Top 5 Fastest Growing Industries in the World
Mar 06, 2019 HospitalityEconomyBusiness
Today’s world is nothing like it was a decade ago. Technology grows exponentially, the medical field improves at supersonic speed, and realities adjust and change. It can be hard to keep up with advancements and new industries directing the future. Here are the top 5 fastest growing industries in the world.
1 – Renewable energy
Renewable energy is the focus. How to save our planet and handle the decreasing levels of fossil fuels? Through renewable energy sources that replenish themselves of course. For example, solar energy, wind energy, hydropower, geothermal energy, and biomass energy etc. As effort and resources continue to further the renewable energy sector, prices drop and allow countries that couldn’t finance the development previously. The growth of this industry is so fast that the renewable energy market is already worth $1.35trillion.
2 – Cybersecurity
Connectivity around the world has kicked up as internet and electronics continues to evolve, reaching new horizons and previously untouched areas to life. One such area is the need for protection with the worldwide system of networks. Enter cybersecurity. A major concern for individuals and governments alike is to keep personal data and online transactions safe and protected from any form of online crime. Cybersecurity has become a priority for anyone connected to the internet, and will only increase in importance as technological advances increase. Experts predict that the global market will be worth $165.2bn by 2023.
3 – Biotechnology
Biotechnology is the use of living systems or organisms to develop or make products. As sci-fi and futuristic as it sounds, it’s well beyond creation and implementation.
Bio-engineering and genetic modification for example have been advancing society for many years now in the medical, agricultural, industrial and environmental sectors. We now have medications that can cure genetic diseases; we’ve genetically modified vegetables, fruits, cows, to improve production an yields; micro-organisms are used to produce industrial useful products; and we’ve created things and creatures so to speak that can help clean up oils spills, and so much more. The human mind continues to develop amazing technology, with knowledge of biological systems and outdo our own greatest discoveries by the year. This creepy mix in domains is taking our species to a whole new level.
“The need for biotechnology is in such high demand that the market is estimated to be worth $727.1bn by 2025 with a growth rate of 7.4 percent.”
4 – Virtual reality
Virtual reality may have been around since the 1990s, but its only recently taken off as a massive industry of much importance. Other than entertainment, VR is now used in rehabilitation, military, sports, construction, air flight training and much more. Its benefits are increasing all forms of education and training, reducing negative consequences by having simulations to run instead of real life. Its growth has been doubling by year.
“…worth $6.1bn in 2016 to $14.1bn in 2017. The market’s rapid growth makes it an extremely successful and fast growing industry not only to be in, but also to invest in.”
5 – Artificial intelligence
Artificial intelligence is everywhere; taking over the manufacturing industry, cars, movies, in homes with Amazon Alexa, in the medical realm to identify diseases, in use in countless military applications, entertainment, and so on. This industry is where robots and a ‘Matrix’ style of advancements are creating the future of the world. When you think of the possibilities we can create with the mix of Biotechnology and AI, it wouldn’t be surprising if the worth jumped much higher in the coming years.
“This competitive market will be worth almost $9bn by 2025.”