INDUSTRY SOLUTIONS MOBILE APP DEVELOPMENT ON-DEMAND TECHNOLOGY
PHILADELPHIA, PA / ACCESSWIRE / May 13, 2020 / During the global pandemic, many industries are severely suffering and going bankrupt. The outsourcing destinations are in strict lockdown and businesses are not interested to invest over uncertain situations.
In this article, we will discuss the seven most profitable industries in the current market.
Film Industry and Live streaming
Logistic & Delivery Industry
Tech SaaS Products Industry
1) Education Industry
Local schools, colleges, institutions, and universities are places where the high level of socializing takes place.
A few years back, the education industry took a strategic turn by switching to online education. Now, web applications are built to reach further areas and renders a more convivial environment for education to grow.
AI integration tools in mobile development services are also leveraging the benefits of this high demand. Teachers and students both engage with the help of the digital toolbox. The growth and revenue of the education industry was estimated to US $46.67 billion.
Online learning apps are in high demand today and technology has entered into the classroom system via smart learning.
The demand shows the right steps taken by the educational industry, and move towards online learning has proven to be more practical when social distancing occurred. Let's look at some data, supporting online education over cross platforms.
The worldwide e-learning market is estimated to be worth US $325 billion in 2025.
The rate of use for online learning in US Corporation was approx. 77 percent in 2017, which rose above 95 percent in 2020.
Around 67 percent of US companies offered mobile learning.
Between the years of 2001-2017, e-learning culture increased over 900 percent in companies.
A survey of 2,500 companies brought 218 percent and 24 percent higher revenue per employee and profit margin respectively.
The e-learning market is forecasted to surpass US $243 billion by 2022. Specifically, around 42 percent of the companies say that e-learning leads to a significant increase in revenue (The Ambient Insight 2012-2017 Worldwide Mobile Learning Market - Executive Report).
E-learning saves cost and reduces expenses by using mobile app development companies. IBM reported to save over $200 million by switching to e-learning.
It saves the cost of traveling, renting a hotel, equipment, and flexibility of instructors to record videos at their own time. Also, for ecological reasons, the online learning program is being promoted.
2) Healthcare Industry
The Healthcare industry is one of the most stable industries in terms of revenue growth. The global market slowdown hardly affected healthcare negatively. Healthcare is the industry segment, which has largely integrated the technology in itself and thus becoming a powerful part of the working methodology. Apart from hospitals and clinics, medicine delivery apps and on-demand doctor apps are providing a significant service to help patients during Covid-19.
The pandemic has increased the demand of online medicine delivery. Healthcare has switched to mobile apps and strongly gripped the market similar to this company called Capsule, this app will bring prescribed medication directly to your door without the need of leaving your home.
Alongside IoT has given an additional push along the way with mobile app development services.
The global IoT healthcare market size crossed USD $147 billion in 2018 and presumably witnessing 19.99% CAGR in a forecasting period from 2020-2025.
The high use of wearable technology and the emergence of connected patient cares have raised the investment, where the prevalence of chronic disease detection made a positive impact. Approximately 90 percent of the healthcare organization has adopted digital mediums for better healthcare.
A growing need for a connected healthcare system is critical for chronic patients, reduced cost of care, better treatment, and real-time disease management. The system and software segments are the highly growing part in healthcare with a CAGR of 21.2 percent.
On-demand doctor app development had the largest revenue share in 2018, which is accelerated by growing patient monitoring tools and chronic illness tracking tools.
The recent advancements in telemedicine technology are driving more revenue for the industry and healthcare companies are focusing on innovative telemedicine solutions. The HRSA (Health Resources & Services Administration) is offering a Telehealth Network Grant Program to help businesses build HIPAA compliant video and chat web applications.
Online medical apps provide a wide range of telemedicine services via remote consultation, Doctor on Demand and medicine delivery apps. The estimated global EHR/EMR market in 2020 is estimated to be USD $24 billion.
3) Food Industry
Everyone is ordering food online these days and it isn't a surprise that online food delivery apps are set to swell to whopping USD $200 billion by 2025 with the help of React Native app development companies. Online food delivery apps are becoming more popular because of how quickly you can order directly on your smart devices. Online food delivery is now easier than heating up frozen meals in a microwave.
The online food delivery app development offers thousands of restaurants and millions of amazing dishes. This industry has grown rapidly because customers prefer to order food online instead of spending protracted hours and waiting in line at a physical location.
The online food delivery segment is estimated to gain revenue of US $122,739 million in 2020.
The annual growth rate of revenue is 7.5 percent, which can raise the market volume by US $164,002 million by 2024.
The platform for consumer delivery gains a market volume of US $62,798 million in 2020.
According to reports by Frost & Sullivan, the online food industry made the gross revenue of $82 billion in 2018, which is likely to rise double by 2025, with a cumulative growth rate of 14 percent.
In North America, the largest player is Grubhub and has planned to host over 10 online food delivery companies. The company covers one-third share of the entire market.
Europe also has more than 10 online food delivery companies, where the Dutch company Just Eat has its respectable presence in more than eight countries covering 83 percent of the UK market.
The most crowded market in Asia is the largest one in the food industry. These two are most densely populated countries located in Asia and therefore 55 percent of the market share comes from Asia.
Concentrating more inside, USD $34 billion was calculated to come from China in the online food delivery segment.
The huge prevalence of online food delivery has blurred the dine-in culture and the traditional dine-in is now replaced with the love for watching Netflix with loved ones while chowing on the best food.
Uber Eats also drove in a huge investment and became a highly grown company launched in 2014.
The data recorded in 2018, Uber Eats values at USD $20 billion and registered the revenue of 1.4 billion USD annually.
The massive increase in the market does not happen overnight and without investment. In 2018, more than $9.6 billion was put into the segment where 60 percent received by Asia.
4) Music industry
Thousands of tours have been canceled, along with the number of music festivals in unprecedented uncertainty, the future of the music industry is bleak, which gave a hidden boost to music streaming app development.
Covid-19 pandemic has significantly affected freelancers in the music industry. Around 94 percent of UK musicians were freelancers or worked part time.
Some of the most notable music festivals including Coachella, Download Australia, and UK's flagship music festival Glastonbury was canceled this year.
Glastonbury has faced a revenue loss of £100 million. In the wake of this, no one is stopping the locked down from listening to recorded music online. The entertainment industry is keeping people engaged and obviously making a profit because of the direct correlation between media consumption and time spent at home.
5) Film Industry & Live Streaming
According to reports, during the first three weeks of the pandemic, we have seen the growth of 1 million users on TV streaming services, increasing the total views of up to 21 million users. The entertainment industry is growing faster than ever due to isolation and staying at home with nothing else to do. YouTube, Disney+, Netflix, and other streaming video websites are profiting during the pandemic. Mobile app development services are also in high demand to develop these similar types of apps and motivating people to start online streaming businesses.
6) Logistic & Delivery Industry
During the pandemic, keeping essential services on the go is critical. Social distancing is the new norm and door delivery services are expanding. Delivery and supplier services have been saving people from panicking and hoarding. The most lucrative businesses are the ones, which negates socializing and ones who don't need a physical vicinity.
The economics is directly related to logistics and proper transportation leads to better procurement of the essential strategy.
In the wake of sincere efforts by all departments, logistics and delivery are essential. Businesses directly rely on timely delivery services.
AI and navigation technologies are playing a great role in the logistical industry. The proper estimation of delivering in a timely manner, location of trucks, damage of goods, value of scraps, incurred losses, and probable contingency are essential to maintain the right prices of goods.
Logistics and Delivery service constitutes 5 percent of the UK GDP and which employs more than 1.7 million people today. There is a trend of third-party logistics (3PL) and globally 40 percent of the organization uses 3PL and globally it worth $750 billion along with $174 billion in Europe.
According to Philip Kotler (American marketing author, consultant, and professor), logistics can be defined as the process of planning, controlling and implementing the physical flow of material from the origin point to a meeting point to meet customer's needs.
The logistics functions are created possible with the help of IT:
7) Tech SaaS Products:
The quarantined world is still operating while working from home. With the start of the global lockdown, businesses are now relying on remote working management software and online meeting platforms such as slack and zoom.
These business help on keeping the economy stable by providing remote tools. Time tracking apps and online interview app solutions are keeping the industry at pace while maintaining the software industry's health.
US and Europe industry rely heavily upon the outsourcing destinations for IT and mobile development services. Small enterprises are dependent on the outsourced work and in house, teams are now replaced with work from home culture.
Online remote management software is essential and therefore the software as a service industry is in profitable share with SaaS application development.
SaaS is one of the most profitable industries during Covid-19 and here are some supporting facts…
Around 84 percent of the SaaS customers from free trials are unique visitors.
The survey reports 38 percent of the companies run on SaaS.
By the end of 2020, 73 percent of the companies are complying to look for SaaS application development.
86 percent of the businesses are experiencing higher employee engagement.
Among all, 70 percent of the active trial users contact to purchase paid solutions.
A company uses 34 SaaS apps on an average.
SaaS is in high demand and it is the safest method to keep businesses running.
Covid-19 has brought a significant halt to businesses, however there are a few industries thriving. Customers are more concentrated over the above seven industries and are the only few businesses profiting in our current market. These industries keep businesses running smoothly and are growing rapidly in today's market.
Falcn Lab has continuously delivered modern technology solutions that have strengthened the technical infrastructure of numerous enterprises and helped them expand their businesses. We build high-end web applications, mobile apps, and games at low costs but high quality. Our software engineering team are leaders in the technology industry who previously worked at Google, Amazon, IBM, Comcast, and other big tech firms. Our company mission is to constantly innovate and provide the best software services while preserving the uniqueness of your enterprise and to help improve existing products and services that you provide
Author: Ram Prasad Modalavalasa
SOURCE: Falcn Lab