Business

Which Digital Industries Offer the Best Growth Prospects?

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Computers, smartphones, and the internet have revolutionised many parts of our lives. They’ve disrupted several industries and created entirely new ones, leaving almost nothing untouched.

Today, online businesses generate billions of dollars of revenue each year and collectively show no signs of slowing down. But which ones are performing the best, and which ones have the best growth prospects moving forwards?

The Gaming Industry

For around a decade now, the gaming industry has enjoyed growing numbers of players as more and more people discover the hobby. It’s no longer the exclusive domain of men under 30; instead, gaming is for everyone.

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iGaming companies (the ones that offer online casino games, poker, bingo, and sports betting) have also enjoyed a lot of growth. This is thanks, in part, to the opening up of legal markets in several US states, as well as steady increases in new players in Europe. This has resulted in a lot of competition, with most casinos using various bonuses as a way to compete for new customers. It’s also created a market for comparison sites like oddschecker, which helps players to find the best deals for themselves.

2020 saw huge growth for all areas of the gaming industry. While it’s unlikely that we’ll get a repeat of this in 2021, most industry commentators still expect companies to report increases in revenues.

Ecommerce

According to the United Nations, eCommerce sales grew to $25.6 trillion in 2018, 8% more than in 2017. This is equivalent to around 30% of the world’s entire GDP. In Japan and Korea, this proportion rose even higher to 66% and 84% respectively.

Ecommerce grew even more in 2019 and 2020. Even if the growth remained constant at 8%, global eCommerce sales would have reached $29.9 billion in 2020, though it is believed that the rate of acceleration increased significantly last year.

There’s no sign of it slowing down either, so we can expect even more growth in the coming years.

Social Media

After the rapid expansion of Facebook, it seemed unlikely that the tech giant’s dominant position could be challenged. The company owns four of the most downloaded smartphone apps on the planet: Facebook, Messenger, Instagram and Whatsapp.

However, recent challenges from Snapchat, TikTok, and Clubhouse have shown that the company is not immune from competition.

TikTok appears to be picking up more users at an eye-watering rate, doubling between November 2018 and February 2021. Therefore, it seems like there’s a battle brewing between the incumbent and the challenger for the top spot.

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