Every day, the world changes and demands for new goods and services are increasing. To counter this demand, new sectors are now popping up to take them in. But, which of these new sectors are fast growing worldwide?
Here are the top five fastest growing industries in the world and why they are in high demand:
1. Renewable energy
Renewable energy is seen as a great way to reduce the use of fossil fuels to generate electricity. Solar and wind power are becoming cheaper in recent years as more countries and companies are supporting the industry.
The European Union, in particular, raised its renewable energy use target to 32% by 2030. It is also a self-sustaining industry because its major sources will not run out. Today, the industry is worth $1.35 billion and is expected to grow further in the coming years.
Biotechnology enables the agriculture industry to flourish as it can improve crop yields despite the changing environment. It can also help save lives as gene manipulation can remove troublesome genes that causes disease. It is expected that the industry will be worth $727.1 billion by 2025 due to the high demand for the industry.
3. Artificial intelligence
Many films and novels have stressed that artificial intelligence is upon us. This idea is now a growing industry as China, Hong Kong and Singapore are leading the research for the industry. AI technology is seen as an alternative to assist in medical treatment, productivity and everyday life. Research is even discovering new areas where AI can be used. It is expected that by 2025, the industry will be worth $191 billion.
4. Virtual reality
Aside from artificial intelligence, virtual reality was a novel idea only seen in films and novels. However, when it was introduced in 1990, the industry had seen a remarkable boom.
A majority of today’s virtual reality technology is used for entertainment. But, there are now VR technology used for military, sports, training and mental health use. Patients with traumas, in particular, greatly enjoy VR technology’s effects. The industry’s total worth changes every year as investments double in number.
With everything now done online, it is important that these transactions are protected from cyber criminals. In the UK, cybercrime cases have jumped to 4.7 million in 2017, making cybersecurity an important industry to develop.
Cybersecurity companies ensure that databases are protected from hackers. They will also create software to ensure that all information is encrypted and secured. It is expected that the industry will be worth $165.2 billion come 2023 because of the demand for it.
These industries will definitely change the course of life in years to come. They offer new ways in doing things and improve the way of life of many people in years to come. These industries are unlikely to stop growing soon considering the untapped potential each industry possesses.
If you are planning to look for work, these industries may have openings for you. And once you get a hang of it, you will also reap the benefits it is currently enjoying.
Best things in life are meant to be shared, start spreading MiddleMe around, after all, sharing is caring.