Whether you’re an entrepreneur trying to gauge your next big break, or simply economically-minded and curious, it’s always good to know what’s happening in digital spaces. On the ground, the UK’s most profitable industries tend to service large corporations, from banking to supermarkets. Hower, in many ways digital spaces are a great equaliser, and can open doors for smaller entities to thrive, too. Let’s take a look at key online sectors servicing the British market that we should see boom in 2023.
Technology
Yes, this one is a bit of a cheat to include if we’re talking online spaces, right? However, we can’t hide from the fact that technology has infiltrated every aspect of our lives, so the industries that serve that tech are a much-needed part of the economy. And where there’s a need, there’s a boom.
Of course, not all tech is created equally. While we expect all technology-servicing online industries to profit in 2023, we’re particularly expecting to see strong profits in the app development, Internet of Things/Smart Tech, AI and the Metaverse, and work from home support sectors in 2023.
Legal Services
The law isn’t always the most adaptable industry around, but in the UK it is big business. Did you know the legal service industry comprises about £60 billion of the UK economy? There’s also been some interesting shifts in UK law over the last decade and a half, starting with the allowance of Alternative Business Structures through the Legal Services Act of 2007. This widened the investment scope for non-legal professionals into the law industry.
We’ve already seen a shift away from big firms to boutique businesses. In 2023, it’s anticipated we’ll see both a greater focus on digital law, as well as a mass migration of sorts from the legal industry into competitive digital spaces.
Marketing
Trend prediction is always difficult- but there’s one thing we can say for sure about the state of the marketing industry. If you don’t have a digital presence, you don’t exist. There’s no sign of this critical need for smart online and digital marketing practices going anywhere soon, and some recent innovations to social platforms as well as the booming short video trend suggests marketing and the online space are going to intersect more and more in 2023.
Online Gaming
It’s no secret that the UK likes a good flutter. From betting on sports and racetracks to taking a pull at a slot machine, we’re a country that enjoys a good wager. However, with the changes wrought in how we socialise thanks to the pandemic, how we play has changed as well as how we work. Online casinos operating in the UK are at an all-time high, and there’s some suggestion that there could be an update to the existing gambling regulations that would make it both safer and easier to play online instead of in-person. With that in mind, and humanity’s enduring need to have fun and unwind, we expect to see a lot of new movement here in 2023.
Wellbeing and Fitness
Another thing the pandemic brought home to us all is how important stress management and good health are to our wellbeing. However, as with entertainment like online gambling, what people want from their fitness experience has shifted. Gyms have become a place where well-muscled jocks head to film catty TikTok videos, not a default path to health. People want to be able to exercise in the comfort of their own home, but with personalised and individual guidance from trained professionals. We’ve even seen a rise in digital access to therapy for mental health, too. It’s a trend we expect to see accelerate in the next few years.
These 5 industries all show strong signs of expanding their digital footprint in the UK- and, of course, their online profit- in coming years, no doubt with interesting shifts in how we conceptualise them, too.
