Tech giants, Amazon, Apple, Google and Microsoft have dominated the tech industry for several years. These tech giants have created a monopoly in the digital economy and the coronavirus pandemic has made Big Tech domination worse. ‘Big Tech runs my life’ is no longer a joke. People are relying on the services of these companies more than ever as they control online research and drive sales and income to e-commerce transactions.
Nevertheless, there are two sectors in the tech industry space that are becoming giants in their right. As the team at Slot Vegas show, the gambling and fintech industry are the two sectors that have recorded higher total revenue in tech than the Big Tech companies. Sales and revenue data analysis of these two sectors has shown exponential growth in recent years and potential revenue growth in the near future.
The turnover comparison between the two technology sectors and the 4 Big Tech companies help put into perspective how these two new technological sectors have grown. Their growth is one of the realities not been affected by the coronavirus crisis.
By the end of the year 2020, the global gambling industry is estimated to hit $443.2 Billion with a projected compound annual growth rate of 5.6% to $647.9 Billion by 2027 while the Fintech industry is recording over $290 Billion in revenue in 2020 and it is
expected to grow at a compound annual growth rate of 22.17% to $305 Billion by 2025.