2020 has been an interesting year, but it’s not over yet. During a time of economic uncertainty, smart entrepreneurs are looking for ways to harness changes and to create solutions for customers. This is a period that requires innovation, technological advancements and an entrepreneurial spirit.
If that sounds like something you are capable of, then this is the article for you. Let’s take a look at some of 2020’s most dynamic industries that show no sign of slowing down as 2021 approaches. From blockchain and gambling to online shopping and payments, we’ve got you covered. These are the industries that are steaming ahead and have plenty of scope for further investment and innovation.
Blockchain has been around for some years now. After all, it’s the technology that underpins the most well known and widely used cryptocurrency, Bitcoin. But starting a business in the blockchain sector doesn’t have to necessarily involve crypto or any kind of virtual currency. There are a growing number of blockchain applications that can be used in all sectors including logistics, finance, commerce, supply chain, and even education.
The blockchain industry is expected to be worth some $39.7 billion by 2025—that’s a compound annual growth rate of an impressive 67.3%.
Entrepreneurs in this sector are looking to find ways to solve problems that have been unable to be solved by conventional technologies or digital applications. Sectors that are waiting to be disrupted by this technology include payments, identity services, pharmaceutical manufacture, academia and real estate.
Online casinos, eSports betting, slots, live casino games, sports betting, and online lotteries are all part of an increasingly dynamic sector. By 2024, the online gambling market is expected to be worth over $94 billion globally, effectively doubling in the next four years.
The esports industry has been steadily rising since its earliest tournament in 1972, but no one anticipated it to overtake traditional sports at the time. In fact, aside from the boost it received during the lockdown, the esports sector is expected to continue to expand in the coming years. You may perform your own research on esports growth charts, study its global stats and elements that contribute to its growth. You will come to a conclusion that for many gamers, esports has evolved into a lucrative occupation.
Over the first two quarters of 2020, a surge of new players has been noted, driving forward the demand for platforms offering unique and niche services. In particular eSports and live casino games are increasing in popularity at a steady rate. This provides many opportunities for entrepreneurs to enter the market and reap the rewards of the growing sector.
As internet adoption increases, particularly on mobile, there is a need for online gambling sites that are either in app form or are optimized for mobile use. To see what is available on the market at the moment and to compare typical features of a mobile casino, it’s wise to do some research and even sign up for some platforms yourself.
In recent months there has been a big shift in the way that consumers shop. While eCommerce and online shopping were on a steady upward trajectory, throughout the course of 2020 this has accelerated. Nowadays, people want to shop online via trustworthy, reliable, and easy to use platforms, and then have the products delivered to them at home or to source a service without having to go into an office or physical outlet. Asides from these basic requirements, there is a demand for novel commerce experiences that go beyond what is on offer at the moment. Sectors of eCommerce that are flourishing at the moment include fashion, home, health supplements and general health products, and financial services.
Global eCommerce is worth over $3.9 trillion in 2020. While some consumers may have less money in their pockets, taking conventionally land-based services online is key to keeping the sector alive. If you have a unique, groundbreaking, or very practical idea about how to adapt products and services to the eCommerce sector, this is the time to launch it.
With increased internet usage, an uptick in eCommerce, online gambling, blockchain, and cryptocurrencies, there is also more demand for digital payment providers. While cash is still dominant, over time it is set to be overtaken by digital money. This can take the form of cards, vouchers, digital payments, eWallets, virtual currency, and other digital methods of paying for goods and services.
Bearing that in mind, the need for reliable, fast and cost-efficient digital payment providers is very apparent. Extra points to those who harness innovative technology such as apps and blockchain to provide security, and convenience to clients.
While this is a competitive industry, it is one that is yet to reach its full potential. That means it is a great industry for savvy and innovative entrepreneurs to consider. Look for approaches that haven’t yet been explored or needs that haven’t been met. You can also try to think about what services you wish you could have, but have not yet been able to find.
Harnessing emerging technologies and not being afraid to drive change is what will really set you apart from everyone else. Consumers are increasingly demanding faster, better, cheaper, and more effective ways to carry out their day to day lives, and if you have solutions, there is no better time than now to get started.