5 Industries Making Tech A Priority
Data showcases which verticals are adopting cloud apps and investing in technical advancements
It’s true: every company today needs to be a technology company. And new data from over 4,000 Okta customers reveals that companies across every industry are committed to building their digital footprints. They’re building their own apps, adopting new, innovative technologies, and abandoning legacy processes. Case in point: in the past two years alone, the median number of apps used by organizations in the Okta network grew 24 percent.
As part of this evolution, companies are also saying “yes, please” to a variety of developer tools to better integrate and achieve their digital transformation goals. While industries like technology (surprise, surprise), and media and entertainment lead the pack when it comes to the adoption of developer tools, our data shows that slowly, more traditional industries like finance, insurance and education are also bringing coding and tech tools into their organizations.
Here are five industries that are adopting apps and making technical advancements a priority, according to our data:
1) Media + Entertainment:
Gone are the days of print newspapers and television sets. Today, it’s all about mobile. Media and entertainment companies have had to rapidly adjust to the digital demands of modern-day consumers (millennials) who have come to expect quality content services that are convenient and on-demand. If unable to provide those services, companies will face the wrath of “cord cutters” like the one million US viewers that canceled their multichannel subscription television services, opting instead for streaming services like broadband Internet and IPTV.
As a result, the media and entertainment industry has unabashedly flung itself into the technology world, and it’s evident in our data. For the last three years, media and entertainment companies on our network have been climbing the ranks when it comes to the median number of apps used. And, 68.7 percent of our customers in media and entertainment are using at least one developer tool, which makes it the second-highest industry taking advantage of those tools.
If you work at a technology company and can count the number of apps you use daily on one hand, I probably wouldn’t believe you. It should come as no surprise, then, that technology companies are embracing other technologies to to enhance security, speed up (or fully automate) processes and increase employee efficiency. The tech industry used the highest number of distinct apps in 2017 at 1,910.
And, they lead the charge in adoption of developer tools — our findings show that 69.4 percent of technology companies in our network used at least one developer tool in 2017.
3) Finance and banking:
Finance and banking is an example of a traditional industry that’s becoming more technologically advanced each year. From 2016 to 2017, the median number of apps used by Okta customers in the finance and banking industry grew a notable 33 percent; the number of finance and banking customers with at least one developer tool grew 6 percent.
This rapid adoption of apps and developer tools shows that banking is not what it used to be. Forty percent of Americans have not physically walked into a bank or credit union within the last six months. Banking and financial services have adapted by developing their own mobile services — the preferred method of transaction among consumers — including apps, push notification payments and digital wallets. Chase, Bank of America, American Express and Wells Fargo are just some examples of banks that have started offering their own app services (and even popped up on our list of popular banking apps this year). Now with the rise of blockchain, the industry is looking at even more changes ahead.
Organizations in the world of biotech, pharma and healthcare saw a 36 percent increase in median number of apps used from 2016 to 2017 — a sign that this industry is also breaking out of its shell. Previously, clinicians dictated the types of technology services they brought into their practice, but times have changed, according to Jason Bush, Chief Information Security Officer at Magellan Health. The rising number of data breaches affecting the healthcare industry, plus the sensitive patient data that’s often at stake, has prompted regulators to establish compliance rules for current information technology and security standards. Hence the dramatic increase in apps used — faced with new industry standards, clinicians and healthcare institutions have no choice but to arm themselves with advanced technology and security services.
Although not as highly ranked in our findings on median app usage, the education industry deserves an A for effort for steadily embracing more than 480 distinct apps. Online education tools like Lynda.com, Coursera, and Pluralsight — the top three e-learning apps used in our network — have brought education into the digital age, making learning more efficient and accessible. Thirty-one percent of customers accessed online learning courses in 2017, either for corporate or personal use. With the edtech market expected to reach $1.83 billion by 2020, this is an industry to watch.
Companies across all industries changing how their organizations interact with technology, and we’re looking forward to seeing what new technologies emerge and shape the future of work in 2018 and beyond.