Editorial

Rapidly Growing Industries to Keep Your Eyes On

Because of the pandemic caused by COVID-19, businesses across the world faced numerous challenges in the past few years. However, while the pandemic had an adverse effect on most industries, some industries thrived amidst the chaos.

Of course, the pandemic is not the only reason why industries whether or grow in size and market share, and the latest trends in the world play a major role as well. Regardless of the reason, we have prepared a list of some of the fastest-growing industries you should monitor carefully, especially if you plan to invest in one of them.

The iGaming Industry

Even though the gambling industry isn’t the biggest one in the world, it is most certainly one of the fastest-growing ones. According to the latest gambling industry statistics, the global gambling market size was $230.9 billion at the end of 2021.

While the global lockdowns and social distancing affected the casino revenue and slowed down the iGaming industry growth, the online casinos thrived in the process. Despite a few drawbacks, the iGaming industry is expected to continue growing at a CAGR of 9.64% between 2021 and 2026, reaching an impressive $314 billion by 2026.

Cannabis Industry

Cannabis is one of the world’s most used drugs. It is most often used for medicinal purposes by patients who suffer from chronic pains and seizures. Apart from those who use cannabis for its health benefits, the drug is also used recreationally, which is where a good chunk of revenue comes from.

Even though cannabis is still illegal in many countries across the world, numerous governments have already legalized the use of cannabis and are reaping the benefits of this fast-growing industry. Based on the latest data, the cannabis market grew by 50.92% in 2020. The experts also project that the cannabis industry will grow from $28.2 billion in 2021 to $197 billion by 2028, growing at a CAGR of 32.04%.

Cybersecurity Industry

We live in a digitalized world where a lot of our sensitive information is stored either online or on devices that are connected to the internet. Not only that, but the pandemic caused numerous businesses to move their infrastructure online to allow employees to work from home. For that reason, it’s safe to say that good cybersecurity is a necessity in today’s world.

In 2020, the worldwide cybersecurity market was valued at $156 billion. Furthermore, based on the latest industry trends and future projections, experts agree that the cybersecurity industry is expected to reach $352 billion by 2026, growing at a CAGR of 14.5%.

Takeaway

There’s no denying the fact that the global pandemic had a major effect on a lot of industries and impacted businesses’ revenues, either for the better or worse. Not only that, but the pandemic created a demand or shortage of specific types of goods that either helped increase or decrease various industries’ growth.

While we have mentioned only a few industries that have continued to grow despite the new challenges caused by the pandemic, the list includes dozens of other industries. Some of the more notable ones we ought to mention are the healthcare industry, software development, artificial intelligence, dating apps, and the food delivery industry, among others.

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