Which growing industries in Kenya should you know about?
Kenya is one of the most important places in Africa. With the modern capital of Nairobi showing the world what it has to offer, the country has a strong economy which is built upon some high-performing industries. While sectors such as agriculture have been key to Kenya for many years, recent times have led to new ones growing to become major players.
But which are the most eye-catching to know about?
Sports betting
As of 2021, the sports betting and lottery market in the country were valued at $40m and this figure is predicted to grow more in the future. Although casino and lottery games do play a part in this, it is sports betting which dominates the Kenyan gambling landscape.
Much of the recent growth of this industry in the country comes down to the excellent framework put in place to regulate the market, the popularity of mobile betting and the number of safe sportsbooks to bet with now available online in Kenya. As this BetWinner promo code shows, the best sportsbooks in the country not only give great extras to bettors when they sign-up but a range of other features as well.
Construction and real estate
Another of Kenya’s fastest growing sectors is real estate/construction. The upward trajectory it has been on started way back in 2017, when growth of 7.4% was recorded. Since then, it has continued to perform impressively and rapidly ascended in the Kenyan economy.
Much of this sector’s growth lately is attributed to the Government’s public infrastructure works, which have given a boost to construction firms. This includes such things as building more roads and railways across the country. The Kenyan Government’s recent push to provide affordable accommodation has also helped both these industries flourish lately.
Technology
The Kenyan tech scene has grown by around 10.8% since 2016, allowing Information and Communications Technology (ICT) to become one of its most exciting industries moving forward. This is no surprise when you see how well tech performs across the globe and how key the latest technology is in everyone’s lives.
Kenya has quickly positioned itself as a leading ICT hub in Africa and is informally known by many as the ‘Silicon Savannah’. With more people in the country being able to not only access the latest tech but also becoming skilled in how to use it, Kenya’s huge ICT talent pool is helping this industry grow fast locally. Over time, this should only be something we see more of.
Fast-growing Kenyan industries to watch out for
When you also add in how many of the 10 top companies in Kenya have enabled the banking sector to flourish lately and how other industries such as transport are growing, it is clear what a fantastic outlook the country has. As these new industries continue to bring new energy to the economy in Kenya, this can only be a good thing for those who call it home.
