Tech Sector

News in early 2024 that PayPal has cut 9% of its global workforce in a bid to reduce its expenditure has reconfirmed that tough economic times can hurt any company. With interest rates an issue in 2023, a lot of companies within the tech sector were forced to either cut staff or find ways to make savings. However, it’s not all doom and gloom. There are certain parts of the tech world that continue to thrive, even in the face of less than ideal economic conditions. One industry that seems to go from strength to strength is iGaming. Otherwise known as the online casino, poker, and sports betting industry, iGaming revenue has been steadily increasing since 2017. According to data from Statista, global revenue will grow from $34.5 billion in 2017 to $95 billion in 2023.

Games and AI Continue to Make Money

How does the average online casino make money? Games are the obvious mechanism through which casinos generate revenue. Real money online slots are the foundation of every casino site. They’re described as the foundation because they are both literally and figuratively. A top-rated casino will have hundreds of different slot games. That’s more than any other types of games. Slots are also diverse. Titles such as Pigeon Hut, Super Strike, and Lightning Blaze have different themes, structures, features and payouts to cater to a variety of tastes. This gives casino operators the ability to constantly target new demographics and, in turn, generate income.

Another sector that’s thriving right now is artificial intelligence (AI). A Markets and Markets report published in 2023 put the sector’s global revenue at $150 billion in 2023. Based on analysis by its researchers, that figure is set to increase by more than 36% over the next seven years to over $1.3 trillion. Another positive metric for the AI sector is jobs. Although there’s a lot of talk about AI taking our jobs, the industry itself is full of opportunities. A list of AI statistics from Exploding Topics states that up to 97 million people will work in the AI sector by 2025.

Cloud Computing Profits Are Sky-High

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Cloud computing is also going through a profitable period, according to data from Market Research Future. A report published in 2023 put the sector’s expected revenue at more than $450 billion by 2025. Fortune Business Insights lists a variety of reasons for the industry’s growth. In addition to the ongoing need for big data processing, the rise of AI and machine learning is driving the growth of cloud computing. More small and medium-sized businesses are also making use of cloud computing. Outsourcing servers to offsite data centers frees up time for IT workers and allows businesses to store more data. The benefits of cloud computing are becoming more affordable for the average business. This is helping the industry thrive, even in tough economic times.

Fortunes ebb and flow in business. Sectors and the companies within them can be hot one minute and out in the cold a few months later. Times are tough for everyone right now, but there are still plenty of industries doing well. That’s good news for workers in those industries and people looking to make investments. It’s also good news for those in other areas of the tech world. Quality products will always make it through the tough times and rebound. So, even though big names such as PayPal are struggling at the moment, their fortunes can, and probably will, turn around.