The total hours worked in software publishing in the US have shown a consistent upward trend from 2013 to 2023, reaching 1,280 million hours in 2023. The growth has seen fluctuations, with the highest annual increase in 2018 (13.78%) and a significant slowdown in 2020 (0.52%). The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at 4.63%, suggesting a gradual normalization of growth rates.
From 2024 onwards, the forecast indicates a steady but slower growth rate, with the total hours worked expected to reach 1,480 million by 2028. The forecasted 5-year CAGR is 2.23%, reflecting a more moderate expansion pace. The forecasted 5-year growth rate is 11.63%, indicating continuous but decelerating growth in the sector.
Future trends to watch for include:
• Increased remote working capabilities influencing total hours worked.
• Investment in AI technologies potentially affecting labor demands.
• Market saturation and the impact of economic cycles on hiring within software publishing.
