Data on private-market and public-market capital raises are sourced from PitchBook. Data on search engine queries are sourced from Google Trends. Data on news publications are sourced from Factiva. Data on research publications are sourced from the Lens ( Data on patent filings are sourced from Google Patents. Data sources for the scores include the following: (While we recognize that an interest score can be inflated by deliberate efforts to stimulate news and search activity, we believe that each score fairly reflects the extent of discussion and debate about a given trend.) Investment measures the flows of funding from the capital markets into companies linked with the trend. ![]() The innovation score combines the patents and research scores the interest score combines the news and search scores. For each measure, we used a defined set of data sources to find occurrences of keywords associated with each of the 14 trends, screened those occurrences for valid mentions of activity, and indexed the resulting numbers of mentions on a 0–1 scoring scale that is relative to the trends studied. To assess the development of each technology trend, our team collected data on five tangible measures of activity: search engine queries, news publications, patents, research publications, and investment. This study builds on the trend research we shared last year, adding fresh data and deeper analysis to provide a more granular assessment of trends in two thematic groups: Silicon Age, which encompasses digital and IT technologies, and Engineering Tomorrow, which encompasses physical technologies in domains such as energy and mobility. ![]() To that end, we have worked with the external and internal experts on the McKinsey Technology Council to identify and interpret 14 of the most significant technology trends unfolding today. And while it remains difficult to predict how technology trends will play out, executives can plan ahead better by tracking the development of new technologies, anticipating how companies might use them, and understanding the factors that affect innovation and adoption. Technology advances give businesses, governments, and social-sector institutions more possibilities to lift their productivity, invent and reinvent offerings, and contribute to humanity’s well-being. Technology continues to be a primary catalyst for change in the world. Using such innovative strategies, companies will be able to overcome challenges and secure the talent they need.Special Report McKinsey Technology Trends Outlook 2022 (184 pages) (47 pages) This tech talent shortage in the electronics manufacturing sector further highlights companies’ challenges in finding and attracting qualified professionals.ĭomestic labor challenges will require a multifaceted approach, such as upskilling the current workforce to bridge skills gaps, collaborating with technical schools to cultivate future talent, embracing automation, and fostering a diverse workforce to draw from a wider pool of skilled candidates. China, too, faces an ongoing labor shortage as its workforce ages. Official estimates suggest that across industries in the US, there will be a shortfall of 300,000 engineers and 90,000 skilled technicians by 2030. However, the demand for specialized expertise is intensifying, driven by the rapid evolution of technology. The recruitment landscape has experienced improvement, with more companies reporting success in attracting skilled talent. The industry’s labor market presents a complex picture. While growth within the industry is still expected, electronics manufacturing expansion may be confined to specific regions or sectors rather than being experienced universally. ![]() Global growth is predicted to decelerate to below three percent over the next five years. However, this anticipated expansion in the global market should be approached cautiously, given the pessimistic global economic forecast recently released by the International Monetary Fund. Consequently, the EMS market, valued globally at $504 billion in 2022, is expected to reach $797.94 billion by 2029, with a compound annual growth rate (CAGR) of 6.8 percent. The enduring demand for electronic products and the rapid adoption of digitalization across various sectors drive the industry’s growth. Moreover, the upward trajectory continued through October 2022, with a 14.9 percent YoY increase. North American EMS shipments, for instance, grew by 9.4 percent YoY in May 2022, showcasing an impressive book-to-bill ratio of 1.35 (a ratio greater than 1.00 indicates that current demand exceeds supply). The electronics manufacturing industry has showcased remarkable resilience in the face of economic uncertainties.
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