The digital age has brought about many changes in the way we live. It has also impacted how business is conducted, with an explosion in online-only industries that operate entirely digital enterprises. This article outlines which online industries are currently on the up and which ones have the biggest investment potential.
Fashion and beauty
The fashion industry is known for its regular changes in terms of trends. Brands must stay on top of these shifts to maintain their market share, which often results in much research and development. For this reason, many brands are now turning online to offer faster service than traditional brick-and-mortar stores can provide. The innovation required by the industry means that online fashion is a sphere that holds much investment potential.
Online beauty and cosmetics stores provide convenience and personalized services while also offering a wide range of products. An online store allows consumers to browse thousands of items quickly and more efficiently than they could in-store. Technology that provides Virtual Reality (VR) experiences also allows customers to see how certain products will look or function on them more easily.
Online gambling
Online gambling has become extremely popular over the past few years. Young adults are particularly drawn to the convenience and variety that online gambling provides, with many preferring it to visiting a traditional casino or betting shop. Nowadays, there are some truly impressive online casinos that are incredibly immersive. This comes as no surprise since much research has suggested that younger generations prefer to shop online than in stores.
Gaming
The gaming industry has grown every year since the rise of mobile technology and smartphones. While not all gamers play online, much research suggests that the younger demographic in particular favors digital over physical purchases. This means that there is a large market for games and other items in this sphere.
The total global video game market was worth around $91 billion recently, while the total PC game market reached an impressive $34 billion. The video game industry is also expected to grow overall by over 8% next year, thanks to high demand among young adults.
The market for online games is on the rise, with some of the most popular games including multiplayer modes that require a stable internet connection. This means that a large portion of the market is dependent on their online presence for increased revenue.
Cybersecurity
As the digital industry continues to boom, so too does cybercrime. Hackers can cause irreparable damage at lower costs than ever before due to the sheer volume of data that online businesses and consumers must deal with nowadays.
The cost of data breaches for companies has averaged $3.5 million in recent years, while many organizations have also lost consumer trust due to these breaches.
The global cybersecurity market is expected to grow by around 8% every year, with much of this growth coming from the digital sphere. The online nature of many businesses means that it’s crucial for them to invest in cybersecurity measures to ensure their data and customer information is protected at all costs.
Disclaimer: This content does not necessarily represent the views of IWB.