It has been a difficult few years for the global economy. The Covid-19 pandemic temporarily shut down many industries as countries tried to slow the spread of the virus or were crippled by their earlier inaction. Trade was disrupted and production slowed.
Brexit has been a trade nightmare. A global chip shortage was partially caused by extreme weather events in manufacturing locations, including Taiwan and Texas. Most recently, the Russian invasion of Ukraine has cut oil supplies and disrupted trade further. In short, things have not been going well.
In the last few months, the economies of many countries have begun to stabilise and improve. In many sectors, the rebound has begun in earnest. As governments and corporations look to the future, there is a focus on trying to figure out which industries to invest in. This article will provide a brief look at some of the industries that are expected to show the most growth in the next decade.
Green energy
Thankfully, green energy is one of the industries expected to see the most growth in the next decade. Climate change is the biggest threat facing the world and even though most governments and corporations have been dragging their heels about taking steps towards reducing their environmental impact, we are reaching a point where it is impossible to ignore the ongoing and increasing devastation.
Green energy, particularly in the form of solar, wind and geothermal power, is the hope for the future. At this point, these technologies are on the brink of massive growth. Importantly, the expansion of these industries won’t be limited to the global north, and many developing countries will hopefully be able to benefit from harnessing their own renewable resources.
The growth of the green industry goes beyond solar panels and wind turbines. Initiatives to make residential and commercial buildings more energy efficient will drive growth in various green business sectors. The call for effective, environmentally-friendly building solutions is expected to increase, especially as shortages of traditional construction materials continue.
Healthcare
The past few years have shown how much we rely on our healthcare systems and how thinly stretched they are. The healthcare industry is expected to grow significantly in the next decade. A shift towards team-based healthcare models around the world will be partially responsible for this growth. It is also expected that the mental health industry will respond to increased demand and grow as well.
The growth of this industry will partly be spurred by the fact that the world’s population is aging. The baby boomer generation is growing older and will soon require medical care that our current healthcare systems are simply not going to be able to cope with unless they adapt.
Gaming
According to researchers, the gaming industry is expected to be worth $305bn by 2025. This includes console video games, computer and online games, and mobile games. All of these areas saw a massive spike in growth during the pandemic as people were stuck at home and trying to entertain themselves for months on end. Experts expect that this growth will slow to levels that are more normal but that the sector will continue to expand steadily in the next decade.
The two areas of the gaming industry that are set to see the biggest growth are augmented and virtual reality. These have already seen incredibly development in the past few years and have been incorporated into popular video and mobile games. This is one area of growth that will be particularly exciting and fun to watch as it develops.
Mobile gaming is another area that is expected to see continued growth. The sector has seen so much success because it appeals to a wider segment of the population than traditional console or computer games. The addictive nature of many mobile games makes it highly likely that they will be able to maintain their audience and attract new users as well.
Cybersecurity
As most of our daily activities move online – from shopping and communicating, to work and banking – our digital data becomes an even more attractive target for hackers. Hackers consistently work to outsmart the safeguards put in place and cybersecurity experts are constantly having to predict threats and be innovative.
There is no expectation for cyber threats to decrease in the next decade – in fact, they are likely to increase. Both malicious individuals and unfriendly governments can pose serious cybersecurity threats to both individuals and political structures. The cybersecurity industry will have to grow to keep pace with these threats.
