The future is here, and it is imperative to be aware of the industries fuelling the world through the roof towards massive growth. Many upcoming industries hold immense untapped potential that will be of use in the next decade.
Several popular, thriving industries of the past are facing a gradual decline in value at present. This situation is indicative of the onset of the subsequent, massive overhaul that most prominent sectors of today will be facing.
This compilation of the top 10 growth industries for the next decade focuses exclusively on the most eminent industries that possess the scope to bring about a revolution in vital spheres.
1. Artificial Intelligence
It is no secret that artificial intelligence and its associated sub-domains will be the front runners concerning all the major, multi-billion dollar industries worldwide. Automation is the primary feature that artificial intelligence has brought forth to establish its prominence.
Making intelligent, data-driven decisions will become a breeze henceforth. The plethora of business industries that will experience modernization due to artificial intelligence includes agriculture, law, marketing, robotics, e-commerce, and automobiles, to name a few.
This industry is expected to touch a whopping net worth of $120 billion halfway through the upcoming decade.
2. Machine Learning
This domain works closely in tandem with artificial intelligence to create a complete upheaval concerning the prediction of future trends. Hence, the scope of this discipline is utilized extensively in the stock market, automotive industry, and quantum computing.
Machine learning achieves this outcome by combining the strong suits of programming, data science, algorithms, and engineering. These existing high-demand skills will experience a further surge in value in the upcoming decade.
The job scope of this industry is growing exponentially at present. An estimated net worth valued at $100 billion is the prediction for this sector for the next half-decade.
3. Virtual Reality
The ambit and overall demand for the niche of computer simulation are currently skyrocketing in multiple technology domains. Gaming, therapy, education, architecture, automobile manufacturing, tourism, and marketing have benefitted tremendously.
The provisions provided by this industry to test out scenarios virtually without enlisting the assistance of real conditions and excessive budgeting is indeed a paramount asset that labor cannot replace.
According to market research, the virtual reality industry will hit the $110 billion mark by the next decade.
The education industry is undergoing a comprehensive revamp at present. The traditional teaching methods are slowly transcending towards a newer approach that combines technology and thoroughly utilizes its assets.
Online certifications, distance learning, free-of-cost courses are all enjoying immense popularity amongst learners currently. The ed-tech industry is the principal pioneer behind all of these novelties.
It is witnessing the investments of several industry giants who have recognized the immense prospects that this sector holds. Therefore, this industry is expected to cross the $150 billion record by the end of the forthcoming decade.
5. Cloud Computing
Storing data has always been a matter of concern due to the constantly increasing scale and lack of resources to handle the massive inflow of information. Cloud computing has provided the solution to this predicament with its vast array of amenities.
Popular services that tap cloud computing assets include Dropbox, Gmail, and Netflix, to cite a few. Another reason this industry is currently under the limelight is due to the different career options it provides.
Data scientist, Java developer, software architect are some of the lucrative opportunities you can consider. The overall industry value of this sector is expected to touch the colossal figure of $1000 billion by the conclusion of this decade.
The world cannot operate without financial transactions, which poses a ubiquitous requirement for this domain. The different sub-categories under finance, such as stocks, cryptocurrency, investments, and banking, all have far-reaching margins for the future.
The global economy depends wholly on this sector, thereby creating numerous career possibilities constantly. The finance sector collaborates with several other blooming industries such as data science, predictive analytic, cyber security, etc.
Hence, there will be no dearth of potential for the scalability of finance in the next decade. The net worth of this industry will rise to $1 trillion by the end of this decade.
The welfare of the environment and the efforts to conserve it are of prime concern nowadays. Nanotechnology plays a key role in improving the overall energy efficiency and sustainability for the future.
The expanse of this sector throughout multiple sub-areas such as food processing, medicine, environmental sustainability makes it a highly tappable resource for the upcoming decade.
Nanomaterials and microbiology are the main pillars in this specialization that propel its usage highly. Hence, the total net worth of this industry by the end of the following decade is estimated to touch the staggering figure of $1 trillion.
Automation will lay the foundation for most of the major activities of the future. Drones are aerial devices that can be operated without human intervention. Their utilization will aid several sectors such as e-commerce, modes of combat, supply chain industry etc.
Entrepreneurship is the main area of functioning that will enjoy the benefits of this industry’s growth in the upcoming decade. A rough estimate of $42 billion is supposed to be the overall turnover for this sector in the next decade.
9. Social Entrepreneurship
Sustainable energy sources are the need of the hour to maintain the Earth’s habitability in the future. Green companies are rapidly rising prominence with a specialized focus on using renewable energy substantially.
Multiple start-ups are coming to the forefront with more innovative ideas regarding green companies. Hence, the next decade will see a notable increase in the overall net worth of this industry, reaching up to $32 million on average.
The rapid advancements in the domains of mechatronics, software engineering, electronics and computer design have amalgamated to make robotics one of the fastest growing industries.
Health, mining, agriculture, food processing are some of its key areas of requisition. Due to the high demand and employment of these devices, the market value of this sector will rank up to $27,000 million in the next decade.
Wrapping It Up
Industry growth holds high relevance to ascertain the overall value and potential that the sector possesses. Humongous advancements and breakthroughs in various fields such as engineering, technology, automation, finance and entrepreneurship are the reason behind it.
The top 10 industries with the maximum scope for growth in the upcoming decade are listed, with the maximum value they are estimated to touch. Hence, you can base your investment decisions and career choices according to these statistics and analyses.