The growth of Technology worldwide
It is very clear that the world of Technology is continuously evolving. The significant growth of technology over the last decade has had an extremely positive impact across all aspects of life and living in a modernized world, in my eyes, has offered everyone new opportunities that may not have been available without the constant development and improvement of technology.
After recently reading an excellent article from Jacquelyn Bulao on how fast technology was advancing in 2022 – I was absolutely blown away by some of the growth statistics and I was eager to share a few of them in this blog.
Relevant to the Cayman Islands and the sharp rise in technology start-ups here on-island, globally there are over 1.3 million tech start-ups dotted around the world… what a crazy number! According to a recent report, more than 900 tech start-ups are already worth over $1 billion. The access to funding is immense as several investors see the value in technology and what the future projections look like.
Another interesting fact, relative to our day-to-day lives, every second – 127 new devices are connected to the internet. It just goes to show how reliant we are on technology… and I do not think that is necessarily a bad thing. We utilize technology to make our lives easier, connect with friends and work from anywhere we like, which in my eyes has a very positive impact on our livelihoods.
There has been a clear increase in social media activity, not just on Instagram, Facebook and Twitter. Snapchat and TikTok have become household names and their number of users have rapidly increased. In 2021, Snapchat had over 293 million users and TikTok fascinatingly had over 1 billion users! There are just under 4 billion social media users worldwide as of 2021 (Source: Backlinko).
Maybe not the greatest statistic for those of us that work in recruitment but it is projected that AI will replace around 85 million jobs in the US by 2025 according to Forbes. This obviously comes with distinct positive and negative connotations but above all is a great example of the rapid growth of tech within this space – quite a scary thought also!
The rapid growth of technology is having a positive impact in the Cayman Islands. Cayman Enterprise City is now home to approximately 80 global blockchain companies and several companies in Cayman are scaling up their tech teams significantly to keep up to date. The more growth that happens, the more opportunities will become available..
As you will see from our website, we have an abundance of exciting opportunities available in Cayman and I am always happy to discuss these roles in detail with anyone who may be interested.