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As the world continues to evolve, so do the industries that drive economic growth. New technologies, changing consumer preferences, and shifting global trends are all factors that contribute to the rise of emerging industries.
However, it’s not just these factors that drive industry success. Global changes, including the pandemic, have played a significant role in shaping the success of certain industries.
The Bureau of Labor Statistics predicts that industries that sustained the impact of COVID-19 will continue to flourish in the post-pandemic era, experiencing significant growth.
So, what does this imply for entrepreneurs? A golden opportunity!
Budding entrepreneurs are constantly searching for industries that can efficiently absorb the impact of global changes while offering significant returns. Of course, it is easier said than done.
Fortunately, after careful research and analysis, we have identified three industries primed for significant growth in the coming years. Let’s learn!
Healthcare Industry
The healthcare industry has played a vital role in society for centuries, providing essential services and support to individuals and communities worldwide. The COVID-19 pandemic has further highlighted the industry’s critical function, with healthcare workers working tirelessly to care for those affected by the virus.
It has also spurred the adoption of digital healthcare technologies, like telemedicine and virtual consultations, which are expected to continue growing in popularity in the years ahead. Telehealth software is already able to connect patients with doctors from all over the world and give patients discretion and agency in accessing over-the-counter medication for ED or other illnesses.
According to Verified Market Research, the worldwide healthcare market is projected to achieve a value of $665.37 billion by 2028.
If we talk specifically about the US, the healthcare industry here is enormous. Its spending accounted for more than 18.3% of the country’s GDP in 2021. According to the Centers for Medicare and Medicaid Services, it will rise to $6.2 trillion by 2028.
It’s mainly due to factors such as the baby boomer generation getting old, people living longer on average, and an increase in the number of individuals suffering from chronic medical conditions.
As the demand for healthcare changes, entrepreneurs must leverage technology and hire more people to make healthcare more accessible and affordable.
Cannabis
The cannabis industry has been a hot topic in recent years, and for good reasons. As more and more countries legalize cannabis for medical and recreational use, this industry is poised to become a major player in the global economy.
In fact, in 2022, the global legal marijuana market was worth USD 16.7 billion, and it is projected to grow at a compound annual growth rate (CAGR) of 25.4% from 2023 to 2030. The market has been expanding primarily due to the following:
- The demand for cannabis strains such as Kush, Haze, and Skunk for cultivation is increasing, and this trend is contributing significantly to the growth of the cannabis industry. These strains are known for their potency and are popular among recreational users. However, it’s important to follow state laws and regulations regarding cultivation to ensure it is done legally and safely.
- The public perception of the cannabis plant is changing significantly. Cannabis is now viewed as a viable alternative to traditional medicine for various ailments, including chronic pain, anxiety, and depression. The growing interest in natural remedies and holistic health practices has also contributed to the industry’s growth.
It’s worth noting that the cannabis industry is subject to changing regulations and legislation, making it crucial for entrepreneurs and cultivators to stay up to date with the laws and regulations to maximize profits.
Professional and Business Services
This industry encompasses a wide range of services, including consulting, accounting, legal, advertising, and technical services. It is one of the fastest-growing industries and has been experiencing significant growth over the past few years.
Between 2017 and 2022, the global professional services market experienced a compound annual growth rate (CAGR) of 3.8%, growing from $4,877.15 billion to $5,890.11 billion. The market is projected to grow at a CAGR of 4.7% from 2022 to 2027, reaching $7,417.86 billion, and at a CAGR of 6.4% from 2027 to 2032, reaching $10,126.46 billion.
This growth was fueled by factors such as government support, global collaboration for environmental protection, economic growth in emerging markets, and the legal tech industry.
In the future, the market is expected to be driven by a growing focus on the digitization of business processes and sustainable development. The design, research, promotional, and consulting services segment will offer the highest opportunities in the professional services market, with a projected global annual sales of $1,172.47 billion by 2027.
To capitalize on these opportunities, professional services companies should focus on AI, cloud, and blockchain technologies and expand in emerging markets. They should also continue targeting developed markets, pursue mergers and acquisitions, and implement B2B promotion strategies.
The Bottom Line,
As these industries continue to grow, they are likely to create new job opportunities, contribute to economic growth, and shape the future of society. It’s important to keep an eye on emerging industries and the trends driving their growth to stay ahead of the curve and take advantage of new opportunities.
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