Amid the economic shroud, some industries just keep on profiting, even with a global pandemic raging. From software and hardware to pharmaceutical and online retails, many sectors could wrestle for the title of the most profitable industry. In this slogging thread, our community shared their guess on the most profitable industries at the moment.
This Slogging thread by Mónica Freitas, Jack Boreham, Sara Pinto, Abeer and Cris Silva occurred in slogging's official #random channel, and has been edited for readability.
What industries right now do you think are the most profitable?
NFTs without a doubt!
Jack Boreham, my understanding of NFTs is that it is still a "niche" industry. So what makes you think that it would be one of the most profitable industries worldwide?
Well, if you buy the right ones and have the money, some of them will go to the moon!
The hype is so high right now.
Anything will sell.
Mónica Freitas, I think that maybe the online shopping industry. Most people I know prefer to do their shopping online over going to stores. Plus, we have websites for every single topic with all the products we may need (clothes, furniture, household appliances, computers, and so on). We can even do our grocery shopping online and receive the products at home.
Jack Boreham, this news has been around about NFTs losing value really quickly. Do you think that can affect the general NFT market?
Sara Pinto, oh, that's a good one. I'll read some recent data about online retail that increased by 6 to 10 percent during covid-19. This comes as no surprise, but what I find the most interesting about this is how small businesses managed to grow online during that same period. With the lock dows, people were spending more time on their phones, which increased the chances of getting ads or coming across accounts of small businesses.
Mónica Freitas, some are, but a lot are not. It's basically gambling right now 😂
I would probably also say gaming, the margins on some of the titles nowadays are bloody ridiculous.
Mónica Freitas, my first thought was AI/ML as it’s growing frighteningly fast but thinking about how fast the tech industry is evolving, I’d probably say Security is extremely profitable and will be even more profitable as time goes by.
Jack Boreham oof, that's not very reassuring to people starting to invest in NFTs.
Jack Boreham, I'm with you on that. I think gaming, along with the entertainment industry in general, is probably one of the most profitable ones at the moment.
Jack Boreham, how do you think VR will change the gaming industry? Do you believe it's already impacting revenue streams worldwide?
Abeer, I think AI can be highly profitable a few years into the future, though I'm not sure it would be on the very top worldwide. But as for security tech, that's a great guess. It has been used for years, and it is still in demand. We're even seen bots being built for security, and virtual home assistants develop to include security directives, so it's a big one for sure.
Mónica Freitas, I don't at the moment. I believe when the tech improves, and it gets associated with the metaverse it will change gaming.
Jack Boreham, I do wonder how the metaverse will merge gaming and entertainment in one platform.
Mónica Freitas, I think the pharmaceutic industry for sure - especially with COVID 19. Everyone needs medicines for whichever health condition, so pharmaceutic companies can set their own prices (not entirely, of course, but they do have a say in it).
Cris Silva, that's a great guess. The pharmaceutical industry has certainly seen its role increase in importance these past few years. Yet, even without covid, pharmaceuticals were still highly profitable. Do you think there's a downside to having so much profit to be gained out of medication?
Mónica Freitas, yes! The great thing about the internet is that it's open to almost everyone, and it brings so many opportunities to grow!
Sara Pinto, so true! Hopefully, it will keep giving opportunities to small businesses.
Mónica Freitas, maybe. If there is a point at which the pharmaceutical industry prioritizes profit over health safety. Hopefully, we don't get to that.
Cris Silva, that'd be a dark reality indeed. Hopefully, we'll keep working towards health instead of profit.
In other news, I found out Insider Monkey's take on the top five most profitable industries.
In first place, we have Software (System and Application), followed by Computer Peripherals and Drugs and Pharmaceuticals. In fourth place, Oil and Gas Industry and Household Products close the top 5.