The business world is rapidly changing due to rapid technological advancements, paving the way for several emerging industries to drive growth over the next decade and beyond. According to McKinsey, including the biotechnology revolution and the growth of clean technologies.
But that’s not all. At a time when commercial space travel is becoming a reality and driverless cars are gaining traction, the world of science fiction is becoming more and more like the real thing as the days go by.
Here are the top emerging industries for growth.
1. The cannabis trade
With more and more countries, like Canada and several US states, legalizing cannabis for medical and recreational purposes, the commercial potential of the cannabis industry is hard to ignore.
The cannabis industry is estimated at $61 billion worldwide. we on its own, and has captured the attention of savvy business owners, investors and manufacturers looking to take a stake in a highly lucrative industry.
There are even specialized cannabis-related master’s degrees emerging, opening up the possibility of learning everything there is to know to gain access to exciting jobs in the cannabis industry.
2. Driverless cars
One of the fastest growing industries, driverless cars – automated cars that can drive themselves – are being developed both for private use by companies such as Tesla and Apple, as well as being tested as commercial “robotaxis” by big tech giants like Amazon.
Sven A. Beiker (pictured), a management lecturer at the Stanford Graduate School of Business, explains the benefits of driverless cars. “The main benefit is probably fewer accidents and fewer fatalities. Plus it gives mobility to those who can’t use an automobile today due to accessibility issues.
In terms of risks, however, traffic regulations and laws will have to be adapted in the future. “There will always be traffic accidents, and therefore who is responsible when self-driving cars make a mistake is a matter of debate.”
3. Clean technologies
There is a growing need for sustainable innovation in the fight against climate change.
This is where clean technologies, or clean technologies, come in. The goal of clean technology is to create environmentally friendly products, processes and services that include everything from energy-efficient batteries to electric cars and solar panels.
In addition to being a key figure in the fight against climate change, the sector has enormous market potential. The global market for clean technology activities is expected to reach more than $2.5 trillion in 2022.
4. Lab-grown meat
It is estimated that the meat industry contributes approximately 60% greenhouse gas emissions. In a world that is beginning to face pressing environmental issues, the emerging lab-grown meat industry could offer a partial solution to easing the climate crisis.
According to Andreas Rasche, professor of business in society and associate dean of the full-time MBA at Copenhagen Business School, lab-grown meat can reduce water pollution, improve animal rights and free up land, which could play a key role in the global sustainability agenda.
However, it remains unclear how much lab-grown meat will become part of everyday life in the future. “There are still a lot of ifs, for example, about the behavior of regulators and about consumer acceptance,” adds Andreas.
5. Commercial space travel
When billionaires Jeff Bezos, founder of Blue Origin, and Richard Branson of Virgin Galactic took part in a space race, the opportunity to play alien tourist got closer and closer.
Given that the commercial space sector could be worth nearly $3 trillion by 2040, it’s no wonder companies like Virgin Galactic and Blue Origin are looking to capitalize on this growing industry.
But don’t expect to take a flight into space anytime soon, unless you have nearby $55 million save. “We’ll have to see leaps in technology that reduce launch costs to make these services viable for ordinary people,” says Loizos Heracleous (pictured), professor of strategy and organization at Warwick Business School.
Among major emerging industries, the growth of biotech has been a silver lining to the Covid pandemic that has enabled the rapid development of vaccines.
Messenger RNA (mRNA) vaccine technology has been around for a long time, but when biotech companies Moderna and Pfizer harnessed this technology in their Covid vaccines, it was only then that the world of medical science took notice. realized the enormous potential of mRNA technology.
Moderna and Pfizer’s mRNA vaccine technology instructs cells to produce proteins that trigger an immune response that forms the antibodies needed to fight an infection. This design is distinct from the traditional vaccination method which injects dormant or weakened vaccines viruses in the body.
In the future, there are likely to be big investments in companies with mRNA capabilities, the creation of more biotech companies, the testing of technology beyond infectious diseases, and the emergence of large corporations. pharmaceuticals in the mRNA growth industry, predicts Markus Saba (pictured), professor of marketing at the Kenan-Flagler Business School at the University of North Carolina (UNC) and executive-in-residence at the Center for the Business of Health from UNC.
The Electronic Sports (eSports) industry is rapidly becoming one of the biggest growth industries that will disrupt the entertainment industry. In 2021, the eSports space was estimated to be around $1.08 billion globally, offering several exciting eSports jobs for business-savvy MBAs. This is expected to increase further in 2022.
From Fortnite, a major player in the esports industry, hosting a World Cup event that can see winners take home millions, to eSports gaming influencers who strike sponsorship deals by playing games live on streaming platform, Twitch, the lucrative esports industry is growing rapidly.
As digital transformation sweeps the world, expect digital threats to intensify. These threats can cost businesses millions to address, which is why the growing cybersecurity industry is such a sought-after area for businesses to invest in.
By 2022, the global information security market is expected to reach $170.4 billion in valuation. With more and more teleworkers and interconnected devices, online protection is ripe for growth.
The growth of the cybersecurity industry will see companies implement disruptive new technologies like artificial intelligence (AI) and machine learning to ensure they are ready to defend against powerful viruses designed by the Pirates.
The business as we know it today is set to be radically different in the future. These emerging industries are paving the way for innovative new business models and creating an array of fast-paced careers suitable for challenge-hungry business school graduates.
Next reading: Verity Bowditch and Mikey Pearce on the future of plant-based meat