Willy Sutton was a depression era bank robber. He was wanted for robberies in Miami, New Orleans, and New York. After his capture in 1950, a reporter asked him why he robbed banks. His reply was, “Because that’s where the money is.” Aside from the lack of moral justification, his strategy was sound: go where the money is.
Despite the unsteady state of the domestic US economy, the worldwide telecommunications industry is expected to continue expanding over the next five years as continued spending by consumers and businesses for wireless services, especially in emerging markets, drives industry revenue growth. Telecommunications services revenues on a worldwide basis are expected to grow at a compounded rate of nine percent over the next five years, bringing the sum spent globally on telecommunications to $25.6 trillion by 2016.
Wireless makes the strongest showing while wireline follows a distant second. Nearly all of the growth in both sectors is expected to occur in broadband services, with wireless broadband service revenues expected to grow at a compounded rate of more than 45 percent over the forecast period, while wireline broadband services grow at almost a 14 percent compounded rate over the same forecast horizon.
While there are indications that the worst of the economic turmoil on a global basis is past, job creation in the US still remains elusive, and is slowing domestic recovery. Yet even amidst the uncertainty, we expect the telecommunications industry to continue growing. Telecom is as necessary to development as roads and bridges, so we expect it to fare much better than other economic segments that may take longer to return to normalcy.
So, are you looking for work? Thinking about a career change? You might want to take a page out of Willy Sutton’s playbook, and go where the money is. There are always industries that do well, regardless of the economy. Telecom and IT are always in demand. And, over time, working in telecom and IT pays much better than robbing banks.