Keeping Up With Tech Developments For Business Owners – Look To Other Industries Like iGaming For Tips
As an entrepreneur in the modern age, it is essential to keep up to date with rapidly changing and evolving technological landscapes. Competitive industries such as the online gambling sector and recruitment have to constantly be at the forefront of developments so that they can attempt to steal a march on their rivals. Even if these industries don’t interest you or are miles apart from what you are doing, as a business owner you could look to them to learn what the latest trends are. In turn, you could seek to incorporate these into your own business.
Online Casino Industry
The online casino industry was worth $51.96 billion in 2018, and this booming sector is extremely competitive and fierce. It is growing at an alarming rate, and this is thanks to companies’ willingness to adapt to changes in technology. One of the major movements in recent years was the switch to mobile. Online casino operators saw that mobile gaming was on the rise and started designing their sites, along with their online slots, roulette, and blackjack games to work on smaller screens. Now, more players log on to online casinos from their smartphones than ever before and, according to the latest gambling industry news, the mobile gaming market is predicted to be worth $100 million globally by 2021.
Along with mobile, iGaming developers have begun to embrace virtual and augmented reality, as the combined revenue from the new technology is projected to rise to $22.9 billion by 2020. Microgaming has already created a VR Roulette game that allows players to bet on the spinning wheel in a virtual environment. It is expected that other popular games which are prevalent in the live casino world, such as blackjack, will shortly follow suit. NetEnt is another developer working on the frontline of VR, and the company has developed some VR slots including Jack’s World VR and Gonzo’s Quest VR. These state of the art offerings place players in a virtual scenario, looking directly at giant reels. The gameplay mechanics are the same as classic slots, but this marks a huge step forward in the game’s evolution.
The new world isn’t just about VR and mobile; it would also be useful to look at how a vastly different sector is implementing new advances in technology. The recruitment industry is a useful one to look to, as there have been major advancements in the way candidates are sought out and matched to jobs. Large companies now make use of big data analytics to make the process of finding jobs for people simpler and smoother. Big data can be used to improve the quality of new candidates, as well as predicting the hiring-needs of companies. Long gone are the days when recruiters had to sift through piles of CVs and go over them all with a fine-tooth comb. Nowadays, everything is put into a computer and keyword searches will help narrow down those who are right for a particular job.
Some businesses are even incorporating artificial intelligence, and it can be used for things like facial recognition, candidate screening, and social interpretation. This is arguably better than the previous system of having people judge candidates, as it removes prejudices and eliminates the chance of discrimination.
No matter what sector your business is in, you need to be embracing new technology. You should look at highly competitive sectors like the online casino industry and the recruitment industry. This is a good way to find out what the emerging trends are.