As a result of the pandemic, many in-person interactions from school and work to appointments with doctors, banks, and insurance providers have taken place online.
The Covid-19-induced need to accomplish daily tasks and important appointments virtually has impacted and inspired many industries. This resulted in arguably the only good outcome of the pandemic: tech industries and early trends were accelerated while new tech industries were born and are shaping the post-Covid world.
Tech Industries On the Rise Post-Pandemic
Whether created during or accelerated by the pandemic, the new tech industry across the full range of sectors is on the rise. Changing all aspects of how we live and work, this article focuses on three tech industry sectors, Insurtech, Climate Tech and Blockchain Tech.
More interconnected than meets the eye, tech reports and hiring demand of many successful startups and fast-growth companies show these industries’ strong performance in a post-pandemic world.
Insurtech is a term, similar to fintech, for a company using technology to disrupt the insurance industry.
Insurtech is driving the transformation of the insurance industry, facilitating change and creating opportunities for startups, investors and consumers alike. The pandemic has accelerated the digitalization of the insurance industry, shifting from face-to-face interaction to a substantial rise in digital distribution, servicing and claims.
Insurtech benefits from IoT with an increase in data availability and digital or virtual customer engagement through user-friendly online portals or apps.
Investment Landscape in Insurtech
After an initial slow down during the early days of the pandemic, the importance of Insurtec and its many niches are gaining importance. The use of Insurtec to boost efficiency and automation to sell and service insurances, employee benefits, and especially provide cyber risk insurance are on the rise.
Tech Industry Trends in Insurtech
A recent trend within Insurtec that gains more importance is cyber protection. It is one of the fastest-growing new segments within the insurance industry but currently poses significant challenges.
Another key topic for insurtech is climate change with climate risk and net-zero transition at the top of the list. As research shows, it already dominates risks globally today and will continue to do so long term, driving the need for Insurtech in this area.
Climate tech is defined as technologies that are explicitly focused on reducing GHG emissions, or addressing the impacts of global warming.
Climate tech is rapidly scaling for impact: with the human race facing the greatest challenge of our times, we have ten years to cut greenhouse gas emissions in half and reach a goal of net zero by 2025.
Climate tech is broadly defined to incorporate all innovative technologies that address emissions reduction across all industries. Many climate tech companies focus on mitigating or removing emissions, while others help the world adapt to the impacts of climate change, while others help to deepen our understanding of the climate.
With global panels and organizations urgently calling for action, the climate tech focus lies on speeding up clean tech development and finding affordable solutions for worldwide the adoption of climate tech solutions.
Climate Tech Investment Landscape
With over 3000 identified climate tech startups, the industry is growing fast. In the first quarter of 2022 alone, venture capital firms invested $9 billion into 273 climate tech startups. Climate tech continues to show strong growth and opportunity and now accounts for 14 cents of every venture capital dollar spent.
Tech Industry Trends in Climate Tech
An analysis shows that new investors enter the climate tech market each year, because the industry has matured and is in urgent demand. In addition, as a direct result of the attack on Ukraine, European energy independence has become a focus and is likely to accelerate climate tech investment, according to a PitchBook report.
A virtual ledger capable of recording and verifying a high volume of digital transactions.
In the near future, blockchain technology will spread far beyond the current metaverse uses. Cryptocurrencies and non-fungible tokens (NFTs) will start to enable purchases and value storage in virtual reality across industries from banking to healthcare and retail to entertainment.
The reason for this is the virtually endless opportunity to use transparent, fraud-resistant and verifiable transaction data across all major industries, worldwide.
Blockchain Tech Investment Landscape
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Tech Industries On the Rise Post-Pandemic
Funding for blockchain startups increased by over 700%, reaching $25.2 billion in 2021. At the core of Blockchain tech, the use of digital tokens provides security that is applicable across industries.
A smart contract controls and verifies the transaction, sale and use of a product or service. Ultimately, blockchain is a way to solve problems regarding online trust, identity theft, security and integrity with a multitude of usages across industries wherever multiple parties share access to a database.
This is not limited to a single industry and is on the rise, virtually, everywhere.
- Financial Services
- Travel and Mobility
- Infrastructure & Energy
- Agriculture & Natural Resources
- Information & Communication
- Enterprise Tech
Tech Industry Trends in Blockchain Tech
NFTs are starting to expand beyond art into a broader range of use. Digital currencies including national cryptocurrencies are on the rise. Greener alternatives for energy-intensive blockchains are emerging.
Another emerging trend is the use of blockchain and the IoT. Their compatibility creates a future-focused way to create records of interactions and data transactions between machines. Security and scalability concerns are solved through the automated and encrypted blockchain.
Key Search Hires Your Leaders in New Tech Industries
Key Search is challenging the status quo and envisioning the future, just like their tech industry clients. Applying progressive, digital tools to their leadership recruitment today, the highly adaptive, digital approach at Key Search is ready for the future of executive search and matches our innovative startup clients in new tech industries.
Key Search is a trusted partner for startups throughout the recruitment process. Our team of executive recruiters use exclusive in-house tools to offer our clients the most transparent, tech-enabled executive search process available today.
To find the right leader for your company and to help leaders take the next step in their career, Key Search provides each client and candidate with personalized digital documents as part of their executive recruitment experience.