What 2023 holds for the tech industry and the Java world particularly? How demandable and rewarding will be Java devs’ work? What is happening in IT shpere and what can we do about it? These and many other acute questions we’re going to try shedding light on.
Tech World Overview. Is There A Future?
At a glance, it may seem that the world is approaching a big crisis, and the IT industry is no exception here… We have witnessed lots of layoffs from global companies, many startups have been frozen, tech giants like Apple, Microsoft, Amazon, Tesla, and Alphabet (Google's parent company) have lost more than $3.4 trillion collectively
Why was all that happening? Partly because of a new wave of Coronavirus and partly because of Russia’s war in Ukraine, the world is experiencing crazy inflation, a stalled IPO market, and global instability. So, naturally, it’s harder for companies to raise funds. And to cope with the new realities, many startups are significantly cutting down on spending and even conserving cash.
What Are The IT Industry Outlook 2023?
That just being said, if we look into the tech dynamics in the prospect of a decade, the signs of progress continue to blossom and many companies have already changed their strategy to write the next chapter. And, you know, those new chapters hold a great amount of potential. The IT market is one of the major sectors in the global economy, and its rapid growth within the industry influences nearly every other business and makes it a dominant player.
It’s easy to see the rise of the overall GDP (Growth in Gross Output) and specific tech sectors (data processing, internet publishing, and other information services) during the last couple of years. And, altogether, these sectors contributed to 10.2% according to the Bureau of Economic Analysis. Take note that the data is actual for the U.S., and exact numbers differ from country to country. Yet, the basic premise states “Technology has a huge direct & indirect impact on economic growth”.
Gartner reports that global IT spending is predicted to reach $4.6 trillion in 2023
, which is 5.1% more than 2022 spending. The main IT components here include Communications services, IT services, software, devices, and data center systems. In addition to the traditional sectors, emerging technology is also calling for serious spending.
What Are The New Trends in IT?
From these statistics, it’s easy to conclude that the IT industry outlook is still quite positive despite the economic chaos. Even with financial uncertainties, the IT industry remains a reliable choice for business growth and career advancement.
Naturally, the tech sector is likely to undergo significant changes – new hiring campaigns, new capital strategies, and… as always, new technologies. According to Gartner, the top strategic Tech Trends look as follows:
Well, is there a place for Java?
What Developers To Expect From Java This Year?
The strong point of Java is that it boasts a base everywhere, which means it’s ideal for building powerful AI apps, developing complex algorithms, taking the center stage in cloud platforms, and many more. Simply put, Java’s future in the adoption of emerging technologies looks really bright.
And again, if we look at long-term statistics, we can see that Java developer unemployment rate is going lower each year.
||Java Developer Unemployment Rate
Despite the economic situation, the tech skill gap is widening with every year. As technology is evolving faster than workforces can keep up with, the pool of skilled specialists is smaller than the demand for it. And with all these numerous emerging trends, the demand for tech talent in the world has become more urgent than ever.
According to the US Labor Department, the global shortage of software engineers (including Java devs) may reach almost 1.2 million by 2026 and a whopping 85.2 million by 2030
, meaning there always be a great demand for skilled programmers.
2023 Job Market For Java Developers
Speaking about the 2023 job market for Java developers in particular, Java developers are among today’s most sought-after job posts. By browsing the leading employment websites like Indeed, LinkedIn, Glassdoor, Naukri.com and others, you’ll see thousands of job postings for Java developers of all skill levels. And the shortage of Java specialists is spread all across the globe:
As you may have noticed, the average salaries of developers are also quite attractive. A recent report by Indeed
states that the Junior Java developer salary in the United States makes $63,696, whereas Senior Java devs earn about $125,162 annually.
If you visit additional resources like Salary.com
, you’ll find out that an average hourly wage of a mil-level Java dev in the US makes $47. The same source also states that, in general, Juniors earn $39 per hour and Seniors – $52.
The income largely varies on such factors as region, company, type of clients, experience, platform, and a position. According to your profile title, you can expect the following average salary (in the U.S. companies):
||AVERAGE JAVA DEVELOPER SALARY
|Java Web Developer
|Java Android Developer
Ending off, 2023 is going to be very different and unpredicted. Yet, we believe there is no point for Java specialists to panic. The resilience in the IT industry after two years of uncertainty has led to bright prospects this year. Digital transformation is going to spread to all businesses, so software specialists will see a strong demand for their work. So, let’s sharpen your skills and get ready for the competition!