How Fast Is Technology Advancing?

The progression of technology does not appear to be slowing down anytime soon. Over the past decade, advancements in technology have occurred at what seems to be an exponential rate of growth.

So let’s dive in and learn more about technology.

How Fast Is Technology Advancing?

(Source: Zippia / MediaPeanut)

The exponential growth of technology has given us access to an incredible array of tools and information sources, putting previously inaccessible knowledge within easy reach. 

For example, about 2.5 quintillion bytes of data are created daily, and the worldwide wearable AI market is expected to be worth $69.51 billion by 2026.

Overall, the processing capacity of technology grows twice as fast every 18 months. Therefore, the Big Data generated over the past two years is more than 89%. And there’s no indication of it slowing down anytime soon.

More Interesting Facts About Technology

In today’s world, almost everything is affected by technology to some extent. People’s communication, learning, and even thinking are often guided by the development of technology.

How fast is medical technology advancing?

(Source: MyTechMag)

These are the most critical statistics on technology in the medical industry that will likely happen soon.

  • The global healthcare AI market is predicted to grow from $6.9 billion in 2021 to $67.4 billion in 2027.
  • As of this writing, the global market for e-health is valued at $90.74 billion and is expected to grow to $636.38 billion by 2028.
  • By 2028, the global market for medical robots is expected to be worth $23.92 billion.
  • From $1.2 billion in 2021 to $11.65 billion in 2028, the healthcare VR market is also expected to grow rapidly.

By 2030, the value of AI in retail will reach $36,462.5 million.

(Source: PRNewsWire)

Experts predict E-commerce sales to reach about $7.3 trillion by 2025. This is partly owing to the progression of technology and using Artificial Intelligence to provide tailored services, recommend products, and forecast customer behavior.

There were around 1.35 million tech startups in 2020.

(Source: NetShop-ISP)

There has been a 47% growth in tech companies from 2007 to 2020. As a result, these new companies have significantly impacted global economic growth and development.

Statistically, there are about 70,762 startups in the US, making it the country with the most startups in the world.

It was forecasted that there would be 1.38 billion smartphone shipments in 2021.

(Source: Statista)

By the end of 2022, this figure is expected to rise to 1.43 billion. In comparison, there were just 173.5 million smartphones delivered worldwide in 2009, but that figure was increasing steadily until it reached 1.47 billion in 2016.

Following that, there was a continuous fall until 2020, after which it was expected to begin increasing again.

Wrapping Up

We hope this article has provided you with some valuable facts about technology growth.

Since the beginning of the modern age, technological advancement has had a significant and nearly unimaginable influence on human life and will continue to do so in the foreseeable future.

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