Are you considering setting up a business in the next year? Times are changing fast and increased digitalization is pushing forward a new range of sectors.
Entrepreneurs need to move fast to find the right sector for them and to capitalize on it, ensuring they keep up with the pace as well. Some of the hottest sectors right now are online gambling, eCommerce, and blockchain.
Each with positive forecasts and high rates of growth, provide startups with ample potential for the future.
The online gaming and gambling industry is experiencing a period of impressive growth, especially in places like the UK.
Forecasts predict that it will be worth an impressive $160 billion a year by 2026. This is a CAGR of around 16.5% every year. Its growth is being driven by a combination of increased smartphone access and the availability of high-speed internet.
This combined with the integration of technologies such as blockchain, VR, AR, and AI means that it’s also appealing to millennials as well. Even conventionally ‘old-fashioned’ games like bingo are gaining popularity in the UK.
Sue Dawson from Best New Bingo Sites says that ‘The game of bingo is still incredibly popular today. Real money bingo is embedded in British culture, really taking off in bingo halls back in the 1960s, and now we’ve got online bingo, a truly 21st-century phenomenon.
Rather than being restricted to one or two local bingo halls, players have a huge choice of bingo sites to play at.”
Games like bingo as well as more modern forms of gambling such as eSports and fantasy sports are bringing the market to the fore of the digital entertainment sector.
Another great market to consider investing in is the eCommerce market. The aforementioned uptick in smartphone usage and access to great internet connections means that more and more consumers are preferring to shop online.
As a result, the high street is suffering and brick-and-mortar stores are either closing, downscaling, or investing more in their online offerings. There is a demand for sleek, secure online stores that provide clients with quality products at competitive prices.
There are bonus points available for incorporating blockchain technology, AI assistants, and cryptocurrency payment methods!
While the growth of the sector will decelerate slightly, it will continue increasing in the mid to long term, according to the World Bank. This means there will always be opportunities for savvy entrepreneurs to carve out their niche.
The technology that emerged due to its purpose of underpinning cryptocurrencies like bitcoin, is now finding its feet on its own. It has gone on to find multiple-use cases in sectors like payments, logistics, travel, healthcare, and education.
Smart contracts, self-executing programs that take over the need for human supervision in many cases, are being used in real estate transactions, shipping, and supply chain companies across the world.
Blockchain is also being used to register financial transactions and to facilitate them. There are countless opportunities in this sector.
Recent figures from Statista show that blockchain will be worth more than $16 billion a year by 2023 and many companies are either using it or planning to in the next three years.
Not only should startups consider using it within their operations, but there are lots of ways they can work with blockchain solutions to be profitable.
Whichever sector you choose for your next startup, remember to not get complacent. Always strive to include the latest and most popular technology in whatever you do.