Business

Three Emerging Industries Driving Business for US States

Source: Pixabay

The US economy remains robust, despite global events which may try to shake it. This is not just the result of a growth in existing businesses, but partially through brand new sectors that are emerging to refresh the country’s business sector. Last month, employment remained high with a mere 3.6% unemployment rate, even if shares did take a small tumble. From the emerging industries driving growth, we have picked three that will be crucial for the increased economic growth of US states.

Sustainable Industries

Companies are now wearing their green credentials on their sleeves, as it has become essential to building customer relationships. Any business that wants retention must show it has a plan for a fairer and environmentally secure world. These companies are also willing to invest in and pay for the privilege of doing so.

The environmental, social and governance industry (ESG) has become so big it now has its stock abbreviation. ESG stocks are on the rise, projected to reach an annual growth rate of 21.9% in the next ten years.

Small startups and businesses are not the only ones pioneering this either. Big firms like Coca-Cola, American Express, and Microsoft have already set up divisions and sectors, pumping money into research and marketing for the foreseeable future.

iGaming and Sports Betting

The US iGaming and sports betting sector is set for unprecedented growth. Between 2021 and 2025, estimations are that it will grow to a $106.25 billion industry, with an increase of over 21% growth year upon year.

One contributing factor is that the use of online sportsbooks in the US has begun to grow as numerous operators enter the market, which goes hand in hand with iGaming due to sites opening services across both verticals because they aim to attract a wide demographic. Examples of this include Draftkings, FanDuel, and BetMGM, which feature among the best US casinos. These major online casino brands try to stand out in a crowded market through areas such as welcome bonuses and the payment methods offered.

Other major economies, such as the UK, bring in around £3.1 billion a year in revenue from gambling. Online betting needs a lot of people to operate it, from programmers to live dealers, which adds to revenue and employment statistics.

The Internet of Things

Source: Unsplash

There was a time shortly after the birth of the iPod and iPhone when every new product seemed to have the aforementioned prefix attached to it. Now, the same is happening with smart devices. However, where many of the former products had the same functionality in a revolving door of devices, smart products offer many more financial and social benefits for the user.

Smart devices are products interconnected by phones and tablets. For example, you can turn off the heating when you are out of the house from a smart thermostat or switch off the smart light that you left on. These provide genuine reasons for US homeowners to get them installed, as they can save money through energy efficiency. As utility costs rise, the demand for smart homes is set to increase.

All of these products need designing, manufacturing, and programming, which means a boost in employment and revenue. The only downside is the worry about infringements on personal security. As it has been proven that these items are susceptible to misuse, an increase in smart devices may also correlate to hikes in the internet security and service industry, which can only be an economic advantage.

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About the author

Saman Iqbal

Saman is a law student. She enjoys writing about tech, politics and the world in general. She's an avid reader and writes fictional prose in her free time.




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