The tough time is on and the industries are severely suffering from the massive disruption. The outsourcing destinations are in strict lockdown and the businesses are in no mood to invest over the uncertain situations. The whole world is facing Corona breakdown and the consumers are less interested in moving out.
This way, the mobile app development services are at their high. The services at the customer’s hand are the ones, which are rendered online, and being used majorly.
Social distancing is the new norm and even door delivery services are broken down. The business plans are now taking a new turn.
The most lucrative plans are the ones, which negates the socializing and the demand no physical vicinity. The entertainment industry is now more or less limited to mobile screens and video-sharing platforms such as Youtube, Vimeo is loved by people.
In this situation, there are few industries, that are really working well such as Medicine delivery industries. These industries have earlier switched to online apps and strongly gripped the market.
Note: During the break of Covid19, This is also our social responsibility to maintain the social distancing and follow the strict guidelines delivered by WHO. COVID 19 has given the industry a great jitter. Stay safe and avoid socializing in the wake of this pandemic.
Here in this article, we will be discussing the seven most profitable industries in this clogged market.
- Education Industry
- Healthcare Industry
- Food Industry
- Entertainment Industry
- Music Industry
- Film Industry and Live streaming
- Logistic & Delivery Industry
- Tech SaaS Products Industry
The local schools, colleges, institutions and, universities are the places where the high level of socializing takes place. The groups of people are very common there.
A few years back, the education industry took an amazing turn and switched to online education. The apps are built to reach far areas and the renders the more convivial environment for the education to grow.
The AI integration tools in mobile development services are also leveraging the benefits of this high demand. The teacher and students both engage with the help of the digital toolbox. The self-paced practice was estimated to US$ 46.67 billion
Online learning apps are in high demand today and the technology has entered into the classroom system via smart learning.
The demand of time shows the right step taken by the education industry, and the move has proven to be more practical when the social distancing is the demand of time. Let’s look at some data, supporting online education over cross platforms.
- The worldwide e-learning market is estimated to be worth US$325 bn in 2025.
- The rate of use for online learning in US Corporation was approx 77 percent in 2017, which rose above 95 percent in 2020.
- Around 67 percent of US companies offered mobile learning.
- Between the years of 2001-2017, e-learning culture increased around 900 percent in companies.
- A survey of 2500 companies brought 218 percent and 24 percent higher revenue per employee and profit margin respectively.
The E-learning market is forecasted to surpass US$243 billion by 2022. The powerful IT giant IBM experienced nearly five-time material without spending time in training.
Specifically, around 42 percent of the companies say that e-learning leads to a significant increase in revenue (The Ambient Insight 2012-2017 Worldwide Mobile Learning Market – Executive Report).
The E-learning saves the cost and reduces the expenses of mobile app development companies. IBM reported saving $200million by switching to e-learning.
Because it saves, the cost related to travel, hotel rental, equipment, and instructor. Also for ecological reasons, the online learning program is promoted.
Britain’s Open University suggested that e-learning saves an average of 90 percent less energy and produces 85 percent fewer CO2 emissions per student. (Knowledge Direct Web)
The Healthcare industry is one of the most stable industries in terms of revenue. The global market slowdown hardly affects healthcare negatively.
Healthcare is the industry segment, which has largely integrated the technology in itself and thus becoming a powerful part of the working methodology.
Apart from the hospitals and clinics, the online medicine delivery apps, on-demand doctor apps and other apps such as 1mg, are the ones that are found helpful for the people during Covid19.
The pandemic has increased the necessity of such online medicine delivery. Alongside IoT has given an additional push along the way with mobile app development services.
The global IoT healthcare market size crossed USD 147 billion in 2018 and presumably witnessing 19.99% CAGR in a forecasting period from 2020-2025.
The high use of wearable technology and the emergence of the connected cares have raised the investment, where the prevalence of chronic diseases made a positive impact. Approximately, 90 percent of the healthcare organization has adopted digital mediums for better healthcare.
A growing need for a connected healthcare system is critical for chronic patients, reduced cost of care, better treatment, and real-time disease management. The system and software segment is the highly growing part in healthcare with a CAGR of 21.2 percent.
On-demand doctor app development kept the largest revenue share in 2018, which is accelerated by growing patient monitoring and chronic illness.
The recent advancements in telemedicine technology are driving more revenue for the industry and healthcare companies are focusing on innovative telemedicine solutions.
The online medical apps provide a wide range of telemedicine services via remote consultation, Doctor on Demand and medicine delivery apps. The estimated global EHR/EMR market in 2020 is estimated to be USD24 billion.
Every one of us likely to order the food online once in a month and there is a number of food delivery apps lined up on your smartphone screen.
It is not a surprise that the online food delivery apps are set to swell to whopping USD200 billion by 2025 with the help of React Native app development companies.
Online food delivery apps are more used because of the easiness of the procedure. Online food delivery is now easier than heating up the frozen meal in a microwave.
Initially, the individual restaurant owners started rushing for online food delivery app development while later the slew of companies lined up for providing the veritable buffet to customers.
The online food delivery app development offers the thousand of restaurants and millions of amazing dishes. The industry has grown rapidly because customers prefer to order food online instead of spending protracted hours.
- The online food delivery segment is estimated to gain revenue of US$122739 million in 2020.
- The annual growth rate of revenue is 7.5 percent, which can raise the market volume by US$164002 million by 2024.
- The platform for consumer delivery gains a market volume of US$62798 million in 2020.
According to reports by Frost& Sullivan, the online food industry made the gross revenue of $82 billion in 2018, which is likely to rise double by 2025, with a cumulative growth rate of 14 percent.
In North America, the largest player Grubhub has planned to host over 10 online food delivery companies. The company covers a one-third share of the market.
Europe also has more than 10 online food delivery companies, where the Dutch company Just Eat has its respectable presence in more than eight countries covering 83 percent of the UK market.
The most crowded market in Asia is the largest one in the food industry. The two most densely populated countries are located in Asia and therefore 55 percent f the market share comes from Asia.
Concentrating more inside, USD 34 billion was calculated to come from China in the online food delivery segment.
The huge prevalence of online food delivery has blurred the dine-in culture and the traditional dine-in is now replaced with the love for watching Netflix with loved ones while chowing on the best food.
Looking at another fact, the Uber Eats also drove in a huge investment and became a highly grown company launched in 2014.
The data recorded in 2018, Uber Eats values at USD 20 billion and registered the revenue of 1.4 billion USD annually.
The massive increase in the market does not happen overnight and without investment. In 2018, more than $9.6 billion was put into the segment where 60 percent received by Asia. .
Top online food delivery apps:
- Uber Eats
- Grub Hub
- Just Eat
Launched in 2014 by ride-hailing agent Uber, the service exists in 6 continents and over 25 countries. The app connects more than 130000 restaurants becoming the largest food delivery app worldwide.
The largest takeaway food delivery company in the US avails 85000 local takeout restaurants from 1600 cities in London and the US. The company claims to get 60 percent of the business from a mobile device.
Founded in 2001, the service covers 82000 restaurants from 13 countries. The app has 22 million customers with more than 170 million orders on the app annually.
COVID 19 has significantly affected the growth of the market and twisted the momentum towards selective segments only.
The consumer behavior changed during the COVID 19 and the outbreak came along with quarantining compulsion, Lockdowns, and social distancing.
These positively affected the media consumption, that risen up to 60 percent according to the research by Neilson US media team.
The outbreak is widespread over the world and has reached over 195 countries. The powerful developed economies are facing lockdowns and requesting their people just to stay home.
The content creators, networks, media agencies, brands, and advertisers are having a great opportunity to engage the consumers. TV programs are getting more TRPs.
Thousands of tours been canceled, along with the number of music fests in unprecedented uncertainty, the future of the music industry is bleak, which gave a hidden boost to music streaming app development.
COVID-19 pandemic has significantly affected the freelancer workforce of the music industry. According to the survey, around 94 percent of UK musicians work on freelancing or part-time for income.
A few most notable and dramatic music festivals including Coachella, Download Australia and UK’s flagship music festival Glastonbury is canceled.
Glastonbury has faced a revenue loss of £100 million. In the wake of this, no one is stopping the locked down from consuming the recorded music.
It is reported that streaming revenue is expected to stay stable in the face of the current climate, where mobile app development companies are at the benefit of their apps.
This hard time is tough and we all are committed to defeating Covid19 with effort together. The entertainment industry is keeping people engaged and obviously making a profit because of the direct correlation between media consumption and time spent at home.
Also Read:-How to Create a Music Streaming App?
This gave a high time for advertisers and brands as well to show the best of their stories and launching new food delivery app services.
The mainland was the first one to feel the impact of Covid19 and the insights from there gave companies enough idea of consumer behavior and market needs over time.
Film Industry and Live streaming
The mainland researches showed a significant rise in television audiences. According to reports, the first three weeks in the mainland seen the growth of 1 million in TV viewers, increasing the total viewership to 21 million.
Kids are now at their home and forced to stay indoors. In the wake of this animation and cartoon, the industry has ramped up its services.
The authentic source from CCData and Television Broadcasts Ltd states the expansion of the entertainment industry and therefore urged the demand for new apps. The part of China has ramped up eCommerce production.
More than half of the world is under lockdown. The total internet hits have surged between 50 percent and 70 percent, while the streaming has jumped by 12 percent.
The streaming of planned sports and music events such as E3, NBA, Tokyo Olympics, Cannes Film Festival have replaced with shows such as Coldplay’s Chris Marin, U2’s Bono, Yungblud and Christine & The Queens.
For the increased demand, the streaming service Disney+ and social media, Facebook, Amazon, and Youtube have lowered the quality of video streaming. Spotify has launched Spotify COVID-19 Music Relief Project.
Along with other industries, Pandemic has affected the movie entertainment business. The theater attendance is expecting undoubtedly and the real loss depends over the length of quarantine and lockdown.
However, digital streaming is the dominant global entertainment revenue and more content is available from music streaming app development streaming providers.
Logistic & Delivery Industry
During the pandemic, keeping the essential service on the go is super essential. The proper working of supply and delivery services can save people from being panic and stop stocking.
The economics is directly related to the logistics and the proper commutation leads to the better procurement of the essential strategy.
In the wake of sincere efforts by all departments, logistics and delivery are essential. The businesses directly rely on timely delivery services.
AI and navigation technology is playing a great role in the logistic industry. The proper estimation of the time to delivery, location of the trucks, the damage to the goods, the value of scraps, incurred loss, and probable contingency are essential to maintain the right prices of goods.
Logistics and Delivery service constitutes 5 percent of the UK GDP and employs more than 1.7 million people. Today there is a trend of third-party logistics (3PL) and globally 40 percent of the organization uses 3PL and globally it worth $750billion along with $174 billion in Europe.
According to Philip Kotler, Logistics can be defined as the process of planning, controlling and implementing the physical flow of material from the origin point to a meeting point to meet customer’s needs.
The function of logistics that are made possible with the help of IT:
- Order processing
- Inventory planning
From checking the order, price determination, delivery terms, checking the availability, scheduling to acknowledging the orders, the Software industry eases the task with automation.
Activities such as inventory forecasting, engineering the quantity, service optimization, and inventory deployment.
This incurs the majority of the cost and improper management can create a host of problems.
This is helped through the global positioning system and navigation software.
Tech SaaS Products:
The quarantined world is still good while working from home. With the start of global lockdown, the businesses are now relying on remote working management software and online meeting platforms.
The business needs to work to keep the economy stable. The time tracking apps and the online interview app solutions are keeping the industry at pace while maintaining the software industry’s health.
US and Europe industry rely heavily upon the outsourcing destinations for IT and mobile development services. The small enterprises are dependent on the outsourced work and in house, teams are now replaced with work from home culture.
The online remote working management software is essential and therefore the software as a service industry is in profitable share with SaaS application development.
SaaS is one of the most profitable industries during COVID 19 and here are some supporting facts for the same.
- Around 84 percent of the SaaS customers from free trials are unique visitors.
- The survey reports 38 percent of the companies run on SaaS.
- By the end of 2020, 73 percent of the companies are complying to look for SaaS application development.
- 86 percent of the businesses are experiencing higher employee engagement.
- Among all, 70 percent of the active trial users contact to purchase paid solutions.
- A company uses 34 SaaS apps on an average.
- SaaS is the demand of time and it is the safe method to keep business running.
COVID 19 has brought a significant halt to the businesses, but still, there are a few industries, which are running well.Actually, the focus of customers is now more concentrated over the above seven segments and therefore they are among only earning members of the market.
COVID 19 is a tough fight and everyone is fighting really well for defeating Corona. The above industries are not only keeping our business running but also strongly supporting with the right time of delivery, restricted cost, Media streaming, and food delivery. Lockdown is serious and we hope the market to rise again, once the COVID 19 pandemic is over.