From one year to the next, there’s a handful of industries that experience fast-paced growth. Whether they’re emerging or growing rapidly, some fields just seem to catch fire and become a gold rush of opportunity. Between innovation and demand, there’s often a very good reason why these industries start trending up. The technology sector might be driven by the mass adoption of AI. Renewable energy could be accelerated by the world’s growing population and environmental awareness. And a global pandemic can propel healthcare to growth for many years to come. But from year to year, with constant opportunity, these industries evolve. While some rise to the top and others fall to the bottom, it’s worth examining who’s leading the pack in these top 5 emerging industries.
Top 5 Emerging Industries
Although the top industries might seem obvious, data solidifies their spot on the list. Let’s look at the top 5 growing industries and why they deserve their time in 2024.
Healthcare
The healthcare industry has seen constant growth for a while. However, certain factors are supporting its continued growth over the next several years. Healthcare is an extremely broad industry. From nurses to behavioral health counselors, to pharmaceuticals, many smaller sectors are able to benefit from the sustained growth. But what exactly is driving the growth?
More people means more health problems. Between mental health crises worsening chronic conditions, and healthcare advancements, there are many opportunities in medicine. Subsequently, healthcare professionals are aging out of their respective fields, leaving a void.
While the commercial side of healthcare is growing, McKinsey & Company projects that government segments are going to be 50% larger than commercial within the next two years. In this report, it is stated that this can be attributed by public health emergencies. Due to the accessibility of government-funded healthcare, many complimentary industries are likely to grow as well including pharmacies, and medical technology sectors.
IT Services
Technology is continuously evolving. The introduction and development of AI tools create an entirely new focus in tech. With SaaS (Software as a Service) replacing downloadable applications, there’s a growing need for cybersecurity. And the integration of tech into business operations is creating opportunities for IT support and services.
Custom software development, cloud technology, and the drive to improve productivity and efficiency in business continue to support the growth. As companies grow and demand for service change, technology will evolve with it. But IT extends far beyond writing software and customer support.
Entering new territory with new services and products means there’s the potential for government oversight and legislation – much like we’ve seen with blockchain technology and AI over recent years. This means that the tech industry is constantly evolving, adapting, and providing opportunities.
Renewable Energy
Renewable energy has been a hot topic for decades and it’s no wonder it’s one of the top 5 emerging industries. However, the industry as a whole has reached a turning point. With entire countries running on or transferring their power grids from fossil fuels to wind and solar power, what a lot of people have previously seen as unfeasible, is now gaining traction and becoming a reality. Along with the huge opportunity in the commercial side of renewable energy, the consumer market is growing as well.
Once a very, very expensive addition to your home, solar panels are now becoming more and more attainable. Individual households are supplementing their energy usage and in some cases, becoming entirely energy independent.
Government and company initiatives are creating new jobs in the renewable energy sector. From technicians to sales, to logistics, renewable energy is finding its place in many different industries. As companies focus more and more of their efforts on green initiatives, they’ll need to turn to experts in the renewable energy industry.
Undoubtedly, the industry will continue to grow. With many different segments within the industry, there will always be an opportunity and advancement in efficiency, effectiveness, and technology.
According to the Wall Street Journal, the coal industry is facing a 20% drop in power generation over the next 10 years. In 2023 less than 9% of total energy came from renewable sources. The market share is expected to increase to over 23% in the next 4 years. Although these are relatively low numbers, compared to total energy production, renewable resources are gaining a much larger market share. The opportunity for growth will continue to present itself as it becomes more and more accessible.
E-commerce
With retail behemoths such as Amazon and eBay becoming more and more dominant online, consumers are able to easily purchase items from the comfort of their own homes. The e-commerce industry extends into services and digital goods as well. Even though from the consumer perspective there’s minimal contact with other people, that doesn’t mean the growing e-commerce industry doesn’t provide new opportunities.
The e-commerce market is slated to experience an annual growth of 9.49% through 2029. According to market insight from Statista, nearly all industries will experience some growth. Due to the digital landscape and the many advantages, there’s a noticeable downfall in brick-and-mortar establishments.
According to Coresight Research, over 3,488 physical locations were projected to close last year. However, this can be attributed to companies filing for bankruptcy. On the other hand, many companies are recognizing the opportunity to shift operations toward the digital frontier.
Technology
The technology industry is a broad sector that encompasses many others. However, as other sectors become more and more efficient and effective, new technologies will be introduced. With advancements in data storage, AI, automation, and software, a need for development, security, and innovation will continue to support growth in the technology industry.
But how is technology impacting and benefitting from some of these emerging industries?
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Healthcare
One of the biggest opportunities for technology growth in the healthcare sector is healthcare support. According to IBM, the integration of cloud technology, into operations is assisting healthcare systems and is becoming more widely adopted. This is leading to a smoother patient experience with efficiency.
Technology in the healthcare field isn’t just making leaps and bounds on the backend. Through AI-integrated MRIs and other imaging, diagnoses are becoming more accurate.
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Renewable Energy
According to Energy-Data-Analytics, the technology surrounding wind turbines and solar power technology is continuing to develop. Solar panels becoming more efficient is making them more accessible and reasonable in a residential setting. The energy conversion is making this a more affordable option.
Besides the consumer market, the commercial industry is seizing opportunities as well. Smart grid integration is making renewable energy an even more reliable option. It’s undeniable that renewable energy has its fair share of concerns when it comes to adoption. However, the tech industry is addressing those issues and solidifying people’s confidence in its viability.
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E-commerce
The e-commerce industry is quickly growing. Augmented reality is allowing consumers to experience virtual try-ons. AI is helping companies enhance the shopping experience for consumers. And solutions for plaguing supply chain issues are helping companies operate more efficiently.
E-commerce will continue to grow. As apps become faster, include voice search, and furth integrate themselves with payment processing companies, purchasing products and services is easier than the push of a button.
Emerging Industries
Industry growth will always shift. From global pandemics to the depletion of natural resources, every industry is subject to having its own time in the spotlight. However, with pressing outside factors and consumer needs, these top 5 emerging industries will continue to grow in some fashion. We’re going to see continued growth in jobs and other opportunities within these industries.
It isn’t a matter of will these industries grow over the next decade, it’s a matter of how.
Interested in learning more about growing businesses and industry? Check out our related post:
How to Plan and Execute Effective Business Growth
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