Last year was undoubtedly challenging for every sector, be it healthcare, education, or business. At a time when the world economy was already volatile, the COVID-19 pandemic hit it even further. These challenges are putting significant strain on entrepreneurs and aspirants to choose an industry that is likely to produce more job opportunities in the future. However, conducting a little research can assist young individuals in understanding the determinants of growth.
With the world opening up with the vaccination drives, there are strong hopes for the industries to revive after a massive cool down. All eyes are on to the ongoing year and the next decade to identify the growth opportunities in various industries. However, it is inevitable that the latest developments and trends will change the economic market forever. Moreover, these aspects will also revolutionize various aspects of human life and make it a lot easier. If you’re an aspiring individual and willing to join an industry with some significant prospects, then keep reading. Below, we’ve discussed six industries that are likely to grow in the next decade.
- FREIGHT FORWARDING INDUSTRY
Despite the large-scale lockdowns and economic downfall, the global freight and logistic industry were operating worldwide. However, with the rise in digitization, the logistic industry is all set for enhancing operational efficiency with the use of technological tools. The prevalence of technology encourages the industry to adapt to the latest solutions to maximize the profits for business owners. It means that the international eCommerce industry will also experience a significant boost in terms of performance with more improvised delivery models.
Today, more and more small and large-scale businesses are opting for freight forwarding services to transport goods to their target consumers. Besides, the fast-paced increase in international trade is one of the essential drivers that predicts the growth of this industry.
- CONSTRUCTION INDUSTRY
The construction industry plays an essential role in the growth and development of both developed and developing countries. It further creates a direct impact on the global GDP. Given the increasing changes in technology usage and business models, one may predict a significant disruption in the industry in the upcoming years. Many experts consider the construction industry as recession-proof, which is true. The rising spending and vast projects are pulling many other sectors to invest in this industry. Following its growth, many aspirants are considering to pursue a professional career in the construction sector.
The research states that the construction industry will hit 6.5% of CAGR with $10,835 billion in 2023. It is worth mentioning that construction poised by economic recovery is making the industry more lucrative for jobs and generating positive revenue in the sector.
- INFORMATION TECHNOLOGY
With the rise in developments and innovations in the technology industry, both businesses and society can now benefit from technology. According to the statistics, emerging technologies such as the Internet of things, big data, artificial intelligence, etc., are likely to grow by 104 percent until 2023. Following the growth in the IT sector, the global market for the Internet of Things (IoT) is expanding massively. Not just that, but experts believe that this growth will not rest anytime sooner till next decade.
Undoubtedly, the year 2020 has rightly convinced various small and large scale businesses to adopt the latest technologies to predict the recurring trends in the business world. This prominent prevalence of digital technology such as artificial intelligence, 5G, and big data adds more opportunities for individuals who want to pursue a career in IT.
- MEDICAL AND DIAGNOSTIC LABORATORIES
With the COVID-19 still soaring globally, the demand for medical and diagnostic laboratories increased up to 50%. There has been increasing growth in not only the COVID-19 sampling but also in the diagnosis of other diseases. Moreover, the government authorities are also prioritizing the growth of the sector to ensure better health services. According to recent statistics, the global medical and diagnostic laboratory services market is likely to grow from $115.89 billion (in 2020) to $125.53 billion in 2021, with an overall CAGR growth of 8.3%. It means that the industry will be adding robust jobs for individuals. However, the expected growth is likely due to the global effect of COVID 19, where most of the countries are working hard to recover from its impact.
- VIRTUAL REALITY
With the rise in the use of information technology, virtual reality is growing as a separate industry in the near-decade. The advanced gadgets that entered the market in the form of gaming are now reaching to real-world applications. Gone are the days when virtual reality was limited to the gaming sector. Today, the rising technology is assisting the healthcare industry in training medical professionals with an immersive experience. The advanced training sessions enable medical professionals to work on professional grounds and minimize healthcare errors. Not just medical, but virtual reality is offering training solutions to many other professions that involve high risk-workplaces.
- TRAVEL AGENCIES
After a long pause because of COVID-19 restrictions, the travel industry is opening up with prominent growth in the next decade. This growth will cover the contraction caused by the pandemic, with revenue growth up to 48% in just two years. Moreover, it will add new positions to the sector after the lay-off during the pandemic. The industry will be targeting the trending niche markets to meet the demands of adventure tourism while ensuring safety protocols for people. This way, travel agencies are anticipated to prosper without any break in the future.
The explosion of the growth among the top industries will benefit the whole world with job sectors and economic strength. But still, predicting everything is never an easy process. Just like COVID-19 flipping the world within days, no one knows where these industries will take us in the next decade. Observing the patterns and research can only assist the aspirants to be a part of any of the growing industries to achieve the career goals.