What are the most successful IT sectors?

Featured article by Cynthia Madison , Independent Technology Author

The information technology industry can possibly reach $5 trillion in 2019, generating significant revenue and employing workers at a high median wage. It is the world’s third-largest economy in terms of GDP, growing at a rate of 4,0%, according to CompTIA. IT has the power to set the markets in motion and create transformative business value across numerous industries. The digital revolution has transformed information management and applied technology within the global economy.

Innovation is more accessible than ever. Artificial intelligence, big data, the Internet of Things, and virtual reality are only some of the technologies that ensure business process optimization. There are more opportunities to use innovation to build and grow organizations. With information technology affecting the way business is done, it is expected that it will continue to grow profitably.

Are you curious to know which IT sectors are the most successful ones?

On-demand

Consumers can now get everything they need at the touch of a button. Technology companies and digital marketplaces ensure instant access to goods and services, bringing the online and offline world together. The on-demand economy is booming, changing consumer habits, supply chains, competition, and investment. It is slowly but surely replacing standard business models. Entrepreneurs and companies are interested in expanding their business using on-demand platforms. The choice of the business model depends on the vertical the organization operates in and the cultural nuances of the geographic location.

The on-demand sector opens the doors to countless opportunities. Businesses of any size can grow globally by simply having online websites and apps. Food delivery apps are the latest trend, revenue in online food delivery amounting to $94,385 in 2019. Revenue is expected to show an annual growth rate of 9,3%. While Uber Eats accounts for 25% of the delivery market, GrubHub has 50% of the delivery market. DoorDash is at a valuation between $6 billion and $7 billion. Millions of people use on-demand services and a business can be profitable, if you manage it well.

FinTech

Companies operating within the financial technology market are worth billions of dollars. Overall investment in FinTech rose in 2018, reaching a whopping $111,8 billion throughout the world. Geographic diversity of FinTech helps drive volumes. What is more, a great many banks, insurers, and investment managers are looking forward to partnering with financial technology companies, expecting a 30% ROI. China’s thriving economy can offer many lessons. Dorian Barak, managing director at Indigo Global, affirms that “earlier waves of Chinese international investment were focused on manufacturing, natural resources and infrastructure.” Now, investments are made into hi-tech firms with high monetization performance.

Infrastructure-based technology, open application programming interfaces, through platformification, robotic process automation, and chatbots are some examples of trends reshaping the future of the financial sector industry. The FinTech sector holds the highest number of businesses. The number of companies in the financial sector worldwide as of February 2019 is 5,779.

These are the top five FinTech companies from around the world:

– Ant Financial: This China-based company is worth more than Goldman Sacks. Ant Financial is committed to building technology-driven open ecosystems and supporting the financial needs of society.

– Qudian: The organization, which is based in Beijing, belongs to the lending category. Qudian provides installment payment and an investment management platform for micro-lending.

– SoFi: This company located in San Francisco helps people take control of their finances. It has transformed into a multi-billion-dollar company.

– Lufax: Lufax is a web-based finance marketplace headquartered in Shanghai. The company’s value is become more obvious, raising 1.3 billion in its latest funding round.

– Avant: The US-based financial technology company offers unsecured personal loans, deploying technology to determine creditworthiness. Avant has a portfolio that is worth $3,5 billion.

Before the information technology revolution, loan officers had to collect information about potential borrowers through direct interactions with the applicant. At present, financial institutions can gather quality investment data. Lending decisions revolve around large volumes of data. Fintech can be used for financial management, big data, alternative finance, as well as. online and mobile payments. FinTech companies managed to raise a lot of money from investors last year. Who knows what they will do in 2019?

Cyber-security

The cyber-security market, which comprises infrastructure security, privacy service offering, firewall, antivirus/antimalware, etc., is forecasted to grow to $248,26 by 2023, growing at a rate of 11,9%. Information technology security places emphasis on protecting computers, programs, networks, and data. It is propelled by the growing demand among organizations to minimize security risks. Cyber intelligence companies like Nowforce earn multi-million-dollar payouts. Dorian Barak is one of the early investors.

In the modern age, more and more devices are connected, so cyber-security becomes an increasingly important topic. Prominent companies operating in the cyber-security market include but are not limited to Inc, Cisco Systems, and Microsoft Corporation. They help organizations from all over the world avoid cyber-security breaches that can result in considerable losses, offering digital innovations that support the economy. The transportation market can develop at a rate of over 15% if it uses cyber-security solutions. Leading providers in the IT sector make available solutions that protect sensitive customer data and ensure unified communications, so why not?

North America holds the most important share of the market owing to technological advancements and the adoption of cyber-security in the IT industry. The North American information technology security market is divided by segment type (network, cloud wireless, etc.), industry (defense, banking, intelligence, etc.), and solution. In terms of end-users, it is worth mentioning the United States government. Rising adoption of cyber-security solutions by US, Canada, and Brazil, will contribute to the IT sector maintaining its dominance.

Conclusion

The future is tech and businesses need to catch up. Technology companies in every IT sector face new, stimulating challenges. The profitability of the information technology industry is quite impressive. Other than the above, there are industries that will certainly boom. They are data science and e-commerce. Data science allows entrepreneurs and businesses to track information and use it as an invaluable resource. E-commerce, on the other hand, is becoming more successful thanks to platforms like Amazon. Maybe you will become inspired to start a business of your own.