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I've certainly had the feeling that things aren't improving as quickly anymore. I guess, it's a matter of the IT field not being as young anymore.
We've hit some boundaries of diminishing returns, for example:
Many markets are now saturated. Most people have a phone, they don't need a second one. Heck, the youngest generation often only has a phone, and no PC/laptop. As a result, investors are less willing to bring in money.
I feel like that's why the IT industry is so horny for market changes, like VR, blockchain, COVID, LLMs etc.. As soon as a new opportunity arises, there's potential for an unsaturated market. What if everyone rushes to buy a new "AI PC", whatever the fuck that even means...?
Well, and finally, because everyone and their mum now spends a large chunk of their lives online, this isn't the World Wide West anymore. Suddenly, you've got to fulfill regulations, like the GDPR, and you have to be equipped against security attacks. Well, unless you find one of those new markets, of course, then you can rob everyone blind of their copyright and later claim you didn't think regulations would apply.