Every year, industries around the world change to keep up with the times. This means combining their current business models with the latest in technology trends, and understanding the needs and interests of the modern consumer. Over the last decade, we’ve seen many industries change shape and now, in 2024, they are going stronger than ever.
1. eCommerce
Of course, we have to start off with one of the fastest-growing industries in the world, eCommerce. It seems that every year is the biggest year ever for eCommerce, and 2024 was no exception. It’s estimated that total global eCommerce sales reached over $4 trillion this past year. This is due to a combination of factors, but notably more people are becoming comfortable shopping online, and traditional retailers are boosting their online offerings as well.
Even for items like groceries, consumers are choosing to make their weekly purchases online and have them delivered directly to their door, rather than spending the time going to the store in person. The addition of powerful mobile applications makes it easier than ever to browse and place orders, and even social media platforms are integrating processes to make it easier to buy directly from company websites, or to complete transactions via a third-party payment system when you see something you like.
2. Gaming Industry
The history of gaming is long and filled with different eras. Whether you’re talking about current video games or classic casino staples like poker, we’ve seen many changes over the years. In the 1970s, simple, pixelated games like Pong emerged as a niche among tech geeks and gamers. Now, video games feature 4k graphics and place gamers in immersive open worlds with endless adventure. In the video game world, companies like CD Projekt Red, Rockstar Games and Blizzard Entertainment are at the top of the market.
No game captures the innovation of the industry quite like online poker. The classic casino card game rose to new heights during the “poker boom” of the early 2000s, when thousands of players jumped online to compete with others around the world. Leading companies in the industry, such as PokerStars, set the standard in this market for both poker offerings and customer satisfaction. Now, with the addition of mobile applications and 5G improved internet, both online poker and online gaming have begun a new evolution.
If we look at these companies and their reported revenue over the last decade, we can see that the gaming industry is very strong right now. It’s also doing a great job of taking advantage of emerging technologies overall. With live streamers, bloggers, forums and social media accounts dedicated to various games, it’s likely that gaming will continue to grow into the foreseeable future.
3. Streaming Services
The streaming industry is multifaceted and includes not only video streaming services like Netflix and Hulu, but also video sharing platforms like YouTube and live streaming platforms like Twitch. Overall, the combined revenue for this market reached $38.5 billion in 2018, and has been growing at a rapid rate since. By 2026, it is projected to reach $150 billion.
If one word comes to mind when you review this market, it should be innovation. These services are picking up more users every year by constantly creating new features and expanding their current offerings. For Netflix, this means adding more content to their already expansive library, as well as releasing original programs. For Twitch, this means reviewing user data, keeping up with the latest trends, and adding lots of tools to help content creators. There is no telling where the market will lead, but 2024 will certainly be the biggest year for this budding industry, especially with the addition of high-speed 5G internet.
4. Education
Education is normally a sector that is especially slow to change but, even still, we are seeing some interesting advancements here that are making it better than ever. When it comes to tutoring or learning a skill, the internet has become a great alternative to the regular in-person options. This opens up numerous avenues for people to source the best talent from around the world, often at competitive prices.
For universities and other centers for education, there are a lot of ways that technology is being integrated to enhance the experience. First, streaming services like Zoom and Skype have ushered in a new era of remote learning, and this enables anyone to study under a teacher or join a class from the comfort of their home.
Another concept that is being discussed is virtual reality. There are endless possibilities for virtual reality to replace traditional learning methods with something that is infinitely more expressive, detailed and illustrative. Even 3D printing is finding a place in the classroom, where it is being used to make models quick and cheaply, on a whim. When we bring technology together with education, there is seemingly no limit to what we can achieve.
5. Agriculture
Agriculture is an interesting industry that is rapidly changing in ways that are unseen to the public at large. Emerging technologies like aerial drones, satellite mapping, internet of things, and many others have long been proposed for their potential to revolutionize this industry and, over the last decade, many of these ideas have been implemented.
From planting seeds, to harvesting produce, to shipping and selling to customers, every step of the agricultural process has been enhanced and streamlined. Aerial drones have proven to have a wide range of uses for everything from surveying the landscape to actually watering and spraying crops. In fact, much of the machinery used in agriculture is electronic and connected to a wide network utilizing the “internet of things” (IOT) to keep them all interlinked. Then there are many other breakthrough farming methods that are being implemented like genetic editing, vertical farming, soilless farming, and lots more. Agriculture as a whole is better than ever in 2024 and it’s exciting to see how this industry progresses.
6. Banking
Modern banking is exceptionally quick and easy compared to previous decades. Banks understand that they need to offer more features and personal control than they have in the past or they will quickly lose to their competitors. Online banking was the first step, as this allowed patrons to easily check their funds, initiate transfers, apply for credit cards and many other things. Heading into the new decade, we can expect to see more advancements soon.
Banking centered around mobile apps has already become a part of daily life for millions of people. These powerful apps allow you to do everything that used to require going to your local branch. However, one of the biggest trends in personal finance is actually the competitors to typical bank accounts. Options like PayPal, Venmo, and cryptocurrencies offer an alternative that enables more private and personal access. You can easily send and receive funds without the central banking system, and this has proven to be an attractive option for the daily needs of many people. Finance in 2024 means personal control and freedom, as well as challenging the traditional banking system.
