Of course, good fortune won’t be shared equally across the globe or across industries (or even within them). It never is. Some industries are clearly poised for major growth in the coming years, while others look likely to stagnate or shrink. So it would be interesting to know which types of industries grew faster over the next 5 years.
If you’re seeking career or business opportunities between now and 2030, look to these six corners of the economy.
Widespread geopolitical and economic stability will weigh on global growth in 2023 and 2024, but the longer-term outlook for the world economy is bright. Things look especially promising in emerging markets like India, Indonesia, and Brazil.
1. Retail Healthcare
As consumers around the world become more affluent and sophisticated, they demand more from their healthcare providers. (Often, at the same time as they have regular healthcare providers for the first time.)
This is leading to a boom in retail healthcare services. The model is well-developed in Western nations like the United States and Germany but less so in emerging markets like Cambodia and India, where WestBridge Capital made a blockbuster $100 million investment in Vasan Healthcare, a network of eye and dental clinics with nearly 800 board certified specialist physicians on its payroll. Healthcare systems like Vasan are the present in North America and parts of Europe; they’re the future in South and Southeast Asia.
2. Energy Storage & Backup
As the total capacity of intermittent renewable energy resources like wind and solar power expands, the energy storage industry is expanding as well. BloombergNEF tracks about 70 gigawatts of currently installed capacity, with dozens more gigawatts set to come online in 2024.
This is just the appetizer. The world will need hundreds of gigawatts of storage capacity by 2030, and terawatts not long after. This is driving a boom in storage innovation — not just traditional lithium-ion batteries but novel technologies involving molten salt, pumped water, and even iron oxide.
3. Education Technology (EdTech)
Education technology has benefited tremendously from the globalization of the Internet and the “flattening” of the world’s labor supply. It’s a truly international market, one where tutors from places like India and the Philippines deliver first-rate service to students in North America and Europe.
Edtech is also benefiting from the surge in innovation around artificial intelligence. We’re not quite at the point where simulated AI teachers deliver hyper-personalized lessons to millions of students at a time, but we might not be as far off as believed. Regardless, this is a space that will continue to develop and grow through the 2020s, and that could be one or two breakthroughs away from realizing its full potential.
4. Insurance Technology (InsurTech)
While insurance technology has followed a different development path than edtech, it has benefited from some of the same big forces. And it has quietly made impressive strides.
Life and property insurance companies now offer tools that essentially automate processes like applying for a new policy, filing a claim, or making changes to policy parameters. Auto insurance companies have sophisticated tracking devices that assess driver performance in real-time and adjust premiums in response.
These technologies will continue to improve. By 2030, the insurance industry will be inseparable from the “insurtech” model.
5. Cloud Computing
Just when you thought the cloud computing industry was due for a contraction, the AI revolution came along. New AI-powered technologies need a great deal of computing power, and today’s server farm footprint isn’t enough to get them where everyone hopes they go. Look for another large-scale server building boom in the years ahead and a parallel deployment of next-generation chip technologies.
6. Hospitality & Leisure
The travel and leisure space is almost fully recovered from the COVID-19 contraction. However, unlike the “equal and opposite” recoveries we tend to see in natural systems, the hospitality industry is poised to benefit from an “overshoot” as people rush to book the experiences they missed during the pandemic (and, perhaps, to get them in before the next lockdown). This could make for an extended period of growth in the industry that lasts through the 2020s and benefits tourism markets around the world.
Where Do We Grow From Here?
Predicting the future course of global economic growth is difficult, let alone its rate or the industries it benefits most. All the same, we can confidently predict that some industries will fare better than others.
Current trends suggest that many of those industries will rely on next-generation software, including artificial intelligence, or have significant exposure to the green energy transition. There will be other winners, of course, but if you had to place your bets, you’d do worse than those sectors of the economy.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
