Developers have the collective potential to raise global GDP by $3 trillion over the next ten years, according to a Stripe report.
Demand for skilled developers is at an all-time high, and companies today rank a lack of quality software engineering talent as a larger constraint on their growth than access to capital, according to a Thursday report from Stripe.
Stripe and Harris Poll surveyed more than 1,000 developers and 1,000 C-level executives in the US, UK, France, Germany, and Singapore to determine organizations' largest business challenges, software development practices, and future investments to determine the role the developer plays in their success.
Some 61% of executives surveyed said access to developer talent was "somewhat" or "very" threatening to the success of their business, along with increased regulation (62%), disruption from the tech industry (62%), and security or data breaches (66%).
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Developers can help companies make a major impact in several organizational challenges, including bringing products to market faster (71%), increasing sales (70%), differentiating products and services vs. competitors (69%), and internal reporting and visibility (65%), the report found.
A lack of software engineering talent is a "major" or "moderate" constraint on company growth for 53% of companies surveyed, the report found—more than access to capital (52%), legacy IT infrastructure (51%), and product-market fit (48%).
When leveraged effectively, developers can act as force-multipliers for their firms, the report found, and have the collective potential to raise global GDP by $3 trillion over the next 10 years.
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Senior executives feel the threat of tech industry competitors, and are prioritizing investments in infrastructure, R&D, and recruiting over the next five years. Developers and C-level executives agreed that artificial intelligence (AI), Internet of Things (IoT), and API services have the biggest impact on their businesses today, and that machine learning, virtual assistants, and blockchain will likely have an impact in the next decade.
While senior executives were optimistic that companies will be ready to take advantage of these technologies, developers reported being more worried about not having the right technology infrastructure or enough skilled employees, the report found.
The big takeaways for tech leaders:
- 61% of executives surveyed said access to developer talent was "somewhat" or "very" threatening to the success of their business. — Stripe, 2018
- A lack of software engineering talent is a "major" or "moderate" constraint on company growth for 53% of companies surveyed—more than access to capital (52%). — Stripe, 2018
- Special report: IT jobs in 2020: A leader's guide (free PDF) (TechRepublic)
- How to become a developer: A cheat sheet (TechRepublic)
- Top IT jobs and hiring trends for 2018 listed in Tech Pro Research survey (ZDNet)
- The 10 best tech jobs in America for 2018 (TechRepublic)
- 10 questions developers should ask employers during a job interview (TechRepublic)