It's important to consider if the market will saturate.
Depending on where you check, currently there are over half a million open positions for developers, and there were only over 60K CS graduates last year.
Add another... what? 60K for bootcamps and self-learners and we're still very far away from a market saturation.
Now, imagine all of the sudden half a million people learn to code. How many new companies will be created as well, that will require more developers?
A lot of industries are becoming IT, banking being a prime example! Also, everything is becoming "smart", so IoT will need a lot of developers.
So I don't think there will be market saturation for the next 20 - 30 years... if ever, because remember even though is a field that pays well, not everyone likes computers or likes programming, so there's that as well!
About this topic: as a programmer, I love the IT industry and I love technology. However, I know that our job is just service, and most of the IT industry is moved to service, i.e. we don't produce any real good. The economy could move in this way but not the real economy. People need real and physical good (food, living space, infrastructure, energy and so on), not services.
Economically I think you are right but my sense tells me that this market is not viable by only producing "services".
Most of the world economy "only" produces services. We've been heading in that direction for decades if not centuries.
As worker productivity increases it takes fewer and fewer people to produce more and more stuff. There isn't anything for the rest of us to do but provide services.
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