.9 billion humans on the planet. Approximately 5 billion of them use the internet, according to technology adoption statistics for 2022.

That rate has grown by 4% since 2021. That’s an addition of 192 million new users since last year.

2. $183.18 billion - that is how much the web hosting services marketplace is expected to have generated by 2026.

(Source: Fortune Business Insight)

In 2017, the global web hosting market had a value of $32.12 billion, and in 2018 that figure rose to $60.90 billion. By Maintaining a Compound Annual Growth Rate (CAGR) of 15.1%, experts predict that the web hosting industry will be worth more than $100 billion in a few years as a result of global tech market growth. That's why there's such a fierce battle between the best hosting providers on the market.

3. There are 5.32 billion unique mobile phone users.

(Source: Data Reportal)

Over the last year, the total number of unique mobile users has grown by 95 million. According to technology growth statistics, that brings it to a total of 5.32 billion in 2022.

That’s a growth of 1.8% since last year.

We’ve also seen millions of people upgrade to smartphones. For every five cell phones, four are smartphones.

4. By 2025, there will be 75 billion connected devices in the world.

(Source: Statista)

In 2025, the number of Internet of Things (IoT) will be thrice that of 2019. Think slow cookers, wearable technology like smartwatches, smart meters, smartphones, etc.

The technology has become so popular that industry experts predict that every consumer will own about 15 IoT devices by 2030!

5. Users query Google about 8.5 billion times per day.

(Source: Oberlo)

When it comes to how fast technology is growing, people do over 8.5 billion searches daily. That’s an astronomical number.

To bread down the numbers:

Every single second, the search engine giant gets 99,000 searches. That results in close to 9 billion queries each day on average.

6. The need to reach new customers is the primary factor pioneering technological growth in the last few years (46%).

(Source: Finance Online)

Technology adoption statistics reveal that factors such as selling new business lines (38%), overall improvement of business operations (41%), improving sales and marketing (35%), improving standard internal processes (33%), are the main drivers for tech growth.

7. By 2040, 95% of purchases will be online.

(Source: Nasdaq)

Buying over the internet is so convenient because you can get whatever you need from the comfort of your home regardless of time or location. According to technology growth stats, ecommerce will have grown so much that buyers will conduct almost all of their purchases online in the next two decades.

(Source: Data Reportal)

According to technology statistics for 2022, roughly 58.7% of the world’s population, use social media. Since 2021, around 326 million new people have joined networking websites. In addition, over 90% of people that regularly use the internet visit social sites.

AI and Machine Learning Statistics

Technology stats and facts show that AI remains one of the most sought-after technological advancements pioneering technological growth around the world. Read on to find out some amazing stats on how AI and machine learning are impacting society.

9. Google Translate algorithm has increased its efficiency from 55% to 85% following the implementation of machine learning into its translation services.

(Source: Finance Online)

Google Translate is a service developed by Google to help customers translate text and websites to any desired language. Before the introduction of AI, it would typically take more time to translate a series of words in a foreign language, as the process is done one text at a time. However, with the application of deep learning (a sub-function of AI), the Google Translate service is now able to interpret a whole sentence or website at once.

10. The global machine learning market is expected to reach $20.83 billion in 2024.

(Source: Finance Online, Forbes)

Tech growth stats indicate that machine learning is currently one of the most popular and most successful sub-functions of AI.

It should come as no surprise that the market is growing in value. Worth around $1.58B in 2017, it is expected to reach $20.83B in 2024, growing at a CAGR of 44.06%.

11. The Compound Annual Growth Rate (CAGR) for AI will be 42.2% by 2027.

(Source: Grand View Research)

Stats on how fast technology is advancing reveal that the artificial intelligence market was worth $10.1 billion in 2018. In 2019, that value increased to $39.9.

As you can see, there has been positive growth over the years, which is likely to continue.

Giant tech firms have been pouring big bucks into research and development, the reason why technology keeps advancing every day. Examples of big names investing heavily in this sector include Facebook, Amazon, Microsoft, Google, and Apple.

Industry players predict a CAGR of 42% between the period 2020 to 2027.

12. AI will replace around 85 million jobs in the US by 2025.

(Source: Forbes)

Does automation benefit the ordinary citizen?

You be the judge.

The pandemic led to massive job losses, leaving one in every four adults in serious financial difficulty. They had issues footing their bills.

That led to 33% of Americans using their life savings to cater for their expenses. Others had to borrow loans and now have huge debts.

And it looks like the labor market hasn't seen anything yet.

AI statistics show that its adoption will lead to job losses to the tune of 85 million by the end of 2025.

However, it's not all bad:

Experts predict that there will be 95 million job openings because of artificial intelligence. By 2025, humans and machines will strike a balance of 50-50 when it comes to working.

13. Worldwide, only 37% of organizations have incorporated AI into their business.

(Source: Gartner)

Although the figure may not be high enough, it is still a significant rise from what we had in 2015 (about 270% increase).

14. Artificial General Intelligence (AGI) has a 50% chance of rising to 90% by 2075.

(Source: Zdnet)

AGI mimics human intellect. Think cooking or styling hair with precision.

Experts predict that there are high chances that in most work environments in 2075, nine out of 10 companies will use AGI technology.

15. IT Operations professionals are in high demand in 2022.

(Source: The Enterprisers Project)

Technology adoption stats show that 60% of IT businesses are looking to hire IT Operations engineers, and 48% are recruiting for developer positions.

16. The fully and semi-automatic car market will be worth $26 billion by 2030.

(Source: Electronic Design)

Experts estimate that the number of connected cars in Europe, China, and the US will be about 470 million by 2025. Technology statistics show that the vehicles will generate data worth $750 billion.

While that sounds impressive, we should think about the security aspect. The information that the technology will derive could land in hackers’ hands instead of genuine parties like manufacturers or vendors.

So:

It will be paramount for developers to come up with top-of-the-range security programs to keep cybercriminals at bay.

17. 71% of executives believe that artificial intelligence and machine learning are game-changers for businesses.

(Source: AMC Laboratories)

The world is beginning to wake up to the fact that robotics and automation powered by AI could be the future of work. However, some are more prepared than others. Those that fail to prepare may be left behind when the changes start to take effect.

18. 16% of companies in Europe believe that AI would help them counter the adverse effects of COVID-19 on labor.

(Source: IDC)

Emerging technologies and automation will be at the forefront of cushioning businesses from the effects of the pandemic. Nearly 20% of organizations say that AI will be the only solution to the current shortage of workers.

19. AI is the most significant portion of the data strategy of any business, according to 61% of marketers.

(Source: Finance Online)

Data strategy is a set of informed decisions taken from a position of insight (after careful study of available data) on how best to move a business forward. It is the job of AI to study the set of available data, and help to draw insights as to existing flaws and what needs to improve.

20. The AI market will be worth over $15 trillion by 2030.

(Source: PWC)

AI technology is progressing, and the industry is growing pretty fast. Businesses and individuals alike love its efficiency. Logically, demand will continue to rise in the coming years. By 2030, its value will be $15+ trillion. More than ¾ of emerging technologies already planned to own foundations as early as 2021.

Big Data Statistics

Data that has become so large and complicated for the traditional computer system to make sense of is referred to as Big Data. However, Big Data impact statistics have shown that it can become a goldmine to whoever understands its capacity. Check out the statistics that follow to discover the impact of Big Data on technology and internet growth.

21. Organizations that are data-driven are 23x more likely to acquire new leads than those without a data-driven strategy.

(Source: McKinsey)

Big Data can be a source of insight for those that care to put in the work, understand patterns in its data, and relate them to their various businesses. Facebook is an exemplary example of a company that is effectively utilizing both Big Data and AI to understand its audience better.

22. 91.6% of Fortune 1000 companies are investing more in Big Data and AI.

(Source: ZD Net)

Big Data is like the new gold for businesses. Coupled with AI, a good deal of information can be extracted from both structured and unstructured data. The Fortune 1000 companies know this. The most successful entrepreneurs also know this. For this reason, technology growth statistics tell us that these companies always have a specified budget put in place for data analytics.

23. Two-thirds of organizations that have utilized Big Data effectively have reportedly seen a decrease in operational expenses.

(Source: Datamation)

Big Data impact statistics reveal that for businesses that can do away with the junk of unuseful data, Big Data can provide direct and specific information about what works for such businesses and what does not. That way, these businesses can avoid the trouble of wasting time, effort, and resources on strategies that don't give results. Instead, it enables them to focus all of those energy and resources on what works.

24. We generate 2.5 quintillion bytes of data daily.

(Source: Forbes)

According to tech growth statistics, we now produce data in trillions and quintillions daily. This number has been on the rise over the last few years, meaning that we should expect to produce more in the next 2-3 years.

25. Analytics and big data will bring in an income of $274 billion by 2024.

(Source: Statista)

Revenue from big data and analytics has been on an upward rise over the last few years. By Q4 of 2021, data center Internet Protocol (IP) traffic reached 19.5 zettabytes. Business Intelligence (BI) analytics will be worth $14.5 billion in 2022.

26. By increasing their effectiveness at utilizing Big Data, Fortune 1,000 companies can increase their net income by up to $65 million.

(Source: Forbes)

According to Big Data impact statistics, the ability to extract, understand, and utilize Big Data has a direct impact on both sales and revenue. With Big Data, businesses can better understand their customers, thereby channeling their efforts towards what works and increasing conversion rates.

27. 71% of companies find it difficult to protect and manage unstructured data.

(Source: Forbes)

As enticing as the idea of Big Data analytics may seem, it still requires a lot of technical and specialized kind of skillset to make sense of the large chunk of available data. Thankfully, the best data visualization software can transform huge amounts of raw data into easy-to-digest visuals. These can provide decision-makers with valuable insights quickly and easily.

28. 83% of organizations worldwide are currently investing in various Big Data projects.

(Source: Forbes)

Given how rapidly technology is growing, and the millions of data being generated daily, top company executives are beginning to realize the usefulness of Big Data. Some even argue that failure to invest in Big Data for any business is like walking your way towards bankruptcy.

Mobile Technology Statistics

Internet traffic growth statistics tell that over the last decade, mobile usage has been on the rise, even surpassing desktop web traffic for the very first time in late 2015. Almost anything can now be achieved on mobile. Check out some of these mobile tech statistics to discover how vital technological advancements on mobile have become.

29. 58.26% of the internet traffic comes from mobile phones.

(Source: Oberlo)

How fast technology is growing statistics for 2022 show that roughly 58% of traffic on the web comes from cell phones. That’s a tremendous growth compared to 2012’s 10.88%.

30. Mobile vs. desktop internet usage shows that 52.7% of traffic comes from phones.

(Source: Oberlo)

According to internet traffic growth statistics, about 53% of internet traffic comes from cell phones. Only about 47.2% comes from desktops.

There’s more:

With 53.23% usage, Safari is the most popular mobile browser in the US. Google Chrome takes second place with 41.03%.

31. People check their mobile phones about 150 times daily.

(Source: Business Services Week)

Call it an addiction!

The fact remains that mobile phones have become a massive part of how most of us function daily. We check our phones almost all the time for messages, notifications, time, etc.

32. Total mobile connections in 2022 amount to 10.80 billion.

(Source: Bank My Cell, Statista)

So, how’s that, yet ownership is only about four billion?

Isn’t the world population 7.96 billion?

Well, there are people with dual SIM cards. Then there are those with more than one device, not forgetting integrated devices like security systems or cars.

As of February 2022, China had the highest number of cell phone connections, with 1.63 billion.

33. 80% of smartphone users make use of their phones during physical shopping.

(Source: Business Services Week)

This could be either to read up reviews of a particular product that they are about to purchase or to locate an alternative store where they can compare products and prices. Either way, this goes to show the impact of technology on how we live our daily lives. Smart business owners who understand this fact can begin to make adjustments towards mobile to boost their traffic and improve conversion rates.

34. 95.1% of the Facebook audience access the platform through their mobile phone.

(Source: Business Services Week)

Platforms like Google and LinkedIn have already implemented a mobile-first standard for their websites, and the reason for such a move is not far-fetched. Internet access growth statistics reveal that mobile drives the majority of the traffic on Google and other social media platforms.

35. Users have installed 37 billion apps as of Q1 2022.

(Source: Forbes)

People around the world have installed close to 40 billion apps on both iOS and Android as of the first quarter of 2022. That’s an 11% increase from 2021.

Android had the most downloads at about 28 billion. iOS only garnered roughly 8 billion.

36. About 56% of parents who have kids aged between 8 and 12 years have purchased mobile phones for them.

(Source: NCL Net)

Statistics about how fast technology is growing show that kids are growing up in a technologically advanced society. Back in the '80s and '90s, who would have ever thought that a 12-year-old would own a mobile phone, let alone an 8-year-old. However, that is the reality of today's economy.

That's why solutions like parental control software are becoming more and more popular.

37. 98% of Generation Z have a mobile phone.

(Source: Global Web Index)

Technology advancement rate statistics go further to reveal that Generation X has a mobile penetration of 92%, Generation Z with 52%, and Baby Boomers with 42%.

38. Mobile advertising will reach $247 billion by 2022.

(Source: Statista)

Technology adoption stats show that advertising through mobile will reach almost $300 billion by the end of 2022. That will be a $244 billion increase from 2011 figures.

Source: (Data Reportal)

Social media is getting more and more engaging by the day. The number of new users almost hit the five hundred million mark in 2020.

40. Increasing usage of mobile banking technologies could generate up to 95 million jobs.

(Source: Leftronics)

A McKinsey Global Institute study found that over 80% of adults in developing countries owned a mobile device. However, only 55% had a bank account.

Mass adoption of mobile banking technologies has the potential to empower people financially. For one, technology adoption stats show that it can generate up to 95 million jobs and even increase GDP by a whopping $3.7 trillion by 2025.

Internet of Things (IoT) Statistics

Over the last few years, the concept of IoT has become a vital role player across various industries. More and more businesses now look to integrate its many benefits into their network infrastructures. The following are some of the most up-to-date statistics on the growth of IoT.

41. By 2030, 500 billion gadgets will be connected to the internet.

(Source: Comptia)

Statistics on how fast technology is advancing reveal that users will connect half a trillion devices to the internet by 2030. The market is already experiencing steady growth, and experts predict IoT spending will reach $1.2 trillion by the end of 2022.

42. 5 billion people are using the internet in 2022.

(Source: Data Reportal)

How fast is technology advancing in 2022?

Well, stats show that 63% of the world’s population uses the internet.

43. Denmark, UAE, and Ireland have the highest internet penetration rates.

(Source: Statista)

Internet growth stats show that in 2022, Denmark, Ireland, and the UAE have overtaken the US as the number one country when it comes to internet penetration. In 2020, America had a 90% rate.

In 2022, the three countries have a whopping 99% of their citizens accessing the internet. The United Kingdom, Switzerland, and South Korea follow very closely with 98%. Saudi Arabia comes in third, with 97.9%.

44. Cellular IoT connections could reach 3.5 billion by 2023.

(Source: Forbes)

Cellular IoT connection is a feature that allows sensors to be able to transfer information directly to a computer or your mobile device within a region or specified distance. Health wearables that transfer the information about the state of health of a patient to a doctor or hospital is an excellent example of cellular IoT.

45. 75.44 billion IoT devices could be in existence by 2025.

(Source: Statista)

IoT statistics reveal that there were over 25 billion IoT devices around the globe at the end of 2019. Statista predicts that there could be well over 50 billion by 2023.

46. 70% of all automobiles will be connected to the internet through the Internet of Things by 2023.

(Source: Statista)

Technology statistics and findings show that the automobile industry is one of the few places where innovations in the IoT have seen significant improvements in the past few years. Aside from developing self-driving cars, research is being made to add lots of other features to the automobile industry through the Internet of Things. Soon, we could have vehicles that detect bad driving, accidents, and possibly imminent collision. In addition, cars that detect flaws in design while sending a report back to the manufacturer could also be a norm in years to come.

47. The IoT could generate up to $11 trillion in economic value per year by 2025.

(Source: McKinsey)

Statistics that illustrate how fast technology is growing show that the global usefulness and availability of the Internet of Things is increasing at a breakneck pace. The IoT can save costs, increase productivity, create employment, and bring in billions and trillions in economic value in the process.

48. IoT will enable gas and oil companies to save up to $30 per barrel.

(Source: IoT Solutions World Congress)

The oil and gas industry stands to gain a lot from adopting the Industrial Internet of Things (IIoT). According to IoT statistics, the technology will save organizations a good $30 for each barrel.

That may sound negligible, but let’s look at the bigger picture:

Some oil rigs produce about 1500 barrels daily.

With $30 less per barrel, that equals savings of up to $45 000 per day and roughly $1.4 million per month!

Global Tech Market Growth Statistics

Technology touches our whole lives and has generated trillions of dollars in revenue and market size in the process. Discussed below are some incredible milestones to help you better understand the impact of technology on businesses around the world.

49. Global IoT spending will hit $1.2 trillion by 2023.

(Source: Comptia)

In 2020, this amount was only $749 billion.

Experts predict that expenditure on this front will reach $1.2 trillion by the end of 2022. A year later, it will be $0.1 trillion more.

50. By 2025, the wearable AI market is going to be worth $180 billion.

(Source: Semrush)

AI statistics reveal that as of 2018, the wearable AI market was already worth $35 billion. Growing at a CAGR of 30%, that figure is expected to surpass the $100 million mark by 2025.

51. Big Data could attain a market size of $77 billion by 2023.

(Source: Statista)

Big Data volume statistics have shown that I cannot overemphasize its importance. This follows as hundreds of organizations around the world are already investing directly and indirectly into its befitting features. Insights from Big Data analytics can pioneer a small startup into becoming a multinational organization within the shortest possible time.

52. Income from AI hardware will be worth $234.6 billion in 2025.

(Source: Statista)

Products in this category include storage devices, network products for Graphics Processing Units (GPU), and Central Processing Units (CPU). Forecasts show that in 2025, their market value will have surpassed that of 2018’s by around $22 billion.

53. Successful companies like Netflix have been able to save up to $1 billion monthly following the adoption of a machine learning algorithm.

(Source: Finance Online)

Netflix’s AI algorithm can accurately recommend which movies will get the attention of each user based on their interaction with the website. That way, user engagement is significantly increased, and the cancellation rate reduced, thus increasing the potential of having a user around for a more extended period. Without a doubt, Netflix's machine learning algorithm is one of the essential elements that make it one of the best streaming services out there.

54. Up to $657.31 billion would have been invested into the IoT by 2025.

(Source: Analitics Insight)

As of the end of 2019, the IoT market was already worth 193.60 billion. It could grow even further with a CAGR of 21% yearly if the technology growth rate is anything to go by.

Internet Growth Statistics

Initially designed only to interconnect government-owned research laboratories, the internet has expanded at an exponential rate over the last three decades

55. The average person spends 40% of their wake time online.

(Source: Data Reportal)

The regular person sleeps for about 7-8 hours.

And that’s a stretch because a good chunk of people only gets about 4.

Anyway, going with the first estimate, that would mean that a human being spends about 16 hours awake. If they spend 40% of that time online, that equates to about 6.4 hours.

Tech growth stats reveal that the duration has grown by 4 minutes compared to last year. Looking at the world’s population, that’s about 12.5 trillion hours in 2022.

(Source: Statista)

Let’s see how fast technology is growing based on social media statistics:

The median amount of time people now spend on networking platforms is about 2 hours and 27 minutes. That’s up by 2 minutes compared to 2021

The country that spends the most time on such sites is the Philippines – about 3 hours and 53 minutes. In comparison, time spent on social media in the US is only 2 hours on average.

57. Less than three billion people don’t use the internet.

(Source: Datareportal)

Almost 37% of the global population has no internet access. That’s about 3 billion unconnected people.

But we expect this number to decrease in the coming years, going by the current connection trends.

As a matter of fact, internet growth stats reveal that the number of humans regularly using the net has increased by 180 million in the last 12 months.

58. There are 1.16 billion websites as of April 2022.

(Source: Siteefy)

Growth of the internet statistics reveal that there are 1.16 billion sites on the web.

But are they all active?

Actually, only about 200 million of them are.

There are about three new websites every second. That comes to almost 11 thousand sites per hour!

59. About 77% of internet users prefer Chrome.

(Source: Kinsta)

Google Chrome is the browser of choice for 77.03% of people. Safari, which is the second most popular, is at a distant 8.87%. Wow!

Mozilla comes at third place and only captures about 7.69% of the market.

60. The global ecommerce market is set to hit $6.54 trillion by 2022.

(Source: Forbes)

As of the end of 2019, the ecommerce market already had $4.2 trillion in sales. That number is expected to grow even further given that ecommerce is becoming the most preferred form of buying and selling around the globe.

61. More than 92% of internet users now consume video content online monthly.

(Source: Data Reportal)

Online video platforms like YouTube get massive traffic on a per-second basis every day. According to statistics, up to 500 hours of video is uploaded to YouTube every minute. Also, the platform has up to 1.9 billion users.

62. The number one YouTube channel had 197.48 billion views.

(Source: Statista)

T-Series had over 197 billion lifetime views in July 2022

Cocomelon’s Nursery Rhymes inched closer with about 134 billion views. The third position went to SETIndia with approximately 124 billion.

Future Trends in Technology Growth

When it comes to future technological trends that will rule the world shortly, a few inventions come to mind. They include Blockchain, cloud computing, AR/VR, robotics, and automation. The stats that follow will expose you to some of these future technology trends.

63. There will be 8.4 billion voice assistants by 2024.

(Source: Statista)

In 2020, there were about 4 million virtual assistants. That number will double by 2024 and will be close to 8.5 billion units. The world’s human population is 7 billion, so let’s hope it’s not the dawn of the Matrix.

64. By 2025, 500 million Virtual Reality headsets would have been sold.

(Source: Forbes)

An increasing smartphone adoption rate, the automobile industry, military and law enforcement training, the gaming industry, and growing technology awareness are some of the significant factors influencing the increasing need for VR headsets.

65. 94% of enterprises use the cloud.

(Source: Zippia)

Technology statistics for 2022 show that 94% of businesses are adopting cloud services. They use them for data processing, as well as storage. That percentage is likely to go even higher in the coming years.

66. The Blockchain technology industry’s revenue is predicted to hit $20 billion by 2024.

(Source: GlobeNewswire)

Experts predict that as time goes on, blockchain will find usefulness across multiple industries due to its secure and sophisticated network. Currently, there are ongoing successful experiments to combine Blockchain and Big Data to ensure uniformity and accuracy of results, especially in the insurance sector, and many more will follow in the years to come.

How Is Technology Affecting Our Lives?

There is no doubt about how vital technology has become to how we live our lives each day on earth. The technology process has made life both more comfortable and efficient for the average human. The following stats will expound more on how technology is influencing our lives in general:

67. Technology has made communication easier.

(Source: Thrive Global)

The younger generations won't remember the days when there were no mobile phones. Today, anyone can pick up the phone and place a phone call to loved ones, irrespective of their location in the world. Plus, the coming of the internet and social media has made staying connected even cheaper.

68. Technology has improved advertising.

(Source: Thrive Global)

Billboards are becoming outdated, and door-to-door advertising is said to have gone extinct. With the internet, businesses can now reach their targeted audience with ease and still obtain better conversion rates than the old system of advertising.

69. Learning is now more efficient and more comfortable to carry out with technology.

(Source: Thrive Global)

In the past, you had to scourge the library for books on specific subjects that you intend to study. Today, there are billions of videos, podcasts, audio, and text over the internet on almost anything you wish to study, making education more accessible.