The industry is a branch of the economy related to the processing of raw materials and manufacturing of final products. Industries are the building blocks for economies. They provide jobs and have a real impact on the company’s output. Industries are the main driving force behind our lives.
In this day and age, we’re living in a commercial world. Everything around us is a product of manufacturing. Therefore it is not possible to ignore the impact that industries have on our lives. All of our jobs are because of the development of industries as well. In this article, we will be focusing on the industries with the most growth and how they influence us.
COVID-19 Impact
Before we dive into industries and their growth we must discuss the recent pandemic. COVID led to restrictions in social as well as economic aspects. People not being able to gather meant that offices shut down and factories were not operating at full capacity. Thus industries a suddenly faced shortage of production and manpower. This had a gravely negative impact on the economy. People had to lose jobs and others suffered pay cuts. Many industries around the world are still growing after this pandemic and we hope to see them flourish soon.
Growing Industries
Industry growth is usually measured by its output. A growing industry is one whose output is increasing. Output can be increased due to greater demand, technological factors, and labor as well. Below we will be discussing some of the highest growing industries in recent years.
1: Renewable Energy
With every passing day, we deplete more and more of Earth’s natural resources such as coal, wood, and others. Therefore, it is not sustainable in the long run to keep producing energy with nonrenewable energy sources. This is why in recent years there has been a great spike in the development and availability of renewable energy sources.
Products such as solar panels and small-scale windmills have been made much cheaper. This has allowed more people to buy them. Hence causing positive growth for the industry. This growth has led the industry to be worth 1.35 trillion dollars today.
2: Cyber Security
As technological advancements bring betterment they also bring evil. As the world has shifted towards online connectivity, so have cyber thieves. Banks, governments, and all other institutions mostly store their data online. This has made them vulnerable to cyber-attacks. To counter this problem, a new field has emerged in computer science which is known as cyber security. It is exactly what it sounds like. Cyber security experts are responsible for keeping our information safe from cybercriminals. In short, they are responsible for protecting our data.
Cyber security is in such high demand that experts predict that by 2023 it will be valued at $165.2 billion. Thus making it one of the highest growing industries across the globe.
3: Artificial Intelligence
Artificial intelligence has taken the world by storm. Every passing day discoveries and innovations are being made that are nothing short of astonishing. From robots that can smell disease to your simple Living room, Alexa, Artificial intelligence is everywhere. With the recent wave of technological advancements, Artificial intelligence is becoming more and more integrated with our lives.
The global Artificial Intelligence industry is set to keep growing and is expected to be valued at 126 billion dollars by 2025.
4: Beauty Industry
The beauty industry has had remarkable growth. This industry has been growing for a long time and is a major economic contributor worldwide. Products such as free false lashes samples, conditioners, moisturizers are present in everyone’s homes. This just goes to show how big of an impact this industry has on our daily lives.
As cosmetic items become cheaper and cheaper, we expect to see an even greater rise in the growth of this industry. Cheaper products will mean a higher demand thus increasing their size. Ultimately causing the growth.
5: Biotechnology
In a world where the population has reached concerning levels, biotechnology has worked wonders for us. It helps us have a higher and faster yield in crops. Moreover, biotechnology is a medical marvel as well. It helps genetically cure many life-threatening diseases. It is safe to say that biotechnology has impacted all of our lives in one way or the other.
This industry is in such high demand that it is expected to reach a value of 727 billion dollars by 2025. That will be at a growth rate of 7.4%.
Conclusion
Industries worldwide have suffered due to the pandemic however this has not meant their growth has declined. Some industries such as those listed above had continued to grow at an impressive rate. As further advancements are made, their growth will increase as well.
However, it must be noted that these aren’t the only industries that have grown at an impressive rate. There are many other industries as well that have shown remarkable growth. The virtual reality industry is a great example of such an industry. Hopefully, we will see many more industries flourish the same way, leading to global economic growth.