Which Tech Industries are Thriving in the 2020s?

Technology has become an integral part of our lives, so it comes as no surprise that the tech industry continues to expand and develop at a rapid rate. When it comes to which sectors are thriving in the 2020s, there are some clear front runners. From cloud computing to data analytics, we’ll take a look at which tech industries are experiencing the most growth in the 2020s and what trends we can expect to see in the future. For any tech enthusiast looking for new opportunities or curious about where the market is headed, this is a must-read.

Finance

The finance sector has always been a major player in the tech industry, and that is no different today. From startups to established enterprises, finance companies are using technology to revolutionize the way they do business and improve the financial literacy of consumers, so they better understand topics such as what causes inflation, interest rates and more.

Two areas that has included significant innovation are online banking and investing. Companies have made it easier than ever for people to manage their finances online, particularly with the rise of mobile banking. People can now do everything from checking their balance to transferring money on the go.

Another area of finance that has been disrupted by technology is payments. With the creation of mobile payment apps such as Apple Pay and Venmo, it’s easier than ever to send and receive money without ever having to visit a bank or ATM. As more businesses begin accepting these types of payments, it’s only going to become more convenient in the future.

Food delivery apps

The food delivery industry has grown explosively in recent years, with new players and new services entering the market. According to Business of Apps, the industry is now worth an estimated $143bn and it is expected to grow to a market size of $320bn by 2029.

Food delivery apps have changed the way we order food, making it easier and faster than ever to get our favorite meals delivered right to our doorsteps. With more people working from home and less time to cook, the demand for food delivery services is only going to increase.

There are a few key players in the food delivery space, including DoorDash, Uber Eats, Grubhub and Postmates. Each of these companies has a different business model, but they all share one common goal: to make it easy for us to get the food we want, when we want it.

Collaboration tools

Driven by the work from home trend, one of the most important growing sectors is the collaboration tools sector. This includes companies that provide software and platforms that allow people to work together on projects, regardless of location.

Some of the most popular options include Google Drive, Slack and Asana. These platforms allow users to share documents, files and ideas easily and efficiently. They also offer features that make it easy to track progress and communicate with team members.

Conferencing software

Conferencing software is one of the most important tools for businesses that employ remote workers. It allows teams to communicate with one another, share information and collaborate on projects. There are many different types of conferencing software available but Zoom and Microsoft Teams are likely the most well-known and widely used. After experiencing unprecedented growth during the initial phase of the pandemic in 2020, Zoom predicted growth of up to 40% last year and is set to continue to thrive as remote working becomes the norm.

Cloud-accounting

Cloud-accounting is thriving because more businesses are starting to turn to cloud-based accounting software to manage their finances. Cloud-accounting software is very convenient because it can be accessed from anywhere, at any time. This means that businesses who have teams spread across the globe can easily access the financial information they need to do their jobs.

There are many different types of cloud-accounting software available on the market today, including Xero, Wave, FreshBooks and Sage. 

eCommerce buy now, pay later processors

In the past few years, a new breed of eCommerce payment processors has emerged to meet the needs of cash-strapped online shoppers. These “buy now, pay later” (BNPL) providers allow customers to make purchases without having to immediately pay for them. Instead, they can spread the cost of their purchase over time, making it more affordable and convenient.

There are a few different BNPL models, but the most common is the “deferred payment” model. With this model, shoppers are given a grace period, usually 30 days, to pay for their purchase. If they don’t pay off the full amount within that period, they’re typically charged interest on the remaining balance.

Conclusion

With the 2020s well under way, it’s become increasingly clear which tech industries are thriving and rapidly changing our world in exciting new ways. By keeping up with the latest trends, you can make sure that your business is ready for the future. As we move further into the decade, it will be interesting to observe which new technologies emerge — ones that could shape our lives in even more dramatic ways than ever before.