According to the metrics, 2024 was some year for business owners, and various industries had magnificent returns. Inflation and interest rates came down, and unemployment was low. Technological advancements and the global embracing of AI-powered tools were among the key driving forces of what might be considered a successful year.
Many businesses also adopted sustainability initiatives and recognized the need to adapt to evolving consumer behavior. However, many small businesses also struggled to compete with their larger counterparts. The bulk of national data points came from Fortune 500 and 1000 companies, masking the struggles of smaller businesses. Here’s an overview of the industries that had the best financial year in 2024:
Gaming and Entertainment
The gaming and entertainment industry experienced significant growth over the past decade, particularly following the lifting of PASPA laws and the widespread legalization of casino and sports betting. All verticals in the industry, from console, PC, and mobile gaming to eSports, virtual reality, cloud gaming, and casinos, saw robust growth in 2024. Streaming services also became intertwined with live sports broadcasting. According to casino.com, Michigan retail and online casinos drove a record-setting year, with the MGCB (Michigan Gaming Control Board) reporting several broken casinos and iGaming records in 2024.
The state collected over half a billion dollars in gaming taxes, making Michigan one of the top gaming markets in the United States. Technologies like augmented reality and virtual reality gained mainstream popularity as VR headsets became affordable and easily accessible, providing new ways to engage audiences. The industry also saw a rise in revenue streams thanks to live-streaming partnerships, in-game advertising, the growing popularity of interactive media, and a growing audience looking to consume digital media.
Cryptocurrency and Fintech
The cryptocurrency industry broke through significant milestones that have seen coins like
Bitcoin reach the $100,000 mark. In fact, recent leaks suggest Bitcoin could reach a $100 trillion valuation in the coming years, thanks to anticipated policies by the incoming Trump administration. In 2024, Bitcoin had its most recent halving, which usually coincides with soaring prices, and that’s exactly what happened. The crypto’s value currently hovers around the $100,000 mark, and classic investors now have access thanks to spot Bitcoin ETFs that the SEC approved early in 2024.
The financial technology or Fintech sector also experienced significant growth as more people shifted toward democratized financial services. Widespread adoption of cryptocurrencies, NFTs, and crowdfunding are credited for the sector’s success, with the projected CAGR set at 25% to 28% from 2024 to 2028. Some countries have already accepted cryptocurrencies like Bitcoin as legal tender. Decentralized finance systems are also becoming more prevalent as the world braces for more democratization.
Technology
There’s no doubt about the milestones seen in the technology sector, particularly artificial intelligence, cloud computing, and cybersecurity. Since the introduction of ChatGPT in 2021, generative AI has revolutionized various industries and it seems like every new app or software is powered by the technology. AI’s massive analytical capability has made it a frontier for automation, which translates to operational efficiency for various businesses.
The global AI market is currently projected to reach $200 billion by the end of 2025 and upwards of $15 trillion by 2030 in terms of global economy contributions. AI is ubiquitous in the modern era of content creation and online ventures. Programmers, game developers, bloggers, students, animation creators, movie and music producers, and other professionals can leverage generative AI to automate processes, test systems, and analyze massive volumes of data.
Other Thriving Industries
Many other industries, including renewable energy, eCommerce, healthcare, biotech, and telecommunications, had a successful 2024. The renewable energy sector surpassed a trillion dollars in terms of investments, with global initiatives spearheading the transition to low-carbon economies. Solar and wind power were among the top contributors to this success, complemented by the rise of electric vehicles and battery storage. Solar power investments alone were around half a billion by the end of the year.
E-commerce continued its upward trajectory, exceeding $6 trillion in terms of sales, thanks to advancements in logistics, last-mile delivery, digital marketing, and emerging technologies like AI. The healthcare and biotech industries also saw increased funding, with gene editing, telemedicine, and personalized medicine emerging as leading frontiers in the sector. The global adoption of 5G connections also resulted in nearly 2 billion connections, bolstering growth in the telecommunications industry. The sector is currently projected to grow at a 60% CAGR from 2025 to 2030.
Key Takeaways and a Look Into 2025
Various industries flourished in 2024, bolstered by advancements in technology, declining inflation, and low unemployment. The gaming and entertainment sector saw an influx of punters, and crypto investments rose, thanks to the introduction of spot ETFs that made the investment boat more accessible to traditional investors.
The hiring and recruitment industry shifted toward AI interviews while democratized services continued to revolutionize various industries. These industries are projected to keep growing, with Fortune 500 companies leading the way. Small businesses can also leverage technological advancements to scale up and boost operational efficiency despite the obvious need for inclusive strategies.