There are ten global industries that are expected to boom in the next five years (as researched by Sarah Schmidt) and these are:
1. 5G Security
Fifth generation (5G) cellular offers improved network capacity but also creates unique threats for governments, enterprises, and industrial customers.
A growing need for robust security and privacy features will drive heightened demand in the 5G security market. This is expected to grow at a compound annual growth rate (CAGR) of 36.8% to reach $25.9 billion in 2030 (Mind Commerce report 5G Security Market Outlook and Forecasts 2022-2030).
Source: https://en.wikipedia.org
2. Virtual Reality Gaming
Recent technological advancements have also led to a rise in virtual reality gaming, a $20.6 billion market in 2021. The market is expected to grow at a CAGR of 29.8% between 2022 and 2027. It will hit $100.23 billion by 2027 (Global Virtual Reality Gaming Market Report and Forecast 2022-2027 by Expert Market Research).
3. Virtualization Software
Market analysts have also noted a multifold increase in the adoption of virtualization technologies by businesses. Some of the biggest heavy hitters in technology include Amazon, Google, Microsoft, Oracle, and Huawei Technologies. This is projected to rise from $38.7 billion in 2020 to reach $189.4 billion by 2027. A CAGR of 25.4%, according to a study by Global Industry Analysts.
Virtualization software is in high demand in many countries around the world including the United States, China, Japan, Canada, Germany, Australia, India, and South Korea.
4. Digital Education
The rising adoption of digital technology has made its mark on education as well with the use of online learning and tools such as smartboards, tablets, laptops, and massive open online courses (MOOCs).
The digital education market was an estimated $12.6 billion in 2019 and is expected to increase to $136 billion by 2030 at a CAGR of 25.1%, according to Digital Education Market 2030 by Fatpos Global. Top players in this space include Coursera, LinkedIn, and Pluralsight.
5. Healthcare Predictive Analytics
Another area of rapid growth is predictive analytics in healthcare. Valued at $13.6 billion in 2022, the healthcare predictive analytics market is expected to increase at a CAGR of nearly 25% to reach $33 billion in 2026, according to Healthcare Predictive Analytics Global Market Report 2022 by The Business Research Company.
Predictive analytics in healthcare can help with critical functions such as identifying early indicators of patient deterioration, designing personalized medicines, and improving clinical trial outcomes.
6. Cannabis Edibles
According to a recent report by Global Industry Analysts, the global market for cannabis edibles was an estimated $5.7 billion in 2020 and is projected to reach $23.3 billion by 2027, growing at a CAGR of 22.3% during that period.
7. E-commerce Logistics
E-commerce logistics is poised to achieve steady growth in the future with an estimated market size of $243.4 billion in 2020, this is expected to rise at a CAGR of 18.9% to reach $819 billion by 2027 (according to the report eCommerce Logistics).
The pandemic helped to accelerate the growth of e-commerce logistics. Technologies such as artificial intelligence and big data are expected to play an increasingly important role in the future, and sustainability will be another key issue to watch in this industry.
8. Solar Energy Solutions
Increasing environmental awareness and technological advancements will help create new business opportunities in the global solar energy solutions market. The market is projected to rise from $30.06 billion in 2022 to reach $62.97 billion by 2027, growing at a CAGR of 15.94% (according to a recent report by Infogence Global Research).
Key drivers include adoption of green energy, the emergence of smart cities, high electricity tariffs, and regulatory compliance.
9. Vaccines
In 2020, the global vaccine market was valued at $35.9 billion, according to Vaccine Market Report 2022 by Health industry Distributors Association (HIDA). The market is expected to more than double to $83.5 billion by 2027.
10. Fintech-as-a-Service
The global fintech-as-a-service market size is expected to reach $681.6 billion by 2028, rising at a CAGR of 16.9% CAGR during the forecast period, according to a report by Knowledge Based Value (KBV) Research.
Fintech-as-a-service encompasses technologies such as API, artificial intelligence, robotic process automation (RPA), and blockchain.
Some of the sectors above although global in scope, should be examined for local players to participate. Malaysia needs to move from the labour intensive sectors to “brain-intensive” sectors for a more prosperous future.
Reference:
10 global industries that will boom in the next 5 years, Sarah Schmidt, https://blog.marketresearch.com, 10 January 2023
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