The technology sector is by far the most innovative, diverse, and dynamic there is. Every day, we see new industries emerge, and others go on to enjoy widespread adoption while forging new opportunities for business and entrepreneurs.
But which are the most lucrative and those on a path set for massive growth? From virtual currencies to online betting and online banking, let’s drill down into sectors with a compound annual growth rate of 10% or more.
Online betting
In the 24 and a half years since the first online gambling license was issued, the industry has surpassed all expectations. The advent of the smartphone and WiFi propelled the sector forward to untold successes, with hundreds of millions of people enjoying online betting and casino games every year. The sector was worth $59.6 billion in 2020 and is set to more than double to $127.3 billion by 2027. A big driver behind its growth is sports and events betting.
One of the most popular online gambling products is betting. Recently, events betting has seen a big uptick in interest, in particular relating to the upcoming local elections in the UK. Most of the attention however is on the capital and whether the incumbent Sadiq Khan will remain as Mayor. So far, the London mayor latest odds suggest that he’s on track for a win with little competition from other candidates. Many are also looking to bet on the outcome of elections in their local areas, from north to south and east to west.
This high level of interest demonstrates the lucrative nature of online betting, a trend that is set to continue in the coming years.
Virtual currencies
Since bitcoin was launched over a decade ago, cryptocurrencies and virtual currencies have become a normal part of day-to-day life. Even if you don’t invest in them, chances are you know someone who has, and you’ve most definitely heard and read about them. What was once something rather niche, has gone on to enjoy widespread use, even by big retailers and brands. Coins like bitcoin, ether, ripple, litecoin, and bitcoin cash can be exchanged digitally for services, products, and even property!
The value of the market in 2019 was estimated at around $792.5 million but this is forecast to grow at a rate of 30% over the next five years. This will see its value soar to $5.19 billion by the end of 2016. This value comprises various verticals including exchanges, betting, wallets, and other ancillary services.
Online banking
In recent years, the demand for online banking has increased significantly. Customers want full control of their accounts and they need to be able to manage them and execute transactions on the go. This is often from mobile applications that are protected by biometrics. Overall the sector was worth $11.43 billion in 2019 and is expected to surpass $31 billion by 2027. This growth rate of an impressive 13.6% between 2020 and 2027 makes it one of the fastest and steadiest growing tech sectors.
As more of the world moves online and the internet and smartphones become more accessible, the need for online banking solutions will increase. Online providers can also offer services that conventional banks don’t such as accounts for “the unbanked”, exchange services, automatic savings accounts, and low-cost transfers.