The global economy is constantly evolving, and some industries are poised to experience much faster growth than others in the coming years.
In this follow-on to the ‘industries in retreat‘ article we posted earlier, here are the 10 fastest growing industries that are expected to experience significant growth over the next 20 years, according to various economic forecasts:
Renewable Energy: Renewable energy, such as solar and wind power, is expected to be one of the fastest growing industries over the next 20 years. As countries around the world increasingly transition away from fossil fuels, the demand for renewable energy is expected to grow significantly.
The global renewable energy market is expected to grow at a compound annual growth rate (CAGR) of over 10% between 2021 and 2030.
Artificial Intelligence (AI): AI is already transforming the way we live and work, and its impact is only expected to grow in the coming years.
The global AI market is expected to grow at a CAGR of over 30% between 2021 and 2027.
Biotechnology: Advances in biotechnology are expected to lead to major breakthroughs in healthcare, agriculture, and other fields. Whilst a similar story to ‘nanotech’, which has many false dawns, biotech seems more substantive this time around.
The global biotechnology market is expected to grow at a CAGR of over 8% between 2021 and 2026.
Health care: The global healthcare industry is expected to continue to grow rapidly as populations age and demand for healthcare services increases.
The global healthcare market is expected to grow at a CAGR of over 7% between 2021 and 2027.
E-commerce: The COVID-19 pandemic has accelerated the shift towards online shopping, and the e-commerce industry is expected to continue to grow rapidly over the next 20 years.
The global e-commerce market is expected to grow at a CAGR of over 14% between 2021 and 2027.
Cybersecurity: As more and more business and personal information is stored online, the demand for cybersecurity services is expected to grow significantly.
The global cybersecurity market is expected to grow at a CAGR of over 10% between 2021 and 2026.
Big Data: With the explosion of data in recent years, the demand for data analytics services is expected to grow significantly.
The global data analytics market is expected to grow at a CAGR of over 25% between 2021 and 2026.
Virtual Reality (VR) and Augmented Reality (AR): VR and AR technologies are expected to become more mainstream in the coming years, leading to significant growth in the industry.
The global VR and AR market is expected to grow at a CAGR of over 35% between 2021 and 2026.
Smart Cities: As urban populations continue to grow, the demand for smart city technologies, such as intelligent transportation systems and energy-efficient buildings, is expected to increase significantly.
The global smart cities market is expected to grow at a CAGR of over 20% between 2021 and 2026.
Reinforcing this trend has been the recent rise of announced experimental “15 minute cities”, where the local populations are encouraged to not leave their suburbs. Whether this trend is a response to COVID lockdowns, or part of some new governmental control mechanism is up to the opinion of the reader.
Electric Vehicles (EVs): The shift towards cleaner energy is expected to lead to significant growth in the electric vehicle industry.
The global electric vehicle market is expected to grow at a CAGR of over 30% between 2021 and 2026.
These industries are all expected to experience significant growth, and they present many opportunities for entrepreneurs and investors looking to capitalize on these trends.
However, it is important to note that these growth rates are predictions based on current trends, and there are many factors that could impact the growth of these industries over the next 20 years. Legislation on a local, national, or international level, along with technology breakthroughs could alter trajectories.
