Growing Industries That you Need to Know About

Last updated on March 15th, 2024 at 01:40 am

Technology as a whole has made massive leaps since the turn of the century, and every year the time between advancements gets shorter. In turn, there are many financial and technological sectors that are seeing impressive growth annually. For investors and market speculators, it’s important to stay on top of industry trends and look for the value. Here are several growing industries that you need to know about. 

Online Sports Betting

Online sports betting already has a foothold, and the annual revenue has been very impressive. While there is a lot of competition in the online realm, different companies find ways to stand out. Sites like BetMGM stay relevant and focused by expanding their features, sports betting offerings, and running promotions like BetMGM promo code. Expanding from websites to easily accessible apps, the online sports betting market is on track to reach over $100 billion by 2025. This is impressive growth, but what is driving this expanding market? First off, the US has passed several laws over the last few years that are favorable for sports betting, fostering a positive outlook for the market overall. Fantasy sports hobbyists are aiding in the market growth through online pools and fantasy sports leagues that encourage participation. There are also many sports that are growing rapidly like Mixed Martial Arts, providing exciting entertainment and bringing in more fans. Overall, the online sports betting markets are very healthy and should see positive growth in the coming years.

Virtual Reality Gaming

It is often said that video games are one of the biggest driving forces behind technological advances. If you look at the history of gaming over the last few decades, there may be some truth to that saying. We are currently heading towards the next innovation in the gaming space, virtual reality gaming. With just a headset and some handheld controllers, you can be transported to a world with infinite possibilities in the virtual reality space. In the US, it’s expected that over 83 million people interact with virtual reality or augmented reality at least once a month at current estimations, with this metric expected to grow every month in perpetuity. Advances and the spread of 5G technology will only aid this technology to expand further. There will certainly be many opportunities in this new and promising field for consumers and business owners alike. 

Drone Technology

Drone technology is one of the most captivating and fastest-growing technological sectors that we’ve seen in years. Though these machines have not been around for that long, they are advancing rapidly, and enthusiasts are predicting numerous ways they can revolutionize different industries. Already, drones are finding applications in agriculture, where they are aiding in both planting and fertilizing crops. In addition to farming, drones are finding use cases in the military, with photographers, and recreational users. With strong demand, the drone market is expected to reach $43 billion by 2024, up from $14 billion in 2018. As more use cases are planned for, this growth rate could easily double or triple in the same amount of time. This is an exciting field to follow, and the possibilities here are endless. 

Solar Power

Many people around the world are interested in alternative energy sources and wish to reduce their reliance on environmentally hazardous sources like oil, coal, and others. This had led to an impressive increase in the solar power industry. In 2018, the entire solar power market was valued at around $50 billion, with an expected increase to a staggering $220 billion by 2026. There are a massive number of opportunities in this growing sector as legacy fuel and power systems will be phased out in the coming decades. Battery Technology has also made huge leaps in capabilities, meaning that they can be relied on to power bigger systems with greater needs. Currently, California is leading the nation with the amount of solar panels installed, taking advantage of the sunshine that the state is known for. Home solar panels greatly help reduce annual electricity costs, and can help retirees save money after they stop working. 

Computer Security

The computer security industry is one of immense importance currently, and will see incredible growth in the coming decades. While other technological industries may see dips and rises over the years, the computer security field is rock-solid and will almost certainly see steady growth into the future. The reasons for this are plain and obvious. As the world becomes more dependent on computer technology, security professionals become mandatory to ensure that user data is secure, and there are no vulnerabilities in their systems. Huge online retailers like Amazon process hundreds of thousands of transactions a day. One security breach could in turn cost them millions. Computer security is mainly broken into two sectors, the contractors and security professionals and agencies, and the software that they develop. When it comes to growth, Forbes reports that the global cybersecurity market is currently worth $173 billion, and expected to reach $270 billion by 2026. In addition, businesses around the world are expected to pay a total of $12.6 billion on security tools for cloud systems alone by 2023. This field will certainly see some impressive advancements in the coming decades and is an exciting field to keep and eye on. 

Internet of Things (IOT)

The Internet of Things is an industry revolving around the connectivity and wifi capable devices and appliances that are becoming commonplace in the home and workplace. The most well known IOT products that are currently being used are the Amazon Alexa and Echo devices, though there are many more that are gaining traction. Everything from refrigerators, to smoke alarms and coffee pots have IOT counterparts. What do these devices allow for though, and what is the appeal? Aside from just appealing to tech enthusiasts, these IOT devices allow for advanced functions and programmability. Your home’s lights, security system, temperature controls, everything could potentially be controlled directly from your phone. By 2030, there is predicted to be over 100 billion devices that are IOT capable. This far exceeds just home appliances as well, even automobiles will have IOT abilities with the increases in autonomous driving. With 5G technology becoming more widespread every day, we can expect to see the potential of these devices expand.