Most economic reports focus on the effects of inflation, geopolitical disputes, and recession challenges. Daily new snippets often portray a negative story and ignore significant pockets of growth in the global economy.
This article sheds light on the industries that are growing currently. Most of these markets are driven by advanced technological developments and scientific advancements and are most likely to amplify in the next few years.
1. 5G Security
The growing need for comprehensive privacy measures and security features will continue to drive increased demand in the 5G security market, which is expected to grow at a compound annual growth rate (CAGR) of 36.8% to reach $25.9 billion by 2030 as per excerpts from a recent report.
Since its inception, 5G has truly revolutionized the reliability and efficiency of broadband communications for both, businesses and consumers. It will have a noticeable impact in the years ahead on multiple fronts, including broadband, sustainability, and machine-to-machine communication. With high bandwidth and ultra-low latency, 5G can reach some high-value areas, such as digital twins, 3D robot control, etc., which were not previously possible with mobile communication technologies, which is an entirely new market opportunity.
With 5G capabilities many gaming, educational, and industrial applications have been launched, this is just the beginning of how 5G will ultimately change and accelerate in the engineering, manufacturing, automotive, and entertainment industries Technology and ultimately the way we work and live.
2. Virtual Reality Gaming
Recent technological advancements have also led to the rise of virtual reality gaming, a market worth $24.6 billion by 2024. The market is expected to grow at a CAGR of $29.8 billion from 2023 to 2027 and reach $100.29 billion by 2027, as per excerpts from a recent Market Forecast report for 2022-2027. The market is gaining popularity in some developing regions due to rising consumer disposable income and easy access to games.
In 2023, advancements in game technology are expected to give gamers a more immersive gaming experience than ever before. One of the biggest developments in this niche is Virtual Reality (VR), which is incredibly popular for all the adrenaline-pumped experiences it offers and is all set to revolutionize the way we play games. The future of gaming is extremely exciting and the possibilities seem endless with the series of continuous developments ongoing in the field of gaming technology.
Colocation has greatly improved gaming technology, especially in the field of virtual reality games. By providing a centralized, high-performance environment for servers and other hardware, colocation guarantees gamers maximum reliability and minimal latency. This is important for VR games, as even the slightest delay can result in motion sickness or a diminished overall gaming experience. In addition, the server facilities provide strong security measures and redundant power, ensuring that the game servers are always up and running. This uninterrupted service is essential to keeping VR experiences vibrant and engaging. In addition, colocation scalability allows gaming brands to seamlessly expand their infrastructure as the demand for VR games grows, ensuring high-quality, cutting-edge experiences for a growing percentage of their audience.
3. Digital Education
The increasing adoption of digital technologies has also impacted the education sector with the extensive use of e-learning and tools such as smart boards, tablets, laptops, and large open online courses (MOOCs). The digital education industry is estimated to be $12.8 billion in 2019 and is expected to reach $137 billion by 2030 at a CAGR of 25.6% as per market reports. Key players in this space include Coursera, Udemy, LinkedIn, and Pluralsight.
The relentless capabilities of digital technology today offer unparalleled ways to transform the way we learn and retain information. New and innovative EdTech trends and solutions are capturing these possibilities like never before, transforming the ways through which we learn, teach, and structure educational models.
Technologies like AI and immersive technology are phasing out conventional one-size-fits-all methods of instruction and promoting adaptive learning. Immersive technologies such as Metaverse, Virtual Reality (VR), and Augmented Reality (AR) provide enhanced simulated learning experiences. Increasingly, these platforms promote opportunities for personalized learning which is now more about learning than schooling. This shift is also majorly reflected in emerging trends across EdTech, where the focus now is predominantly leaning toward learner-centered approaches and away from institutions.
At the heart of this shift is the proliferation of the myriad ways of teaching and learning that can make use of artificial intelligence (AI), it is and will be the most important technology to shape education in 2023.
4. Healthcare Predictive Analytics
Another rapidly growing area is predictive analytics in healthcare. Valued at $13.8 billion by 2023, the healthcare predictive analytics market is expected to grow at a CAGR of nearly 25% to reach $33 billion by 2026. Healthcare organizations are increasingly adopting predictive healthcare analytics, primarily in areas such as clinical trials, operations management, and administration, to provide the best possible care. Predictive AI can analyze large amounts of data from multiple sources to provide insights into a patient’s condition, treatment history, and other data points that can help healthcare professionals predict health problems and develop targeted treatment plans accordingly. By integrating AI into patient care, healthcare providers can more accurately diagnose and treat diseases, improve patient outcomes, and reduce costs. In addition, it can find potential risk factors and indicate early warning signs of major health concerns.
By combining data from a variety of sources, such as lab results, medical records, and even patient feedback, predictive analytics can be used to develop algorithms and generate insights to shape treatment decisions. Predictive models can identify the best drug or treatment for high-risk patients who might benefit from preventive care or early intervention. Predictive models are also used to analyze patient data and evaluate the most likely outcome for a particular treatment. This type of analysis can be invaluable in helping doctors determine the best course of action for each patient.
5. E-commerce Logistics
Already a large global market, e-commerce logistics is poised for steady growth in the years to come. The e-commerce logistics market is estimated at $256.4 billion in 2023 and is expected to grow at a CAGR of 19.3% to reach a staggering $863 billion by 2027. Technologies like artificial intelligence and big data are expected to play an increasingly important role in the future, and sustainability will be another important issue to watch in this industry. Large enterprises are integrating new technologies such as Blockchain, automation, and proprietary technologies to deliver insights, improve customer experience, and operate securely. The development of digital technology has influenced consumer decisions resulting in a large volume of e-commerce, which in turn has increased the use of e-commerce logistics for shipping e-commerce products.
Technology without a doubt is the real gamer changer today, if there’s one underlying factor across all the top 5 industries discussed in this article, it is Technology. It has truly transformed the way we interact, do business, shop, and the way we live and work. It has become an integral part of our routine and is now an indispensable part of our lives. The importance of technology in business cannot be undermined. Businesses around the world are leveraging emerging technologies to boost their competitive advantage and drive measurable returns. Its role and relevance will continue to evolve and expand in the years to come.