The modern business landscape is one that is defined by the integration and advancement of innovative tech. Technology is now at the forefront of every industry, with the impact having a ripple effect across the board. The latest innovations are providing the opportunity for radical new developments to be implemented into business and organisational practice, fuelling major growth and change.
While you may associate the top industries operating solely in the technology space as being the most innovative, there are several other industries that are also centred on digital and technological innovation. Plus, integration of advanced tech isn’t solely the domain of multinational conglomerates; even SMEs are utilising innovation to improve their business outlook.
Why Innovation Matters
Innovation is, quite simply, crucial to the success of any business operating in the modern landscape. Businesses that strive towards both implementing and advancing innovative approaches in the workplace are able to develop a responsive, fluid approach that continues to meet the ever-changing demands of consumers, and can thrive under rapidly-developing industry roadmaps.
You only need to look at the way marketplaces and consumer habits have changed in recent years to see just how impactful the role of technology in the business environment has been. Without embracing major advancements, it’s unlikely that organisations will be able to produce and operate at optimal levels.
Here are three examples of industries that have been pulling ahead in terms of innovation over the past financial year.
The global gaming industry is swarming with innovation. From the iGaming sector, which has modernised casino classics like slots for a digital generation, to virtual reality Video Gaming, this is an industry that never stands still. Some of the most innovative companies in the world operate in the gaming space, such as developers like Epic Games, brands like Razer, and multimedia enterprises like Sony.
Since it hit the mainstream in the early 1980s, the industry has undergone transformation after transformation as it both integrates and develops new technological advancements. Little wonder, then, that gaming is now one of the world’s most popular forms of home entertainment, beating both music streaming and movies combined.
The global retail industry is one that is dependent on innovation and, in recent years, it’s experienced substantial growth thanks to the integration of key technological advancements. Since 1989, in the UK alone, businesses in the sector have experienced 100% increases in sales per annum, with technology radically reinventing the concept of retail.
Today’s buyers have a wealth of choices, from classic high street retail to eCommerce. Online retail, in particular, is one segment of the industry that has grown at a staggering rate. From generating 3.4% of gross retail spending in 2007 to 27.9% in 2020, eCommerce is rapidly developing every year.
Furthermore, retail organisations haven’t been shy when it comes to utilising Artificial Intelligence to streamline customer processes, whether that’s found in automated cashiers in-store or 24/7 chat functions online. Due to the wealth of customer information available in the sector, businesses in the retail industry have also made great strides with machine learning and big data, which ensures greater access to and evaluation of deep market insights.
In close correlation with the rise of innovation in the retail industry, we’ve also witnessed the growth of the Fintech market or Financial Technology. Very much a product of the 21st century, fintech disrupts the traditional financial sector, granting not just financial freedom on the consumer end, but also helping businesses and organisations streamline their financial processes.
Fintech is now a key part of our global financial ecosystem, impacting everything from how consumers shop or pay bills to how enterprises carry out financial transactions. As paper-based transactions and manual processes die out, the fintech industry has a predicated global market value of $5 trillion. Meanwhile, with sectors like cryptocurrency and blockchain, and digital banking, only set to increase in popularity, future yearly growth is expected to be above 23%.