Top 6 fastest growing industries in the world in 2024
A cluster of companies that are established around a fresh idea or product concept and is still running in the developmental stages, is called an emerging industry.
These companies majorly emerge when new technology is introduced in the market and is an upgraded version of the older one. Companies that are part of emerging industries have volatile stocks.
This is important to comprehend that investing in these companies can be risky. The stock market is a highly volatile, dynamic, and unpredictable area and its highs and lows can have serious implications on any company
All investors have to be keenly careful about where they are placing their bets and investments because of the recent drastic transformation in global events, especially investment in the fastest-growing industries.
Tracking the fastest growing industries in the world can be extremely beneficial in identifying the trends and scope of the business and making investments accordingly.
Characteristics of a fast growing industry
Studying and analyzing the performance of rapidly growing companies in their industries can be a great learning opportunity for all small business owners.
Though every business has its own USP, there are still some basic characteristics of industries on the rise, such as:
1. Risk-taking
It is clearly seen and known that companies that do not step back from taking calculated risks grow quickly. The hack is to take “calculated” risks.
Company owners carefully evaluate their options, shortlist the best ones, create a plan of action and then work according to its dispute of all the risks involved.
2. Precise planning
Companies that have a solid plan and are able to successfully implement it are usually seen thriving in the long run. For this, it is important to be cautious about the changing market scenarios and opinions of the world.
Predicting any future problems as much as possible and planning ahead for it can seriously change your game.
3. Greater profit ratios
Businesses that keep a greater profit ratio on the selling of their products and services are usually seen among the fastest-growing industries.
Your company will stay at a mid growth level if you set your profit margins low and aren’t able to cover it with high volume.
Top 6 fastest growing industries in the world in 2024
1. Banking and finance
Whatever dynamic disaster happens around the globe, the banking and finance industry always manages to keep it going.
During the pandemic majority of businesses were forced to outsource their financial tasks like analysis and accounting, this was because they had to fix their budget to stay afloat.
Being financially literate has been one of the greatest ways of helping businesses make it and cope with the crisis. The banking and financial industry has seen stability all around the world due to a business-savvy environment.
Moreover, with the rise of digitization and digital banking licenses, the banking and finance industry has become one of the fastest growing industries.
2. Software and technology
Another one of the booming industries is the Software and IT industry. It has become a significant sector in terms of hiring demands being greater than all other industries.
According to some recent research, software developers are in demand and it has increased by 25%, especially after the COVID-19 pandemic.
The major reason for this is the growing requirement for cybersecurity and new software because technology is ever-evolving and changing. In today’s world, more than half of the companies functioning have an online profile that needs to be safeguarded from any hacks or breaches.
This vulnerability is also because businesses are majorly running on software that stores company information which if leaked can cause serious damage and losses to the company.
As a consequence of this, every business is proactively delegating protective and security software into their internal and external functioning.
It has been predicted that the cybersecurity industry is set to grow to $366.1 billion by 2028 with the rise of cloud computing marketing to $760.98 billion by 2027.
Along with this, the pandemic gave a hefty push to the whole digitization movement in numerous sectors, majorly by taking them toward the cashless way of payments.
This is an inevitable move with which Software and Technology are one of the new industries.
3. Healthcare and pharma
The healthcare and pharma industry is rising with every new challenge coming through during and after the pandemic. Still, the healthcare resources and efforts are treating the aftermath of COVID-19 viral. It is clearly one of the fastest growing industries in the world.
This industry is continuously enhancing the human experience and improving the ways people perform. This is all done by the quickly growing virtual health services being provided to the patients like vaccination kits, home treatments, and supplies.
Along with this, the industry is constantly implementing ways to reduce the prevailing inequality in terms of resources and access. The drastic growth of the healthcare and pharma sector is not a surprise in this after-pandemic world.
Before the deadly virus took over the whole world, gerontology and eldercare were the mainly focused areas in the healthcare sector because studies show that by 2050 the elderly population ( people who are 65 years and above) would be 1.5 billion.
4. Fintech
The FinTech industry is on top of the list when it comes to considering long-term development. Over the past century the world has seen an insane amount of growth in technology and with it the ever-increasing levels of human convenience.
The FinTech industry is one such industry that has successfully used technological advancements to upgrade its services and discard all older transactions and financial processes.
The FinTech industry has majorly captured the startup space, which is a trend going on for many years.
With this, the orthodox and traditional ways of banking are being dropped and these startups are continuously creating opportunities for working with banks in a tech-savvy way, all around the world.
Facilities credit cards, virtual cards, cashless payments, online banking and so many more have made our lives so much easier than going back isn’t an option and this is what keeps the FinTech industry working and from amongst the new growing industries.
5. Artificial Intelligence
Artificial Intelligence (AI) is quickly spreading in almost all areas of the world and especially in the business market. Its novelty is quickly making it one of the fastest growing industries in the world.
AI is a continuously growing industry because it has developed ways to help optimize businesses and make them more flexible to adapt to the changes in the market.
AI can be seen in all industries like healthcare with virtual doctor appointments and automotive with self-driving cars. AI is among those emerging industries which would never go out of trend.
Suggested read: Machine learning and AI in finance - Overview & benefits
6. Data Science and analytics
The most up-and-coming a person can have is in the data science and analytics industry in the 21st century.
According to an IBM report, over 700,000 new hiring vacancies opened up in 2020 for data developers, engineers, and scientists. This makes data science and analytics also amongst the fastest growing industries in the world.
Along with this an unimaginable amount of digital data is being used on a daily basis through emails, google searches, and subscriptions, and the need is still increasing, which will of course require more management and analysis.
Therefore, the data science and analytics industry is classified among the booming industries of the world.