Jan 13 2020
To help you find the right report more often, IBISWorld is expanding the titles it offers. Our SIC industry report collection is the bedrock of our library, but we know that SIC can often be too broad when dealing with niche or emerging industries. The ONS has not updated the SIC codes since 2007, and technological advancements and changing social trends have allowed a vast number of new and rapidly growing industries to emerge. The first 30 reports in our specialised collection are now online. This includes a number of emerging technology-based industries.
Technology has progressed significantly over the past few decades, creating an increasingly data-driven digital economy. Key developments that have contributed to recent change include advancements in robotics, cloud computing, artificial intelligence and big data.
The effective use of emerging technology has become increasingly integral to an industry’s success in recent years, even for essential services, such as banking and health care. While demand for such services has inevitably remained more resolute to the threat posed by the emergence of innovative competitors, these industries have not been immune to the challenges inflicted by developing technologies. For example, fintech has facilitated the establishment of the Peer to Peer Lending Platforms industry. P2P platforms have captured a growing proportion of the economy by targeting the start-up and SME market, which was previously underserved by traditional lenders such as banks. Over the five years through 2019-20, the industry’s revenue is expected to increase at a compound annual rate of 43.1%, reaching £293.3 million.
In some cases, the development of new industries providing innovative products and services has facilitated the growth of their more traditional counterparts. For example, the emergence of the Online Food Ordering and Delivery Platforms industry has provided a number of advantages for restaurants and takeaways, including access to a wider consumer base with little additional expenditure. The ongoing growth of the streaming platforms has provided further growth opportunities in this area by encouraging consumers to stay at home. Meanwhile, operators in existing industries have sought to penetrate technology-based industries, both through acquisitions and the introduction of new products and services. This trend is exemplified in the Car Sharing Activities industry, with a number of car rental providers such as Zipcar and Enterprise Rent-A-Car establishing car sharing activities in order to expand their customer reach. The growth of car sharing has enabled expansion in the more traditional Car Rental and Leasing industry.