Top 6 Fastest Growing Industries Globally In 2020

With increasing consumer spending, the retail industry is the next big fastest-growing industry in the world. The industry is expected to grow at a CAGR of 5.3 percent by the end of 2023. 

The retail industry comprises consumer goods such as food, apparel, jewelry, furniture, and many others. The industry is highly competitive as many retailers have started adopting online retailing via e-commerce. 

Today the consumers mostly prefer online mode of shopping that delivers them home delivery. Online retailing is set to revolutionize the entire retail industry. 

It is one of the fastest-growing industries in today’s world. This industry provides services related to customer satisfaction and leisure. 

It consists of broad categories such as food and beverage service, travel and tourism, entertainment, lodging and, accommodation and event planning. The industry has started investing in technologies such as artificial intelligence to provide personalized services to the customers by considering choice preferences. 

Personalization, artificial intelligence, smart hotels, robots, virtual and augmented reality are the main factor boosting the hospitality industry. The industry is extremely competitive as many companies are adopting new ways to deliver better services. 

The construction industry is expected to grow substantially at a CAGR of 4.2 percent to reach $10.5 trillion by 2023 globally. 

Rising infrastructure, new market entrants are some of the drivers for the growth of the industry. Also, the shift towards automation, 3D printing, digitization, BIM (Building Information Modelling), safety, green constructions are set to boost the construction industry. The residential segment will have more demand in the construction industry. 

Increasing population and environmental concerns have paved a way for the renewable energy industry in recent times. 

According to the International Renewable Energy Agency, 28 million jobs are expected in this sector by 2050. The renewable energy industry is estimated to grow at a rate of 6.1 percent to reach $1.5 trillion by the end of 2025. 

Many big giants like Tesla are coming forward with their own Tesla solar panels. Also, electronic giant Samsung has installed more than 40,000 square meters of solar panels in South Korea to deliver renewable energy facilities. 

Many companies are taking a step ahead to reduce their carbon footprints through renewable and clean practices. 

Automobile industries will be observing the major transformation over the next decade. The upcoming decade is going to see an increasing amount of hybrid and electric vehicles on the road. 

Cutting-edge technologies such as GPS, WiFi, Bluetooth, and 5G network have made self-driving vehicles a reality. 

The healthcare industry is one of the evergrowing industries in the world.  It is expected that the healthcare industry will rise 5.4 percent each year until 2022. 

According to the Bureau of Labor Statistics, more than 14.3 million people are employed in this industry in the U.S. around $200 was generated last year in the U.S. The advancement in technology is taking the healthcare industry to the next level. 

The adoption of popular technologies like artificial intelligence, robotics, big data analytics, cloud-based Paas/SaaS platforms will be integral in the healthcare industry.  The shift from conventional healthcare to new tech and digitized is driving the growth opportunity of the healthcare industry across the world.