Is the tech industry getting saturated?
Do you think the tech industry is getting saturated as more people are learning the skills and coming in?
Do you think there are many people already involved in tech and new people coming in won’t have enough opportunities?
Do you think there are only very few opportunities available for beginners or newbies in tech?
My answer to these questions above is — No! Not at all!
The tech industry is the new oil industry in Nigeria today😋
About 5–10 years ago in Nigeria, the average working-class person always had this strong assumption that if one gets a job in any oil company like Shell and Chevron, you have made it in life. That assumption is popular because Shell and Chevron staffs are one of the most highly paid in Nigeria.
However, things have changed in 2021. People who work in the tech space with years of experience and skill earn very well and work more flexibly compared to people in the oil sector. Product people in tech with 3–5 years experience earn averagely N200,000 — N400,000 monthly. Senior product people with over 5 years experience earn averagely N400,000 — N700,000 monthly.
These amounts above are a very conservative average. A lot of product people earn more doing side gigs and freelance jobs, which can run into 7 figures on a monthly basis. I personally know a software developer who works remotely for a company in the US that earns N2,500,000 monthly.
Product people in Nigeria who work remotely for foreign companies earn far more than their counterparts who work for Nigerian-based companies. Average monthly salary for a UIUX designer who works remotely from Nigeria can range between $3000 — $10,000 depending on the designer’s skill level, experience and the country the company is located. (Source: https://uxdesignersalaries.com/)
Now going back to what I said earlier, “The tech industry is the new oil industry in Nigeria today😋”
It’s very much obvious the world is being driven by technology and it’s going to get better over the years to come because technology is constantly improving.
I would say the tech industry is in its growth phase.
In product management, the growth phase is one of the four phases of a product life cycle. The four phases are; introduction, growth, maturity and decline.
The growth phase is when a product achieves product market fit and is getting traction in the market, leading to more users using the product and more income coming in for the company who runs the product. A product that has achieved market fit is one that has gained significant market share and is getting everyone’s attention.
Right now, what is currently getting everyone’s attention? TECHNOLOGY AND ANYTHING THAT RELATES OR COMES OUT OF TECHNOLOGY.
So you can see that the tech industry is currently in the growth phase. It is scaling really fast and anyone involved in any aspect of tech has an opportunity to get into that growth with it.
Using the product life cycle concept I explained earlier, the tech industry will go through the growth phase to maturity phase before decline. Personally, I believe the growth to maturity phase will span across the next 5–10 years. The tech industry is going to expand even more and go beyond where it currently is today. What this means is that people currently in tech would also need to learn more as tech keeps improving, but more importantly, is that they have access to become more valuable over the years because of the experience and knowledge they would have gathered.
What does that leave you who is thinking of learning a tech skill?
Now is the best time to get started. Don’t overthink it, decide on the one to learn. There are quite a lot of options available; UIUX design, Product Management, Product Marketing, Data Analyst, Copywriting, Content Specialist, Motion Design, Website Development, Software Development, Artificial Intelligence, Cybersecurity, Blockchain technology, Cloud Computing etc. The list can go on and on. It’s up to you to decide what you want and then learn the skills required. Find a good community of people in that same field you’ve chosen and build relationships with the people in that community — network with people like your life depends on it, because your life does depend on it.
If you are already into tech and building a tech skill, I would advise you to be dedicated to a specific learning process — don’t get tired of learning and improving yourself while also building a solid network of people in the field. Diligently pursue mastery of your skills and you will gradually position yourself for increasing success in the ‘near’ future.
The tech industry is still fresh and there are still countless opportunities available. It all boils down to if you have the skills and capacity required to take advantage of the opportunities. Start building up your skills and you will benefit from the “Blood Money” in tech.
Product Manager, Perxels