The technology industry is constantly evolving. New devices, new operating systems, and new programs are introduced every day. These advances have created a multi-billion-dollar industry. These are the most profitable areas of the tech industry right now.
E-commerce
The largest sector in the tech industry is e-commerce. In 2016, it accounted for 12% of all retail sales in the United States and 5% globally. This number is forecast to increase to 15%, which will be a market share of 4 trillion dollars. E-commerce has been growing at an annual rate of 18% for the last few years.
Big Data Analytics
Big data is one of the most profitable areas of the tech industry right now because it has so many different uses. The volume, variety, and velocity of data are constantly increasing, causing businesses to search for new ways to analyze this huge amount of information. Big data analysis allows companies to make better decisions based on their data which increases profits.
Data analytics is a billion-dollar industry that, according to the Economist Intelligence Unit, will experience double-digit growth for the foreseeable future.
Gaming
Computer and video games are one of the most profitable areas of the tech industry right now. The global gaming industry has increased to be worth more than 100 billion dollars, according to Newzoo’s Global Games Market Report. PC gaming makes up 37% of that market while mobile platforms make up 34%.
The numbers speak for themselves. Games are some of the bestselling entertainment products on the market. If you want to learn more about some of the most popular games, click here.
AI
Experts consider artificial intelligence as one of the most profitable areas of the tech industry right now because it has so many different applications. Google, Facebook, and Amazon are some of the biggest companies using AI to boost their sales.
As our world gets more connected every day through technology, people’s expectations are increasing as well. With that being said, artificial intelligence is becoming more prevalent in all kinds of industries including finance, health care, transportation, and law enforcement.
Virtual and Augmented Reality
Virtual and augmented reality is one of the most profitable areas of the tech industry because it’s an emerging market. It has many different business applications such as marketing, advertising, design, development, and entertainment.
According to Goldman Sachs, virtual reality will become a $1 billion market by 2025. As more companies invest in VR, the market is expected to grow even further.
Home Technology
The home technology market is a large and growing industry. Globalfoundries, a semiconductor foundry company, predicts sales of smart home appliances will increase by 200% in the next five years.
Smart homes are becoming more popular as technology advances. Startups such as Ring have capitalized on this new industry by creating home video doorbells. These products allow people to monitor their front doors from anywhere in the world through their smartphones.
These are the most profitable areas of the tech industry right now. As you can see from this list, there is a huge variety in the types of companies operating in this space. There’s no denying that technology has changed our lives and it will continue to do so as we move forward.
