There’s no doubt that 2020 has been a tough year for the global economy and that businesses all over the world are suffering. However, there are some industries that are continuing to thrive despite these challenges, particularly in the technology sector.
Technology has become an integral role in our professional and personal lives in recent decades, and the crises of 2020 have only reinforced its importance. This means that the technological industries are on track to grow exponentially, particularly AI, security, biotech, virtual reality, and fintech.
Here are the fastest-growing tech industries worldwide in 2020.
- Virtual Reality
VR or virtual reality technology is not new. In fact, it first launched on the market in the early 1990s. However, it is in recent year that this technology has really taken off and made this a thriving and growing industry in 2020. Most people associate VR technology with entertainment, but it actually has a variety of uses including training for athletes and the military, and mental health treatments for victims of trauma or phobias.
With major brands such as Samsung and Google releasing headsets that are accessible to many consumers, VR is experiencing a boom that is likely to continue into the future. Additionally, modern VR technology extends far beyond the humble headset: there are now incredible VR systems that incorporate other technologies such as motion-sensor remotes.
Security technologies are another booming area, as new tools are being developed to address escalating risks to both physical and virtual security. Companies like Nortechcontrol make access control and vehicle detection devices that help to protect businesses and homes from break-ins, unwanted visitors and employee theft. These tools allow businesses to protect their assets as well as their personnel and are in increasing demand as the threats to physical security also grow.
The cybersecurity sector is equally thriving, predicted to reach $300 billion by 2024. This is an unsurprising response to the escalation in cybercrime: there was an increase in malware infections from 12.4 million in 2009 to over 800 million in 2018. Recent events have only increased this trend, with a staggering 600% increase in cyberattacks due to the COVID-19 pandemic. Cybersecurity is essential for businesses and individuals to protect their information and their assets from cybercriminals. This makes cybersecurity one of the industries predicted to grow the most in 2020 and beyond.
The fintech, or financial technology, industry has gone from strength to strength in the past few years and recent events have not put it off track. The fintech industry covers a range of technologies that represent alternatives to traditional banks and financial institutions, from online payment and transfer systems to cryptocurrencies.
Fintech is and will continue to be so successful because it reflects the changing way that people are living their lives and their evolving needs when it comes to money. Blockchain technology is thriving because it represents a way that people can invest and manage their money without being subject to the rules of banks or government regulations. As the world changes more rapidly than ever before, more and more people will look to these new approaches that reflect the world we now live in.
- Artificial Intelligence
Artificial Intelligence, or AI, may seem like the stuff of science fiction, but this technology is well and truly with us. Furthermore, this rapidly involving technology is being used in more and more applications across just about every industry. Businesses are rapidly adoption AI tools from ecommerce and digital marketing to customer service and advanced analytics.
One growing use of artificial intelligence is in the healthcare industry, where it is already being used to diagnose patients, recommend better treatments and make predictions about future health. On another track, many companies from small businesses to the world’s biggest brands are using AI-based chatbot technology to provide better service to their customers and turn website visitors into sales. It is hardly surprising, therefore, that the AI industry is predicted to reach $9 billion by 2025.
The final successful tech industry that is growing in 2020 is the biotechnology sector. Biotechnology has a range of useful applications including improving agricultural practices and improving crop yields. This is of increasing demand as climate change and the growing global population makes food scarcity a growing concern.
Beyond agriculture, biotechnology can also use genetic manipulation to treat and even cure genetic diseases. This industry has grown significantly over the past decade, and as the industry continues to deliver new breakthroughs to improve our health and our food supply, the future continues to look bright.