Top future industries with the highest economic potential in the 2020s.
An industry is simply a group of closely related businesses, companies, and firms that produce and offer a set of raw materials, goods, or services. All through history, different industrial revolutions have been born and have had a huge impact on humankind, our economies, and our society.
The First Industrial Revolution for example which came to be in the 1750s gave birth to the mechanized agriculture industry and the steam engine both of which were responsible for boosting global food security and sustainability. The Second Industrial Revolution which occurred in the 1870s gave us the Oil and Gas, Steel, Electricity, Railroad, and Automobile industries all of which aided mass production and economic growth. The Third Industrial Revolution which occurred in the 1960s was responsible for the Electronics, Personal Computer, and Petrochemical industries among others all of which dramatically improved our ability to communicate and transact with each other.
Today we live in the early days of the Fourth Industrial Revolution and in this article, you would be made aware of the top industries with the greatest economic potential as we head into the 2020s.
- Biotechnology.
The Biotechnology industry is an industry that is focused on the manipulation of living organisms to create commercial products. It is an industry of massive potential in the 2020s with its most potential aimed at the medical, pharmaceutical, and agricultural sectors. Globally this sector has been responsible for over $200 billion in additional revenues and 1 million in job growth and such numbers are expected to grow dramatically and exponentially all through the 2020s. Popular and key businesses to look at in this booming industry include Bayer, Pfizer, Moderna, etc.
2.Big Data Analytics.
The Big Data Analytics industry is an industry that is focused on the process of collecting, organizing, and analyzing large sets of data (called Big Data) to discover patterns and other useful information. As the amount of data and information within and around people, businesses, and government agencies become much more voluminous there is a need for big data services that would help them analyze and convert their data into useful information for decision making. The Big Data Analytics industry is projected to grow from $320 billion today in market value to $550 billion in value by 2026. Popular and key businesses to look at in this industry include Amazon Cloud, SAS, IBM, Salesforce, etc.
3.Renewable Energy.
The Renewable Energy industry also known as the ‘Clean Energy’ industry is a part of the energy industry that is focused on renewable technologies such as solar power, wind power, battery technology, as sustainable and clean sources of power and electricity for the future. Renewable energy as an industry is poised to phase out fossil fuel sources of energy from crude oil and coal, with the industry’s growth potential expected to reach 1.5 trillion in market value as compared to its $920 billion in value today. Popular and key businesses to look at in this industry include Tesla, Chevron, Siemens, First Solar, etc.
4.Financial Technology.
The Financial Technology industry is one of the top emerging industries that is focused on using technology to efficiently improve financial activities in the areas of borrowing, payments, loans, mobile banking, and investing. The ability of financial technologies to use artificial intelligence and algorithms to fully automate financial and banking services, would provide easy means of using the financial services of customers and thus provide adequate growth potential for players and investors interested in this industry. Another area of financial technology that would boost industry growth would be in the area of cryptocurrencies such as bitcoin by leveraging blockchain technology. The market value of this industry is expected to rise to $300 billion by 2025from its $120 billion today. Popular and key businesses to look at in this industry include Paystack (now Stripe), Tencent, Visa, Robinhood, etc.
