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Online Industries Experiencing Major Growth

 


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With our move into the digital era over the past couple of decades, the world of online businesses has exploded with more and more companies now operating online. The internet has become home to businesses in a wide range of industries, and has enabled companies to start competing on a global basis as a result of being able to expand their reach into new territories. Of course, some industries have experienced greater success online than others over the years, although the internet has helped to boost the success of businesses in most sectors.

 Three key industries that have experienced rapid online growth

 There are many types of businesses in a range of industries that have experienced rapid and major growth online. This is not only as a result of our move into the digital age but also as the result of advanced technology such as smartphones and tablets, which enable consumers to get online even when they are on the move.

 The retail industry: The retail industry has experienced massive growth online over the years, with more and more people using the internet in order to purchase a wide range of goods. Consumers now go online to buy everything from their weekly groceries through to clothing, entertainment, gifts, furnishings, and more. This has seen retailers in every sector experience impressive growth online. The excellent choice along with lower prices that can be found online has helped to boost the popularity of online shopping amongst consumers. According to reports, online retailers have seen a Compound Annual Growth Rate of 14 percent since 2006 and this is expected to continue increasing over the next few years.

 The gaming industry: Gone are the days when gaming meant having to head to a bricks and mortar casino and sit there for hours on end. The popularity of online casinos has rocketed, particularly over recent years with many bringing out gaming apps. This has resulted in gaming fans being able to have fun and win money from the comfort of their homes or while they are on the go. This has resulted in rapid growth and huge success for the online gaming industry.  According to a recent report from Digi-Capital, the ‘Global Games Investment Review’, the global games business could be worth more than $100 billion by 2017 with a Compound Annual Growth Rate of 23.6 percent.

 The entertainment industry: In years gone by, purchasing music or movies meant heading out and buying CDs or DVDs from a retailer or in more recent years going online to buy them. However, advancements in the world of technology have enabled us to move on and start downloading or streaming our own music or movies with sites such as Spotify and Netflix. This has seen the online entertainment industry enjoy rapid growth, as more and more people turn to the internet in order to satiate their appetite for all sorts of entertainment. In a report released earlier this year, Global Industry Analysts predicted that the global online movie market will reach $4.4 billion by 2017.

 With continued advancements in the world of technology, it is very likely that these industries along with many others will continue to experience impressive growth over the coming years. While this has had a hit on bricks and mortar establishments, the future certainly looks bright for the world of online businesses.


Date Posted: 2015-04-14
Posted By: KBN Press Release
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