The future is fast approaching, and it’ll be here faster than we think. In fact, the pace at which technology is advancing is so rapid that it’s difficult to keep up with all the latest innovations.
The world of tomorrow looks nothing like the world we know today; it will be a place filled with flying cars, artificial intelligence (AI), and virtual reality (VR). With advancements in fields such as robotics, big data analytics, biotechnology, virtual reality and more recently AI, industries are expanding in ways we never imagined. There are now over 20 industries that are growing so rapidly they have been described as ‘growth engines’ for society – these are called the growth industries of the future or ‘The Growth PENDULUM Industry’s.
Here are the 7 industries of the future
Blockchain
Blockchain is a data-distributed ledger technology originally created as the digital underpinning of Bitcoin. However, it has since been identified as a solution to a wide range of problems, including data security, transaction settlement latency, and inefficient resource management.
It has many applications in the future industries like insurance, government services, supply chain management, healthcare, financial services, and even the internet of things (IoT).
For example, it can be used to track food products from farm to table to ensure they are organic and safe to eat. It can also be used to store medical records and keep them private and secure.
Blockchain technology can also be used to create new types of investment funds and for online voting.
Robotics and AI
As AI technology continues to advance, we are seeing more and more of it integrated into daily life. From your car to your phone, AI is becoming more prevalent.
The industries that will benefit greatly from this trend are healthcare, logistics, and retail. AI has been proven to be extremely beneficial in healthcare, where it has been used to diagnose diseases, perform surgeries, and even create personalized treatment plans for individual patients.
In the logistics industry, AI has been used to create “smart cities” where it is used to optimize traffic and parking, as well as track and monitor packages and shipments.
AI has also been used to create personalized shopping experiences, suggesting items, providing reviews, and even placing orders.
Virtual Reality
VR is a computer-generated simulation that allows users to experience an alternative reality.
It is already making waves in the gaming arena, but there are many other areas where VR will soon make its mark.
VR is already being used in the medical and education fields to help train new doctors and to create interactive, immersive learning environments for students.
VR has also been used in the real estate industry with the creation of virtual “walkthroughs” that allow users to explore and experience potential homes before they make a purchase.
VR has also been used to help people with disabilities explore new places, such as museums, that they might otherwise not be able to visit.
In the future, VR will likely be used to create a more immersive augmented reality experience.
3D Printing
3D printing technology allows people to create almost anything that they can imagine.
It has the potential to transform the production and supply chain industries.
This process involves creating 3D objects out of thin air by using digital designs and a special machine to construct the object with a special type of ink.
While this technology was first introduced in the 1980s, manufacturers have been able to improve the design of the printers, while reducing the cost and increasing the speed of production.
This has led to the technology becoming more accessible to consumers and businesses alike.
Now, it has even been predicted that this will be a $100 billion industry by 2030.
Drone Manufacturing
Drones, which are unmanned aerial vehicles, have expanded their horizons from military use to now being used in agriculture, photography, postal services, and even for search and rescue missions.
The drone industry is expected to grow at an annual rate of 17% to reach $32 billion by 2022 from $8 billion in 2017.
Drones are already being used for precision agriculture, which involves the use of sensors to collect data about soil conditions, plant health, and weather conditions.
This data is then used to provide farmers with information that can help them maximize the output of their crops and ensure the health of their soil.
Drones have also been used to deliver items such as food, medicine, and blood, while they have also been proposed as a possible solution to tackle climate change.
Driverless Vehicles
Self-driving vehicles have been in the news a lot lately, and many people have predicted that they will be a common sight on the road by 2021.
However, it is important to note that there are actually two types of driverless vehicles – autonomous and driverless/connected.
The industry is expected to grow to $42.89 billion by 2026. Autonomous vehicles are already being used to transport passengers in certain cities, such as Singapore, Dubai, and Pittsburgh.
Driverless/connected vehicles are used for deliveries, mining, and other industrial purposes where these vehicles have been specifically programmed to perform certain task. While autonomous vehicles are already being used commercially, driverless vehicles are still being tested and are not yet available to the general public.
Driverless/connected vehicles have the potential to completely change the way we travel and commute to work, school, etc., and have been proposed as a solution to reduce traffic accidents and fatalities.
Note: there is a little bit of nuance between this two forms of vehicles.
Biotech and Genomics Research
Biotech, or biopharmaceutical research and development, is a relatively new industry that has been greatly influenced by the rise of genomics and the sequencing of the human genome.
This new field has allowed researchers to identify the genetic mutations that cause diseases, as well as create personalized treatments for individuals based on their genetic makeup.
Biotech companies have already used genomics to develop new drugs, such as cancer treatments, and even create genetically modified crops.
This industry is expected to grow from $91 billion in 2018 to $284 billion by 2026.
Biotech and genomics research is also being used to create new ways of producing food, such as creating genetically modified organisms (GMOs) that are “climate-ready” and can withstand extreme weather conditions.
This technology also has the ability to help tackle world hunger because it allows farmers to produce more food while using less resources.
Also read
Conclusion
The future is now, and it’s time to embrace what’s coming. While these industries are expected to grow in the future, it’s important to note that they will not replace the industries that made our society great. Instead, they will simply create new ways of doing things and create new jobs that will allow us to progress as a society and move forward. With all of these industries growing at an extremely rapid pace, it can be difficult to keep up with all of the latest developments. Fortunately, you now have a better understanding of the future industries that will make you even more excited for tomorrow!
