As the world advances, change is an unstoppable force with no apparent immovable force to slow it down. Of all our yesteryears, industries have dotted our history that have risen to the pinnacle of power, presence, and importance: oil, automobiles, agriculture, entertainment, energy, media, you name it. Such is the continual march of time that the growth of industry shifts.
While our world may be dominated by a virtual slough of powerhouse industries, there are new ones rising over the horizon. These are industries that, in the dawn of a new century, have begun to claw and claim a veritable presence in the world. The fastest growing industries bear significance not only in the near future, but for the long-term foreseeable as well.
What Are the Fastest Growing Industries in the World Right Now?
The best definition of the fastest growing industries, to start with, are those that are showing remarkable financial gain, growth, and presence on the market. Something that may not have existed ten years ago may be an industrial giant due to their growth. With the advent of new technologies, discoveries, and commercial focus, new industries have gained a foothold on the world stage.
This guide will help educate on what these new titans are, what their purpose is, and help measure their impact on the global makeup of trade, industry, and commerce. Let’s get started.
The use of renewable energy has been an important construct of human civilization since its earliest days. Ships used the wind to cross the ocean, creating trade routes, finding new continents, and bridging this massive world together long before telegraphs existed. Even something as simple as using wood to fuel a fire is a source of renewable energy.
For something that has been so integral to the progression of human commerce, society, and evolution, it seems like renewable energy is scowled upon by larger industries. While renewable energies, such as biomass, were our primary sources of power for most of human history, things changed during the Industrial Revolution.
Between the mid-1700’s and the 1800’s, coal replaced wood as our primary fuel. The advance of mechanical technologies, like trains, automobiles, and factory machines, created a dependency on fossil fuels. Renewable energy, though viable, took a back seat to nonrenewable energy.
The realization that fossil fuels would eventually run out began to plague scientific communities across sparse patches of history. The progression of renewable energy sources, like solar, started garnering attention in the early 1900’s, but were largely paused by the outbreak of World War I. It wasn’t until the 50’s that the peak oil theory was founded.
The push for renewable energy gained recognized traction in the 70’s, and while the world is still dependant on fossil fuel, the renewable energy industry has begun making greater and greater strides in recent years. As of now, the global renewable energy industry is worth $1.5 billion and is estimated to reach $2.2 billion by 2025.
Renewable energy as a global industry has been steadily chipping away at its main competitor, nonrenewable energy, for years. For now, oil companies have an iron grip on the function of our planet. However, as the global population becomes more and more cognizant that nonrenewable energy is unsustainable, the market is opening up to permanent, sustainable alternatives.
If the renewable energy industry continues to grow, they will eventually bypass the nonrenewable energy industry. There’s only so much oil in the ground. Among the renewable energy resources that will be available, the global market will be able to profit off of wind, solar, geothermal heat, and more.
The global renewable energy industry, as of now, employs near 10 million people. That’s expected to rise in the coming years as renewable energy continues to grow. Unlike renewable energy, which is certain to hit a limit and dramatically increase in cost, renewable energy will become more affordable as technology and use grows.
While biotechnology sounds like a modern term, it’s actually been an active part of the human ecosphere for centuries. It’s just a fancy term that makes the field sound more advanced. In reality, biotechnology is the industry of modifying living organisms to benefit humans. It’s a way of harnessing the power of microorganisms, organic compounds, and processes the advance technology.
Among the examples of modern biotechnology, there’s artificial selection, selective breeding, medicine production, and food cultivation to name a few. However, the earliest examples of biotechnology being used are in fairly common products we take for granted, like creating bread. Bread won’t rise properly without yeast.
Yeast, as a biotechnological advancement, is among the primary reasons why bread is a staple food for the world over. Without it, the bread’s taste, volume, and structure would make it nearly inedible. The scientific name for yeast is actually Saccharomyces cerevisiae, a fungal species cultivated to improve the lives of everyday humans.
Bread’s been around for thousands of years, and biotechnology has been instrumental in making it such an important food source for people around the globe. Another invention that’s been around for as long as civilization itself has is beer. The fermentation of beer is intrinsically a biotechnological process.
As important a role as biotechnology has played in our history, what about modern examples? We can start with medicine, first of all. The advancement of medicinal technologies has arguably been one of the most important fields humanity has put its time into developing. Creating, researching, and honing medicines has saved countless lives throughout history and across the globe.
Biotechnology plays a crucial role in medicinal development, as it does in agriculture, environmental practices, industrial areas, and more. Due to its importance in numerous industries, biotechnology has swiftly become one of the fastest growing industries in the world.
Analysis shows that by 2025, the biotechnology industry will become globally worth around $727.1 billion. In 2016, this same field was worth $369.62 billion. The steady increase of biotechnology’s worth in the global economy is due to its importance in a variety of fields as well as its ability to decrease cost. There are opportunities for advancement and growth occurring in this industry constantly.
Biotechnology attracts global industry from all levels of government. From basic, commercial level, companies vie for development of artificial intelligence, new medicines, and regenerative therapies among a few burgeoning avenues. Beyond that, higher political offices and organizations fund biotechnological research into synthetic products, agricultural advancements, and more.
Digital technology has become ingrained in human civilization. There is no turning back from it, only going forward as it becomes increasingly integral to societal function. Massive informational storehouses are stored online, on computers, in the cloud, and so on. Our information, our entire lives, are stored online.
It isn’t hard to find breaking news stories of data breaches. Corporations that compile data from their consumers, like Exactis, Facebook, and Aadhar to name a few, have carelessly allowed data breaches to release personal information on millions of people to the world. It’s becoming more and more clear that the importance of ensuring the security of our information is a top priority.
Cybersecurity has been gaining more and more of an importance as an industry with each large-scale breach that these companies suffer. It’s a clear imperative that if data is to increasingly become more and more relied on, there must be measures taken to keep it secure. Cybersecurity has become one of the fastest growing industries due to this pressure.
The data breaches are only the most publicly apparent examples of the need for improved cybersecurity. Millions of cyber crimes are committed yearly on much smaller scales. The cybersecurity industry stands as the best way to protect everyday people from having their information or worse stolen. The ultimate goal is to stop intruders via hardware, firewalls, software, and various other methods.
The increasing importance of cybersecurity is keenly aware in how fast the industry is growing. By 2023, it’s estimated to be worth $165.2 billion on the global market. The escalation of cyber crimes has been the fire lit underneath the cybersecurity industry that’s been pushing it to the top.
Marketing and Advertising
Selling a product to people is nothing new. But with how global civilization has developed, the ease at which marketing a product to the masses has become much more approachable. Mail, e-mail, pop-up ads, newspapers, basically the entire internet and then some is an available billboard for purchase.
Anyone who’s seen Mad Men can recognize the skill and impact a good advertising campaign can have. It’s an extraordinarily complicated, psychological business. It’s also of no help that up-coming generations have become more and more resilient to advertising campaigns. However, in this case, that makes a good marketer all the more valuable.
The marketing industry is among the fastest growing industries in the world. It’s a prevalent commodity that can’t be avoided, but must be utilized or businesses will wither. As it stands now, the marketing and advertising industry is worth around $1.2 trillion globally. It’s an extreme amount, and demands an enormous amount of spending to keep it floating as well.
Most of the inspiration that makes this one of the fastest growing industries is due to the growth of digital advertising as well as traditional television and alternative technological marketing. The more avenues are developed for both traditional and more recent technological developments, the more opportunities are created for the marketing and advertising industry.
A new culture has been developing on the internet since the start of the 21st century. Gamers have become a veritable money market, creating a boon for the videogame industry that is continually driving it forward.
What used to be more or less a novelty has steadily become a more professional state in the global system. With the rise of e-sports across a variety of platforms, and the enormous growth the videogame industry has seen within the last ten years, the market has a niche dedicated to this industry.
In 2017, the videogames industry grossed around $108.4 billion in global revenue, which already has been a steady growth from previous years. By comparison, 2018 is approaching a $138 billion worth videogame industry. As of now, there’s little to show it slowing down, though recent predatory business practices have been scrutinized. Lootboxes and microtransactions have been equated to gambling, and will have to be addressed by the industry at large.
Though console and PC games are the centerpieces of the videogame industry, it’s in fact mobile devices that account for the majority of global revenue. Accounting for 50% of the global market, the mobile gaming circuit claims the largest wedge of the video game market for revenue. It’s a massive jump between where the mobile market was six years ago and where it is now.
Mobile gaming is able to take such a big cut of the profits due to its predominantly free-to-play genre of game. While these are free to download, they come laden with microtransactions and, more importantly, ads. It’s an issue console and PC gamers don’t have to deal with, and account for the majority of revenue.
Being one of the fastest growing industries in the world means that the videogame industry is slated to continue building revenue in the years to come, likely hitting $180 billion by 2021.
While it may be a subset of the gaming industry, virtual reality has uses outside of entertainment alone. Due to its functionality and versatility, virtual reality has quickly grown to be one of the fastest growing industries on the market.
While virtual reality was tossed around in the 1990’s, it wasn’t until recent years that technology advanced enough to properly simulate the experience. It may lack full sensory capabilities, but it’s getting there. The technology, nonetheless, is at a point where it’s actually useful.
Between 2016 and 2017, the virtual reality industry more than doubled its revenue from $6.1 billion to $14.2 billion. It’s set to double again by the end of 2018, and will likely dramatically increase to $209.2 billion by 2022. For an industry that’s much newer to the global scene than most others, its growth is remarkable.
As mentioned before, virtual reality has many uses beyond just games. It can be used for military drills, training, rehabilitation, therapy, and more. As the technology continues to develop, further stimuli can be simulated within the sphere, creating more realistic experienced within the sphere of technology.
There's No Telling What's Next
It’s unlikely that anyone ever considered virtual reality to genuinely be one of the fastest growing industries on the global market. It was mostly science fiction for years, and even its first introduction was for more of a novelty entertainment purpose than a practical one. However, it’s begun to distinguish itself as a useful commodity to a variety of fields.
It only goes to prove that, while these are only a few of the fastest growing industries in the world, there are new ones on the horizon that may not even be considered yet. As the dynamic of the world continues to change, the importance and value of the industries found in it will adapt to accommodate it.
These industries will eventually, years down the line, begin to peak as their growth slows. Most industries do. However, that does not mean they won’t be just as valuable then as they are showing now. Even the video game industry has its own importance to global functionality.