Nearly every industry is currently undergoing a digital revolution and revaluating how it operates. Each and every element of an industry and value chain can be reassessed to potentially better incorporate digital technology in order to increase efficiency and save funds.
However, full digital industries are constantly going through a process of revaluation and reappraisal as they work to stay ahead, continue innovating and get out in front of any new technological changes. Below are a few of the most competitive digital industries in 2021 and how they have worked to stay ahead of the competition.
Digital advertising
Nearly every company, organization and institution now invests in digital marketing and considers it to be just as essential as every other form of advertising. According to the platform eMarketer, the spend on digital advertising in the United States is over $134bn. That is a hugely significant amount of money and the industry is clearly becoming bigger with every passing year.
However, the digital advertising industry has long been dominated by a small handful of companies such as Amazon, Facebook and Google. Google has roughly 30% of the market share, Facebook has about 23% and Amazon has less than 10% of the market share.
Apple is now also hoping to join in with these giants of digital advertising and the updates to iOS 14 include changes to Apple proprietary search technology. Apple is already able to control which apps and content its users are confronted with. If the Apple updates are successful, the company could very easily command a huge amount of the market share for this industry by controlling the flow of advertisements that its users see.
Online gambling and betting
Another industry that has experienced a huge amount of competition is the online gambling and betting industry. Over the course of the last 10 years, the online casino industry has exploded in popularity around the world.
More people than ever before have access to mobile technology and solid telecommunications infrastructure. On top of that, many local, state and federal municipalities around the world have begun to reconsider their strict regulation of gambling and online betting. These two factors have allowed the online casino industry to grow at an incredible rate over the last few years.
There are now hundreds of different online casinos and online betting platforms for gamblers to choose from. Competition is becoming more and more fierce among the online casinos, and the top-rated online casinos are offering better bonuses, more extensive games libraries and additional withdrawal and deposit methods in order to attract new patrons.
E-commerce and online shopping
The meteoric rise of e-commerce has led many market analysts to suggest that the death of malls and high street stores has begun. Online shopping is more popular than ever and many people are starting to prefer ordering online to shopping in person.
Shopping online is viewed as more convenient and easier to do, and there is a sense that shoppers are better able to find the best prices and deals when they shop online. There are several major e-commerce platforms that dominate the space – such as Amazon, AliExpress, Shein, and others.
However, many consumers are eager for smaller alternatives and the market for smaller or niche e-commerce platforms has grown increasingly competitive over the course of the last few years. Interest in smaller companies is growing, especially as concerns continue to be raised over the ethical treatment of workers and the environmental standards of large corporations.
Data and security
There has been a quiet revolution involving data over the course of the last few years. The ways in which data is collected, organized, stored, and protected have all been changing, innovating, and advancing over the years.
Data is incredibly important for the efficient running of companies, websites, and the internet. Data can also be very sensitive and when secure platforms are infiltrated by hackers, a data leak can occur. The ways in which we collect and protect data have been changing, but we will need to be constantly innovating and developing in order to stay one step ahead of the hackers and malefactors.
Thankfully, there are many voices across the tech world calling for increased attention to how data is collected and stored. There has also been a regulatory intervention, as seen in the introduction of the General Data Protection Regulation, or GDPR, guidelines. As we all learn more about the importance of data and keeping it protected, there will be more options available on the market for safeguarding data.
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