If you are an aspiring entrepreneur with big dreams, it’s important to understand what’s happening in an evolving world economy before jumping in. Advancements in technology have changed the business landscape, with various technology sectors growing by leaps and bounds. While coming up with the Next Big Thing may be a difficult task in a competitive world, many smaller profitable business ideas can come if you understand the big picture.
In this article, we will summarize 13 of the fastest growing industries in the world.
As concern about climate change grows, the renewable energy industry is growing at a rapid pace. Renewable energy is energy that comes from a source that is not depleted after use and includes solar, wind, biomass, and hydroelectricity. Renewable energy technology is advancing at an astounding pace, with new applications emerging and greater efficiencies being achieved. Driven by these advances, the renewable energy industry is projected to more than double by 2030, reaching a value of nearly $2 trillion.
You can learn almost anything online now from all sorts of sources, including universities that offer online degree programs. Other sites allow subject matter experts to create courses that can be taken by anyone in the world. Examples include Udemy and Coursera, both of which have grown into huge publicly traded companies. The e-learning industry as a whole is worth over a quarter billion dollars and is projected to grow to $1 trillion by 2027.
Artificial Intelligence (AI)
Essentially, AI refers to systems that can mimic human intelligence and perform tasks, including problem-solving, without human interference. It’s used in all sorts of applications including cybersecurity, trading in financial markets, and research and development of all kinds. In simpler applications, it’s used as a virtual assistant tool, a language translator, and for spam filtering. The AI industry is projected to grow by more than 10 times by 2028, especially given the amount of PR and marketing being done by AI brands.
Cloud computing is simply the delivery of computing services over the internet. It’s used for data processing, data storage, automated decision-making, and more. It helps companies to save money on IT costs and reduces the need for hardware that requires maintenance. It’s clearly the future of all computing, thus the cloud computing industry is projected to more than triple by 2028.
Basically, a drone is a flying robot that can be controlled remotely or that can act on its own following programmed flight plans. They can be used for photography, mapping, product delivery, crop spraying, search and rescue, disaster relief, and even firefighting. Drone technology is rapidly advancing, and potential future uses are drone waitstaff and autonomous taxis. The drone industry is projected to more than quadruple by 2028.
As technology struggles to stay ahead of hackers, cybersecurity has emerged as one of the fastest growing industries. Data breaches by hackers make the news all too often lately, and the threat of politically motivated hacking is a growing concern. However, cybersecurity is important not just to large companies and organizations, but to small businesses and individuals. The cybersecurity industry is worth more than $150 billion today and is expected to more than double by 2026.
Most startups can’t afford their own 3D printer and many turn to a 3D printing service to produce their initial prototypes. Toys and home décor are also popular 3D printing products. On a larger scale, manufacturers use 3D printing to produce product prototypes. New types of 3D printing material are emerging, including polymers and metals, contributing to the advance of the industry. New products that can be 3D printed include tool components and even finished auto parts. The global 3D printing market was worth nearly $14 billion in 2020 and is expected to grow to $63 billion by 2026.
In contrast to all the technology sectors that we’ve covered, automobile sales are on an upward trajectory. Hybrid and electric vehicles are among the hotter trends in the car industry. Tesla and its electric cars have been in the spotlight for years and seem to be popping up everywhere lately. Another industry trend is the ongoing shift to the online marketplace, which is no longer just for new cars. Shift, Vroom, and Carvana are major online players in this market, selling nearly 250,000 used cars combined in the first half of 2021. The automobile sales industry in the U.S. alone is worth over $1 trillion and growing.
Management consultants provide advice and assistance to companies and organizations about strategy, financial matters, operations, marketing, human resources, and more. Being a management consultant can be very lucrative, with the average management consultant making $130,000 per year. The management consulting industry is projected to grow from $820 billion in 2020 to $1.2 trillion in 2025.
Hotels and Resorts
People are getting back out and getting away on vacation, which is great news for the hotel and resorts industry. In fact, many travel-related industries are also doing well, including airlines, cruise lines, and travel agencies. International travel is also increasing, as well as the tourism industry as a whole. Hotels, though, are the biggest benefactors of all of these trends, with the industry set to grow over 50% by 2026.
Even prior to the boom in alcoholic beverage sales during the pandemic, craft beers and spirits were growing in demand by leaps and bounds. Local breweries have popped up across the country in recent years aiming to ride the craft beer boom. Globally, craft beer has been exploding and the market is expected to double by 2027. Craft spirits such as craft whiskeys are also booming, with craft distilleries in the U.S. increasing in numbers. Demand for ready-to-drink cocktails, in cans and bottles, is also increasing tremendously.
HR and Recruitment Services
This industry includes human resources consulting firms, and employment placement and recruiting firms. More and more companies are outsourcing HR services instead of having their own internal departments for that function. It creates greater efficiency for companies, saving time and money, which is a priority for organizations of all types. The HR management industry is set to grow by over 12% annually through 2028.
Financial services include bookkeeping, accounting, financial advisory services, and billing. As businesses rebound from the pandemic, their need for financial services is increasing. Financial technology, also known as Fintech, is also exploding, with all varieties of financial apps popping up, including apps for trading securities and cryptocurrencies. The Fintech industry is projected to grow 25% annually through 2027.
With so many industries thriving, opportunities for entrepreneurs everywhere abound. Whether you choose to enter one of the fast-growing industries or choose your own path, if you have a unique idea and provide value to customers, you can be successful. If you are having trouble coming up with a business idea, just look for problems to solve in the market. Many successful entrepreneurs, such as James Dyson, best known for his vacuums, and Kevin Plank, founder of Under Armour, started by solving their own problem, and look where they are today! Your best bet, though, may be to follow your passion and do what you love, and success will follow naturally.