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Five tech industries that have boomed over the past few years

Five tech industries that have boomed over the past few years

Technology has significant influence over almost every aspect of society and the way we live our lives, from the delivery of healthcare and energy services, to scientific discoveries and transportation.

Technological innovations and development are happening at an exciting pace and this is especially notable in some industries, like entertainment and communications.

For instance, within entertainment, the online sports betting sector has grown and developed exponentially with the help of technology.

Betting through online mediums has significantly increased in popularity in recent years.

In the United Kingdom, the remote betting industry is worth over £2.3 billion and is growing year on year, as the amount and quality of online betting sites improves.

The industry is similarly popular in the United States, with a record amount of $3 billion US dollars being bet within one month across the country last year.

This is just one example of an online or tech based industry being to boom. Other examples within entertainment include gaming, sports and television streaming services, while video conferencing and artificial intelligence platforms are coming to the forefront of the communication tech industry (and are growing at a rapid pace).

What is currently happening in these industries and what does the future hold? Let’s take a look:

Gaming

Gaming is an incredibly popular form of entertainment around the world, it is a thriving industry and encompasses video, mobile and PC games.

While the mobile games industry is the fastest growing thanks to increasing smartphone use and accessibility, video games have seen a huge surge in demand over the last year.

gaming

In 2020, global revenue from video games skyrocketed by 20 percent and reached almost $180 billion dollars, by comparison the global film industry is worth $100 billion dollars at most. Currently, digital copy sales are the fastest growing as are in-app purchases from freemium games on model.

There are some new trends within the industry that are beginning to emerge and hint at where the future is heading.

One trend is the use of streaming game services like Microsoft’s Game Pass and games on a subscription basis business models are proving to be a success.

Consumers are also showing a higher preference for games that can be played across platforms on whichever device they have available to them at the time. Players want convenience as well as wider selections of gaming options.

Esports

Esports was once considered to be a subset of sporting culture, however it is now a thriving industry in its own right as it has become a more mainstream form of competitive entertainment.

The esports viewership growth rate is predicted to be around 9% each year between 2019 and 2023. In 2019, there were around 454 million esports fans, with this figure expected to reach 646 million by 2023.

Part of this growth is thanks to sports gaming streaming services like Twitch and YouTube that give fans more direct access to players.

As confidence in the future of this industry has grown, more venture capitalists are investing in organizations responsible for the development of esports entertainment.

 Streaming services

Video streaming technology is rapidly emerging in the technology industry, a decade ago streaming services were far from mainstream entertainment and now many households rely on these services as their main way to watch television shows, documentaries and films.

By the year 2023, the video streaming market is expected to reach over $100 billion dollars, with the video-on-demand being the largest segment and more popular than live streaming.

This represents significant and speedy growth given that the market was valued at less than $40 billion dollars in 2018.

Some of the industry’s major players include Netflix, Hulu, Amazon Prime Video and Disney Plus.

Many viewers enjoy the original content that forms part of the offering for providers like Netflix, and it is expected that these productions will increase in number and budget as demand continues to grow.

Video conferencing

Over the last year video conferencing has become a much more popular form of workplace communication as remote working has increased.

Video conferencing is not only used by office workers, but has also become a useful technological tool in the healthcare sector for communication between medical professionals and patients and well as many other industries.

This market was valued at $5.3 billion dollars in 2019 but is expected to have more than doubled in size by the year 2027, as more people enjoy the flexibility and convenience that it offers in comparison to physical meetings.

This is hardly surprising as firms have reported that the use of tools such as Zoom and Microsoft Teams have cut travel costs by at least 30% recently.

 Artificial intelligence platforms

Lastly, artificial intelligence or AI is often described as the future of technology. AI platforms include everything from forecasting programmed and chat bots to face detection and sentiment analysis, it has applications in so many industries.

This market size is expected to grow from $2.1 billion dollars in 2016 to almost $10 billion dollars by 2022 as technology advancements are made and even more uses are discovered.

Written by Siddhesh Jain

My name is Siddhesh Jain, and I'm the fastest man alive (when it comes to learning, that is). I've been acquiring knowledge and learning new strategies for years, and I'm here to share my vast experience with you. What's my goal? Simple, I want to help every young entrepreneur succeed. Follow me on my journey!