Information Industry
By Sanket Nabar
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About
About
The information industry includes a variety of organizations or businesses whose major goal is to create and process information and design infrastructure and implementation framework to deliver this information.
This article depicts some of the significant characteristics of the Information industry like its major contributors, average income, gender composition, wage distribution and much more.
The visualization tools used were flourish and data wrapper and the data was derived from https://datausa.io/
Background
Background
WHY INFORMATION IS WEALTH IN THE MODERN WORLD?
WHY INFORMATION IS WEALTH IN THE MODERN WORLD?
Introduction
Introduction
In today's world Data is the real wealth. The accuracy of the data, its quality, reliability and accessibility has made the Information Industry a booming sector. We utilize data from Data USA to initially analyze major occupation groups in the industry. Furthermore, we compare these groups by gender, wages , locations, ethnicity and spatial concentration.
WORKFORCE AVERAGE EMPLOYEE AGE AVERAGE SALARY 2.83M 41.2 $76,830
(2018)Occupations By Share
Occupations By Share
Employment per Sector
Employment per Sector
According to the Bureau Of labor statistics, in 2018, approximately 2.83M people were employed by the information Industry. Between the years 2014 and 2018 the Management, Business, Science & arts has been consistently hiring the largest number of employees. Between the years 2014-2018 management, businesses sector alone hired 2,522,378 people.
Average Wage in the Information Industry
Average Wage in the Information Industry
Wages
Wages
Average Salary: $76,830
(+/-1,283)Out of the 12 leading industries from wholesale trade, public administration, agriculture to information industry for all years between 2014-2018 financial services have been paying the most. Still, the information industries is on a close second with average salaries ranging around $80k annually. There has been a $10k increase in the average salaries from 2014 to 2018.
Gender Composition
Gender Composition
Gender Ratio in the information industry
Gender Ratio in the information industry
Over the years with advancement in the data gathering techniques have improved by leaps, hence between the years 2014 to 2018 there has been a decrease in the both male and female employed. With better learning platforms and opportunities both genders have strived in this industry. However the difference between male and females hired has also decreased.
In the year 2018, approx. 1.2 million females were employed by the information Industry. This is slightly less than it was in 2014 i.e. approx. 1.3 million.
On the contrary in the year 2018 over 1.75 million males were employed by the information industry. This is slightly less than in 2014 during which a little over 1.8 million males were employed.
Demographics
Demographics
The information sector employs 2.83M people. Various subsectors within information sector like credits authorities, technological firms, Information and records, administrative, switchboard operators were some of the highest contributors to this workforce.
For the year 2018, Information and records sector was the leading employer with around 160,000 employees.
Intermediate Inputs
Intermediate Inputs
Total Input
$639 Billion
Highest Input Industry
Information
Professional and Business services
Manufacturing
The Information Industry Sub-Sector gets the most contribution, by its share of the cost of all intermediate inputs, from the Information Industry. This perception does exclude work and capital expenses.
Use of outputs By other Industries
Use of outputs By other Industries
Total output
$533 Billion
Largest Purchasing Industry
Information
Professional and business Services
Finance, insurance, real estate, rental and leasing
The Information Industry purchases the greatest share of products and services from the Information Industry Sub-Sector in order to produce other goods and services. Purchases of the Information Industry Sub-Sector for final consumption by consumers, businesses, or government are not included here.
Conclusion
Conclusion
The definition of "information" that will be used in this entry is that of Michael Buckland (1991), which regards information as objects.
The functions of the information industry can be separated broadly into four categories: production, processing, distribution, and the building of infrastructure.
The best three occupations in the Information Industry Group are Other managers, Customer service representatives, Software developers, Telecommunications line installers & repairers, and Producers & directors.
On average, full-time employees in the Information Industry Sub-Sector work 43.9 hours per week.
On average, full-time employees in the Information Industry Sub-Sector have an average annual salary of $87,171.
The locations with the highest concentration of employees in the Information Industry Sub-Sector are West Hollywood & Beverly Hills Cities, CA, Burbank City, CA, and LA City, CA.
References
References
https://www.encyclopedia.com/media/encyclopedias-almanacs-transcripts-and-maps/information-industry
https://datausa.io/profile/naics/information#category_opportunities
https://ipums.org/
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