Yahoo Finance – Lenderman on Industry Trends

Erik Lenderman is the published author of the ‘Principles of Practical Psychology’ and ‘Human Capital Management’, so we asked for his perspective on macroeconomic business trends.

According to the U.S. Small Business Administration, small businesses represent 99.9% of all businesses in the nation, so we were interested in how technology has grown [1].

He explained, “New developments in technology have been primarily driven by the need for companies to expand their digital reach for new users. However, there are many who adopt technology to deliver new services to existing clients.”

Lenderman shared data from FinancesOnline’s research, which found worldwide spending on technology grew to $3.3 trillion during 2019, and 50% of technology growth is caused by emerging tech [2]. This includes the Internet of Things (IoT), Software as a Service (SaaS), data aggregation, and cybersecurity. The United States alone accounts for $322 billion of technology exports to other parts of the world, and many businesses are adopting new technology to expand their digital reach (i.e. marketing).

Today, 4 in 10 technology firms in the U.S. reported job openings for technology related positions. These firms are in need of skilled workers to promote their products and services through digital platforms.

Lenderman explained, “The global economy is driven to find efficiencies, and the natural result is technological development.”

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