Widespread layoffs at some of the biggest (and thought to be untouchable) names in tech have rattled the industry, understandably so.
And while the headlines might have sparked fears of a recession over the past few months, the tech industry as a whole is robust enough to weather the current storm well into 2023 and beyond, especially in certain sectors.
Bright future for B2B fintech
External pressures and overly optimistic growth forecasts might have caused thousands of global B2C fintech employee casualties towards the end of this year, but the future looks bright for B2B fintech in 2023.
In fact, fintech in Europe is forecast to grow in the next 12 months with Sweden and the UK standing out for their fintech ecosystem performance. That’s according to a recent report by McKinsey, which also established Ireland, Netherlands, Denmark, and Switzerland as forces for growth.
Cloud and cybersecurity growth
The cloud sector has become synonymous with cybersecurity, and the need for more secure networks across all industries has meant 43% of organisations globally are struggling to find top talent, meaning an even greater reliance on automation and managed security tools. This is partly down to a mass move away from network-centric security to data-centric security.
Cybersecurity is expected to grow globally by 14% before 2029, understandably so when you consider the shift towards online systems for the vast majority of small and medium businesses (SMEs) in the post pandemic world. And with 28% of European SMEs having experienced cybercrime at least once, it makes sense that securing their data has become a top priority.
Rise of blockchain
The evolution of Web3 is dependent on the adoption and assimilation of blockchain technology into our everyday lives. With experts predicting that the sector will add €5.67 trillion to the global economy by 2030, blockchain careers cannot be ignored.
While cryptocurrency has dominated the blockchain space in recent years, the infiltration of blockchain technology won’t just be seen in retail, media, and entertainment; Market Research Future also predicts that decentralised finance will become more prominent within traditional banking, financial services and the insurance sector.
AR/VR on the rise
Everyone from George Harrison to Madonna has sung about humanity living in a material world but it looks like we could be swapping materialism for a virtual world from 2023 onwards as augmented reality (AR) and virtual reality (VR) accelerate towards widespread adoption.
