Predictions for the Top 20 Fastest Growing Industries in the Next 5 Years: In this article, predictions for the top twenty industries with the most rapid growth over the next five years are presented. Click to proceed directly to Predictions of the Top Five Fastest Growing Industries Over the Next Five Years.
When applying for jobs, ask about the fastest-growing industries. Many predictions exist about which industries will suffer from the epidemic. However, many sectors are booming. These sectors have high growth rates, providing many opportunities for career changers.
Everyone lives in a changing world. Breakthroughs and advancements across economic sectors affect the worldwide industry market annually. The definition of an industry is any firm that manufactures items in factories and processes raw materials. It follows that every worldwide service has an industry.
The benefits of starting a business in a growing industry could help you succeed. Benefits include speedier growth and scalability, early brand presence, increased demand for products and services, innovation and creativity, and access to financing and resources.
A burgeoning industry can also help enter the market, increase success and profitability, attract top personnel and business partners, and ride the development wave. The World Economic Forum predicts digital and sustainable business practices. Data and technology will drive industrial transformation, changing how we work, interact, and exist across all industries. Executives can change their value chains and business models sustainably.
The Bureau of Labor Statistics (BLS) projects that total employment in the United States will increase by 11.9 million, or 7.7%, from 153.5 million in 2020 to 165.4 million in 2030. Expect technological advancements to decrease employment in support administrative and office positions due to increased automation.
Expect rapid expansion in the following twenty industries over the next five years: Make forecasts.
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Approach to Methodology:
To optimize the outcomes of our article titled “Top 20 Fastest Growing Industries in the Next 5 Years: Predictions,” we compiled a ranking list by considering the compound annual growth rates (CAGRs) of multiple sectors as reported by reputable market research organizations, including Market Research, Fortune Business Insights, and Grand View Research. The CAGRs for the specified periods ranged from 5 to 8 years.
Compound annual growth rate (CAGR) refers to the average annual growth rate of an investment conducted over a specified period exceeding one year. It represents a highly accurate approach to calculating returns on specific investments, portfolios of assets, or any other entity whose value is susceptible to temporal variations. Our list of the Twenty Fastest Growing Industries in the Next Five Years: Predictions is presented in ascending order based on CAGR.
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Forecasts of the twenty industries with the most rapid growth over the next five years
20. Dining Service
10.79% is the compound annual growth rate (CAGR).
A food service establishment is any business that prepares and serves meals outside for at-the-spot or takeout consumption. Fortune Business Insights projects that the global foodservice market will increase at a compound annual growth rate (CAGR) of 10.79% between 2023 and 2030, from $2,646.99 billion to $5,423.59 billion. The global culinary service market was valued at $2,395.03 billion in 2022. This increase is primarily attributable to the persistent rise in fast food consumption. Furthermore, increased expenditures associated with dining out and a rise in the number of food courts and food centers are driving the expansion of the food service industry.
19. Protection from Cybersecurity
12.3% is the compound annual growth rate (CAGR).
Grand View Research projects that the global cybersecurity market will expand at a CAGR of 12.3% between 2023 and 2030. The market was assessed to be worth $222.66 billion in 2023. A rise in the number of cyberattacks resulting from the proliferation of e-commerce platforms, the adoption of the cloud, and the proliferation of smart devices are some of the primary factors driving market expansion. Asia-Pacific is anticipated to experience the highest CAGR during the forecast period, at over 15.0%, whereas the North American cyber security industry expands at a steady rate.
18. Ingenious Agriculture
13.7% is the compound annual growth rate (CAGR).
According to a forecast by Grand View Research, the minor agriculture sector will increase at a CAGR of 13.7% between 2024 and 2030, from $22.65 billion in 2023. Topcon Positioning System, Ag Leader Technology, AGCO Corporation, and Deere & Company are some of the main players in this industry. During the forecast period, the expanding automation of commercial greenhouses and the increasing implementation of controlled environment agriculture (CEA) in greenhouses, which aims to increase yield and maintain optimal growth conditions, will be the primary forces driving the market. North America is anticipated to hold the largest market share of the global smart agriculture industry from 2024 to 2030, with a 12.3% CAGR, from 2023 to 2030.
17. The Biotechnology Sector
13.96% is the compound annual growth rate (CAGR).
Biogen, AstraZeneca, Bristol-Myers Squibb, Novo Nordisk A/S, Merck KGaA, Johnson & Johnson Services, Inc., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., and Pfizer, Inc. are some of the most recognizable names in the biotechnology sector. Grand View Research projects that the biotechnology market will increase at a compound annual growth rate (CAGR) of 13.96% between 2023 and 2030, from $1.55 trillion in 2023 to that amount. The acceleration of the industry is due to robust government support for modernizing the regulatory environment, enhancing reimbursement guidelines and procedures, and standardizing clinical research. Between 2024 and 2030, Asia-Pacific is anticipated to experience the most rapid growth.
16. The Fintech-as-a-Service model
16.9% is the compound annual growth rate (CAGR).
Fintech is expanding at a rapid rate, and this sector will almost certainly experience explosive growth in the future. The global fintech-as-a-service market is projected to attain a value of $681.6 billion by 2028, expanding at a CAGR of 16.9% from 2022 to 2028, according to an analysis by Market Research. Technologically supported banking has become more in demand as digital payments, digital lending, insurance, wealth management, and robo-advisory gain popularity. Traditional lending institutions are increasingly adopting fintech technology to capitalize on novel business practices and financial procedures.
15. Sustainable Energy
17.2% is the compound annual growth rate (CAGR).
According to a report by Grand View Research, the global renewable energy market was valued at around $1.21 trillion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 17.2% from 2024 to 2030. The environmental regulations and transition to low-carbon fuels that are prevalent in the majority of developed countries have significantly bolstered the renewable energy sector.
Based on its projected market share of 30.95% in 2023, the solar power sector is expected to experience significant growth throughout the forecast period. Participants in the industry, including ACCONIA S.A. are executing a variety of strategic initiatives to expand their market share. Predictions place the renewable energy sector among the top twenty industries with the most rapid growth over the next five years.
14. Telemedicine is a
17.2% is the compound annual growth rate (CAGR).
Telemedicine, which has grown in recent years, will continue to develop during the next five to 10 years. Fortune Business Insights expects the worldwide telemedicine market to rise 17.2% from 2023 to 2030, from $87.41 billion to $286.22 billion. North America held 47.87% of the global market in 2022.
Leading companies like Teladoc and MDLive, along with strong government support, are driving market expansion. The incorporation of cutting-edge technology like machine learning and a significant reduction in healthcare costs will drive this expansion. European market share will be behind North America in this business.
13. E-commerce Transport Logistics
18.2% is the compound annual growth rate (CAGR).
The logistics of e-commerce is a substantial international sector that is anticipated to grow consistently over the coming years. Market Research estimates that the worldwide eCommerce logistics market, valued at $373.7 billion in 2022, will grow 18.2% to $1.4 trillion by 2030.
It was the outbreak that facilitated the growth of e-commerce logistics. Future projections indicate that artificial intelligence and big data will assume an ever more critical role, and monitoring sustainability in this industry will be of the utmost importance. The CAGR for China’s development is anticipated to be 20.7% by 2030. Alibaba Group Holding Limited is a significant participant in this sector.
12. Digital Marketing Applications
19.4% is the compound annual growth rate (CAGR).
Digital marketing is one of the world’s largest and fastest-growing sectors. Since most firms moved online after COVID-19, digital marketing will continue to boost product visibility and revenue. In 2022, Grand View Research estimated the worldwide digital marketing software market at $65.33 billion. Market projections show a 19.4% CAGR from 2023 to 2030. Due to the requirement for marketing process automation, digital marketing software is expected to grow steadily. Technology and customer behavior have also led to modern advertising methods like mobile advertising.
11. A Streaming Video
21.5% is the compound annual growth rate (CAGR).
Video streaming services are set to experience significant revenue growth alongside the overall evolution of the media and entertainment industries. As a result of the influx of subscribers to streaming service platforms such as Amazon Prime, Disney+, and Netflix, Inc. (NASDAQ: NFLX), employment opportunities will increase. Grand View Research predicts that between 2023 and 2030, the global market for video streaming will grow at a compound annual growth rate (CAGR) of 21.5%. As of 2023, the market was valued at $106.83 billion.
Advancements such as artificial intelligence (AI) and blockchain technology contribute to the improvement of video quality. Artificial intelligence plays a critical role in numerous aspects of video production and uploading, encompassing editing, voice-overs, cinematography, and scriptwriting. It is anticipated that these developments will positively influence the expansion of the market.
In 2023, subscription video-on-demand over-the-top streaming service Netflix, Inc. (NASDAQ: NFLX) generated $33.72 billion in revenue. This service, which is accessible in numerous languages worldwide, predominantly distributes acquired and original films and television programs across a wide range of genres. Netflix, Inc. (NASDAQ: NFLX) implemented AI technologies in May 2016 to provide a more personalized and enhanced experience for its subscribers.
10. Cannabis-Based Foods
22.1% is the compound annual growth rate (CAGR).
The rapidly growing worldwide cannabis market is worth discussing. According to industry research, the cannabis edibles industry would expand 22.1% from $8.8 billion in 2022 to $43.6 billion in 2030. China and the US are expected to lead the cannabis edibles industry with a 21.5% CAGR and $2.7 billion in 2022, respectively. MJBizDaily contacted industry experts who said edible cannabis products appeal to novice consumers who are wary of other methods or prefer the privacy and simplicity of consumables.
9. Predictive Healthcare Analysis
24.4% is the compound annual growth rate (CAGR).
Over the next five years, healthcare predictive analytics is expected to be one of the fastest-growing businesses. Grand View Research expects the global healthcare predictive analytics market to reach $67.5 billion by 2030, growing 24.4% from 2023 to 2030. The market value was $11.7 billion in 2022. The healthcare industry’s desire for advanced analytics solutions to reduce costs and improve patient outcomes is what drives the market. The need to control rising healthcare expenditures while preserving quality has driven predictive analytics growth.
In 2022, North America dominated the global market with approximately 48.2% of the revenue share. Asia-Pacific is projected to experience the fastest growth during the period. With advancements in healthcare, healthcare professionals are diagnosing more individuals with chronic diseases. The above factors have accelerated healthcare predictive analytics, which aims to improve patient outcomes and lower rising health expenditures, boosting market growth.
8. Virtualization Applications
25.4% is the compound annual growth rate (CAGR).
Physical devices like networks, servers, and storage can be virtualized. Virtual software simulates hardware operations to run numerous virtual machines on one computer. Additionally, market experts have seen enterprises adopt virtualization technology at a rapid rate.
Technology giants Amazon, Google, Microsoft, Oracle, and Huawei Technologies dominate the virtualization software market. Market research predicts a 25.4% CAGR from $63.1 billion in 2022 to $386.8 billion in 2030. Virtual software will become a major industry.
South Korea, the US, China, Japan, Canada, Australia, and India need virtualization software.
7. Digital Instruction
25.8% is the compound annual growth rate (CAGR).
Persistence Market Research projects that the global digital education market will increase from $19.2 billion in 2023 to $95.7 billion by the end of 2030, with a forecasted CAGR of 25.8%. Exponential growth drives the latter due to numerous significant factors. The proliferation of internet access on a global scale is predominantly responsible for the advent of digital educational materials.
Due to the rapid evolution of the labor market, the demand for continuous learning and skill development has increased dramatically. In addition, the COVID-19 pandemic has expedited the implementation of remote learning systems, thereby stimulating market expansion. North America surges ahead of all other continents.
A prominent enterprise in this industry that experienced a surge in prominence primarily as a result of the pandemic is Coursera, Inc. (NYSE: COUR), which reported revenue of $523.76 million in 2022. Andrew Ng and Daphne Koller, both computer science lecturers at Stanford University, founded Coursera, Inc. (NYSE: COUR), a for-profit, United States-based open online course provider, in 2012. Coursera, Inc. (NYSE: COUR) collaborates with universities and other organizations to offer online courses, certificates, and degrees in a variety of disciplines.
6. Information Science
29.0% is the compound annual growth rate (CAGR).
Between 2022 and 2029, Fortune Business Insights expects the worldwide data science platform market to grow 29.0% from $81.47 billion to $484.17 billion. Big data to support COVID-19 market growth drives the data science platform industry. Data software used in healthcare is another element driving market growth throughout the predicted period. North America is projected to have the highest revenue share with IBM and Microsoft.
