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If you asked the average person to name all the things that drive economic growth, “Wall Street” (or some variation thereof) would probably be right at the top of the list. But while that may be true to some extent, it is equally valid to point out that hidden gems foster the same growth in the most unexpected places.
Paying more attention to some of these hidden gems creates an opportunity to better understand how far we have come and where we are going. Knowing where to look for this evidence will prove that the economy is changing in a positive way. It’s also a positive sign that this new level of economic growth will continue, becoming less dependent on things like Wall Street and more connected to the new frontiers that are constantly emerging around us. There is also.
1. Video games are ready for prime time
Video games, once a niche entertainment, considered an afterthought or a “fun escape” for many, now generate billions of dollars. Worldwide he more than 3 billion people play video games. Even in the United States, the size of the video game industry has more than tripled in the past decade. According to recent research, the annual growth rate of video games in general is expected to reach 8.76% between 2024 and 2027. The global market value at that point will be approximately $363 billion.
Modern technology and audience expectations have not only reshaped video games; They left an indelible mark on the entire world of entertainment and media. Virtual worlds like Fortnite are home to digital marketplaces, each with its own virtual economy. As a result, the line between “play” and “commerce” has become significantly blurred. Esports tournaments have also become extremely popular in recent years, garnering record viewership and sponsorship opportunities. The global esports market is expected to reach $4.3 billion in revenue by the end of 2024. From 2024 to 2028, that number is expected to grow by about 7% each year.
How is the demand for video games increasing?
The Entertainment Software Association is tracking the growing demand for video games throughout 2023. Interestingly, we found that the year’s top video games outperformed the year’s top movies at the box office. We also tracked the growing demand for games throughout the 2023 holiday season, finding that 72% of children are likely to ask their parents for a video game-related gift.
Video games have been around for a long time, and their appeal spans generations. The first children who grew up on early video game systems now have more disposable income than ever before and are having children of their own. This means that as impressive as the numbers above are, they are only going to get even stronger over the next decade.
Recognizing the long-term, high-paying job potential of video game development and the growing popularity of the video game industry as a whole, states are strategically seeking to harness the burgeoning power of this evolving entertainment sector. can position themselves in the Similar to successful models seen in regions such as Quebec, encouraging the video game industry through customized tax incentive programs can create jobs without unduly favoring a single project over sustained development efforts. creation, attracting human resources, and promoting economic growth.
2. Fintech will change loan processing
The housing industry is also experiencing something of a technology-driven revolution, especially in the United States. There’s been a lot of talk lately about technology that supports more efficient and sustainable homes. However, there hasn’t been much talk about the actual impact, which is on loan processing.
Many financial technology companies are now offering solutions to empower loan officers as much as possible. They embrace concepts like automation to streamline processes, not only freeing up valuable time but also creating a more efficient and more competitive mortgage market. The easier it is to get approved for a loan, the easier it is for people to get it. This increases competition in the market and ultimately benefits both consumers and professionals.
This also helps inject capital into local communities where it can have the greatest impact. This will help increase homeownership rates, which will be good for both specific regions and the country as a whole. The more people who buy homes and live in an area, the more economic activity will increase. When people bring jobs and spend money, it becomes a better place for everyone. This will also greatly help revitalize the construction industry and related industries.
How Fintech can improve processes
An example of a company doing well in this space is Canopy Mortgage. They offer user-friendly technology that makes the lending process as simple as possible for everyone involved. Applicants can upload important documents from their mobile phone, tablet, or computer. He can check the progress of your loan 24/7, so you always know what’s going on.
Once that information is stored in the system, it can be easily tracked as well. It’s all super easy and can be shared easily and securely, which also frees up valuable loan officer time. This will help you focus on the issues that really need your attention. All this allows them to have a very competitive structure and offer great rates and low commissions.
Canopy Mortgage is just one example of a company making an impact in this space, but rest assured there are many others out there. This is especially true as fintech companies begin to focus more on the housing market as it gains more attention each year.
3. The rooftop era has arrived
When it comes to the housing market, no list of “hidden gems” driving economic activity would be complete without mentioning roofs. Those are things that most people don’t think about much. But this is actually a trend that has been building for quite some time.
As the population continues to grow, the need for housing becomes more pressing. As more housing is built, the amount of green space available in the area slowly but surely decreases. For a while, this level of urbanization wasn’t that big of a deal. But with recent studies showing that a lack of green space in cities leads to higher overall mortality rates and poorer child development, it’s clear that something has to be done. This is before we get into the big sustainability initiatives, of which there are countless examples.
How rooftops contribute to economic growth
Enter the rooftop. What was once a quirky, eco-friendly experiment is now a perfect example of how far thinking outside the box can really get. Urban farms like Brooklyn Grange have now grown into full-fledged businesses (no kidding). Brooklyn Grange was founded in 2010 and has since become a leading company in rooftop farming and intensive green roofing operations in all parts of the country. Contribute to the creation of green space by utilizing the rooftop. In addition, the business also hosts events such as educational programs and weddings.
This type of farm has also contributed significantly to the creation of the local food economy. For Brooklyn Grange, locally grown produce is now available in New York City. Other rooftop farms are also proliferating around the world, especially in densely populated areas and large cities. But more importantly, these rooftop projects also help reduce local communities’ dependence on industrial agriculture. There is nothing against industrial agriculture. However, the past few years have only made clearer how quickly things can become problematic when large global supply chains are unexpectedly disrupted.
Overall, these farms help generate huge income for the parties involved. This inevitably leads to economic growth, as it also creates jobs and provides sustainable food options to communities that would otherwise not have access to them. All of this takes place within the same urban environment that people have come to depend on. Unlike urbanization, which took away green space in the first place, rooftop farms are not eliminating anything. Rather than taking away something that may never be regained, they are simply taking what was already there and building on top of it.
Economic growth can be seen in unexpected places
After all, these are just a few of many examples of how industries that most people don’t yet pay enough attention to are driving economic growth. On the surface, areas like video games and loan processing look very different. But the consistency is clear. These serve to highlight the versatile economic expansion that can occur virtually anywhere. And it can happen anytime if the conditions are right.
When the first virtual marketplaces emerged over the past two decades, few could have predicted what they would become. At first, many were skeptical. Who would want to pay real money for digital goods and services?Currently, the revenue generated by in-app purchases in games is expected to reach $249.9 billion as early as 2027.
From a new generation of empowered borrowers to rooftop harvesters and everyone in between, these are the perfect illustrations of how the future of the financial landscape is being reshaped, albeit quietly. This is an example. And together they go a long way to prove that innovation and community always win in the end. Given enough resources and time, they will bear fruit, even if they start happening in unexpected places.
Featured image credit: Photo by Christina Morillo. Pexel; Thank you.
The post 3 Untapped Industries That Will Boom With Economic Growth appeared first on Due.
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