Small tech firms that haven't already begun using 3rd platform technologies - mobile computing, cloud services, social networking, and big data analytics - may be left behind in the upcoming years as they are becoming standardized in the IT industry and no longer just a resource that companies are able to play around with.
According to recent forecasts conducted by the International Data Corporation, global IT spending in 2013 will exceed $2.1 trillion, up 5.7 percentage points from 2012, and smartphones, tablets and eReaders will be the largest driving factor for growth. These devices alone are expected to contribute to nearly 57 percent of industries growth.
"The IT industry as a whole is moving toward the mobile/social/cloud/big data world of the 3rd platform much more quickly than many realize: from 2013 through 2020, these technologies will drive around 90 percent of all the growth in the IT market," said Frank Gens, senior vice president and chief analyst at IDC.
Tech firms need to embrace mobile technology
IDC expects that firms will spend $65 billion on industry-specific solutions in 2013, with several of them leveraging mobile computing, cloud services, social networking, and big data analytics, small tech firms that fail to get involved with these technologies will not only be lacking in speed and efficiency, but they will also miss out on many clients who demand these technologies to be part of their customer experience.
"Companies that are not putting 80 percent or more of their competitive energy into this new market will be trapped in the legacy portion of the market, growing even slower than global GDP," said Gens.
Don't forget about security
Shifting business processes to the cloud, allowing "bring you own device" policies and signing up for electronic payment methods are all certainly ways to small tech companies can try to compete with their larger competition, but they cannot compromise the security of their business critical information by using technology without the proper means of protection.
IT professionals at small tech must have cyberliability insurance coverages in place. Without them, firms can be liable for the loss of any information held in the cloud, mobile devices and the like.