5 Emerging Industries with Massive Potential
Every year, we see new technologies giving a boost to the existing industries and paving the roads for new ones. The following are 5 such industries that show massive potential:
Healthcare has always been one of the most profitable and fastest-growing industries as everyone needs affordable and safe treatments, effective medication, and qualified doctors. The following are some of the projections and trends that shed light on the growth of this essential industry:
- Cloud technologies will help create a centralized system that can be accessed by doctors and patients to share medical records on the go with minimum discrepancies. This can help in providing effective and inexpensive treatments.
- Hospitals will start using more robots that will help with everything i.e. from administrative tasks to advanced surgeries. Even today, medical robots are changing the world and may even replace doctors as we have bots that can perform targeted therapy or endoscopy, or even serve as nurses.
- Incentive-based wellness programs will gain popularity as insurers will use data-driven technologies to encourage users to participate in healthy activities for lower premiums.
- Mobile Gaming
The video gaming industry has grown on a consistent basis year after year. It started with bulky consoles that offered elementary games and progressed to 8-bit systems that could produce decent graphics and audio (at least for the time), and then finally to advanced gaming systems that have the hardware and analytical power to deliver highly immersive and entertaining experiences. Now, a new trend is emerging in this space- mobile gaming.
There are many reasons why mobile gaming has evolved so much in just a few years and shows huge potential for the years to come. For starters, it’s ubiquitous and within the reach of a student, working professional, and even a daily wage earner. As the demand has shot up across the world, these nifty devices are becoming more powerful but also more affordable. So, the developers can create some of the best games with technologies like augmented reality, virtual reality, etc. They can also be more creative with sensors like magnetometer, accelerometer, proximity sensor, etc.
One of the biggest industries that are pushing mobile gaming to the next level especially in India is the casino industry. This is because gambling is illegal in most parts of the country and few people even know what kind of casino games they can play. However, with the rise of online casino India segment, interested users across the country are able to spend their free time playing games like poker, roulette, etc. and win real money. The online casino industry has been able to fill the massive gap that existed in the country for decades. So, it’s only natural that it will be one of the driving forces behind its success in the time to come.
The transportation sector impacts all the other sectors, especially retail, food, and logistics. Thus, the growth of the transportation industry is a subject that leaders in different domains must study closely.
The transportation sector went through a major transformation when ride-sharing services like Uber and Ola emerged on the surface. Now that the people have the option of booking affordable means of transport on the go and share rides to save money, the industry is only growing and branching out to address different problems that have held back the sector for many years.
One of the main reasons why investors and business leaders are expecting a lot from the transportation sector is the increased demand for electric vehicles and self-driving vehicles. When one of the biggest automobile companies Tesla has actively backed the self-driving technology, with chief Elon Musk saying that the company is “vastly ahead” on self-driving, then it’s only natural for other influential leaders to develop confidence in the already-growing sector.
It’s not like the education sector ever faced a decline in popularity, but it’s picked the pace in terms of financial growth in the past few years as online education is becoming prevalent and accessible. In fact, some studies have predicted a compounded growth rate of 11% to 20% which is more than impressive.
There are over 14 lakh schools, 850 universities, 40,000 higher education institutes, and 20 crore students in India which make the Indian education sector one of the largest in the world. However, in the past few years, the demand for eLearning has increased a lot and fulfilled by platforms like Coursera, Udemy, and Chegg. As more of these will join the industry, growth can be achieved naturally.
With the banking industry embracing modern technologies and services, advanced products that are flexible and easily accessible are becoming a norm across the country and worldwide. According to some estimates, the industry is to touch 45 billion USD by 2020 by observing a Compound Annual Growth Rate (CAGR) of 7.1%.
India is one of the countries that’s taken full advantage of the Fintech opportunity. It’s given a massive push to financial inclusion by allowing the people who live in remote areas to open bank accounts, invest in standard banking products, send and receive money through mobile wallets and other services, etc. Of course, the government is also pushing the Digital India movement to create a cashless economy which is why there is a huge potential in the fintech industry.
We are living in interesting times as technologies like Artificial Intelligence, Internet of Things (IoT), automation, etc. are changing the world for the better and pushing different industries to their limits. In this blog, we covered 5 of the most interesting domains, but the truth is that almost everyone that exists is impacted and a revolution can be expected in all.