Over this past decade there have been numerous of changes in the tech world. As we enter the new decade we thought it would be interesting to review some of the developments we think were the most significant.
One of the most significant developments over the past 10 years has been the development of the modern smart phone. Smart phones have come along way since 2010, with the advent of faster processors, more memory, higher resolution screens, and a myriad of useful applications. Their usefulness is evidenced by a simple fact, according to Statista the number of people in the United States who own smart phones increased from 62 million in 2010 to over 270 million.
The emergence of streaming services like Hulu, Netflix, and most recently Disney+. Forbes has shown that in the US the number of people who pay for these subscription services now outnumber the those who still pay for cable TV.
The rise in major data breaches has exceeded even the most radical estimates. These breaches have lead to a significant increase in the amount of identity fraud. Accompanied with this are the widespread ransomware attacks that have had a massive global economic impact. In 2017, it was estimated that total damaged exceeded 5 billion USD.
The appearance of the private space industry. After NASA shut down the shuttle program in 2011, the need for a private space sector became clear. One of the most remarkable advancements in technology this field saw over the past decade is the reusable rocket. SpaceX's Falcon 9 rocket became the first that was capable of landing and be used for more than 1 launch. This lead to the cost of a launch mission being reduced from hundreds of millions to around 60 million.
A huge advancement for small businesses has been the rise of applications that handle credit transactions as Square. It has never been easier to conduct and tract credit card transactions with most of the top competitors offering feature filled applications on both iOS and Android.
Cloud based applications and storage have become a massive part of the tech world. The market for cloud based technology has exploded in the past years. Expenditures on these systems has risen dramatically and spending is expected to top 70% of the technology market in 2020.