There’s no doubt that some industries are growing faster than others. But which industries are set to take off in the next few years? Here’s a roundup of the most promising sectors for business growth in 2022 and beyond. These industries offer great potential for growth and profitability. So, if you’re ready to jump on board, now is the time to do it. Whether you’re looking to start a new business or invest in an existing one, these industries should be on your radar.
Banking, financial services, and insurance
The financial services sector has continued to grow over the past few decades, so it’s no surprise that banks are some of the biggest companies in the world. The sector has seen a lot of consolidation in recent years, with smaller players gobbled up by larger ones or struggling to keep afloat on their own. With new regulations restricting international banking activities, there are fewer players than before inside different markets. This means that big banks have less competition when they expand locally.
This represents an opportunity for businesses that want to get into finance. Know-how will be invaluable; you’ll need to understand international tax law and know how to handle global economic trends, but if you can contribute to the growth of your bank’s business, there could be rich rewards.
For many years now, investors have been moving money into passive funds like index funds rather than actively managed ones where an expert makes decisions about what types of investments should be made. This way, they avoid paying management fees and yet still receive market performance. But experts predict that active funds are set to make a comeback in 2022 due to lower fees for fund managers. If you have the right connections in this industry, it may be time to start trading.
Home healthcare
It’s a well-known fact that our healthcare needs change as we age. In decades past, home healthcare was the exception rather than the rule. However, as medical technology has improved and as families have become smaller with fewer children to care for aging parents, it’s now possible for seniors to receive more of their healthcare from professionals right in their own homes.
In addition to this, due to an aging population and new rules on government funding, many people require additional assistance after they leave the hospital. They need help with home repairs or renovations so that they can stay in their homes long term. This creates opportunities for businesses involved in contracting and construction services – including those run by senior citizens themselves.
The sector has grown so much that recruiters have had to refine their caregiver strategies in order to develop a more comprehensive understanding of what drives employee needs within this field.
Manufacturing
The manufacturing sector has experienced falls in the past few decades due mainly to globalization and offshoring. However, it now seems like developing economies like China and India are reaching the point where they can no longer rely on cheap labor for running their businesses. As an emerging economy gradually achieves developed-world status, productivity per worker increases and wage rates rise across the board. That means it’s time for companies to start focusing on automation rather than offshoring if they want to improve their bottom line.
At this point, countries with low labor costs still have a competitive edge. But as these economies become less dependent on low-skilled labor, the world’s manufacturing sector will need to make a major shift toward automation – and it could be great news for businesses involved in designing robotics.
Space exploration
For decades, humans have dreamed of traveling to outer space. This is for a good reason – it’s the natural next step in our evolution. As humanity turns its focus away from Earth and onto our solar system, new opportunities are opening up for businesses involved in technology related to space travel. The space industry is already worth billions of dollars per year, but projections suggest that it could be worth trillions within a few years. If you want to get ahead of the curve on this one, now is the time to jump into the market.
Artificial Intelligence
Everyone has heard about the potential for artificial intelligence (AI) to improve lives, but we’re still a long way from it becoming mainstream. Although everyday businesses and individuals find new ways to utilize AI, it will be years before we see widespread adoption of this technology. By 2022, however, nearly 20% of companies are expected to use some form of AI in their company – up from just 3% today. At that point, most Fortune 500 companies will have some form of AI in use.
Most experts agree that there are still significant hurdles before we achieve true artificial intelligence – and the few who disagree with this tend to be more closely associated with organizations looking to develop it, such as governments or large corporations. This means if you’re involved in a start-up related to AI right now, you could be on the ground floor for a lucrative industry.
Alternative energy sources
Global demand for energy is constantly increasing, but fossil fuels are slowly being phased out. By 2022, alternative energy sources are expected to make up nearly 30% of all global power generation capacity. Part of this increase has come from subsidies for renewable energy sources, such as solar and wind power. However, the increasing costs of fossil fuels – particularly for developing nations – have also been a significant contributor to this shift. By 2022, more than 50% of all new power generation capacity is expected to be from alternative sources.
The rise of these new technologies will create some lucrative opportunities in the market. For example, someone looking to invest in alternative energy right now could look toward companies that produce equipment for building and operating solar farms like inverters and racking systems. They could also look at companies that produce specific parts needed by these businesses, such as mirrors or tracks used in solar farming.
If you’re looking to make some wise investments and career moves this year, these are the top industries that are set to take off.
