As we approach 2030, understanding which industries are primed for substantial growth is crucial for investors, job seekers, and business strategists.
This article explores the top 10 industries expected to see remarkable expansion in the next decade.
In an era marked by rapid technological advancements and significant global economic shifts, these industries stand out not only for their growth potential. But also for their adaptability and latest developments.
From healthcare revolutionized by digital innovation to manufacturing reshaped by automation, this article offers insights into the forces propelling these industries forward, outlining opportunities and challenges that define the future economic landscape.
1. Healthcare
The healthcare sector is poised for a transformative growth spurt, driven by an aging population and cutting-edge technological innovations such as:
Telemedicine and Wearable Devices
The fusion of medicine and technology has led to the development of telemedicine platforms enabling remote consultations and wearable devices that monitor vital signs in real-time.
This integration empowers medical professionals and patients, improving the efficiency of diagnoses and enabling individuals to make informed health decisions.
Precision Medicine
Precision medicine tailors treatments to individual genetic makeups. Genomic sequencing and advanced data analytics allow for personalized treatments, enhancing patient outcomes and paving the way for a more cost-effective healthcare system.
Robotic-Assisted Surgery
This technology enables surgeons to perform complex procedures with enhanced precision and control, minimizing invasiveness and reducing recovery times, thereby improving surgical outcomes.
With a predicted revenue growth rate of 14.77% by 2027, this sector encapsulates a range of services from ambulatory care to sophisticated hospital systems.
The Bureau of Labor Statistics forecasts an influx of about 1.9 million healthcare jobs annually, highlighting the sector's expansion and its critical role in our society.
This growth is a testament to the sector's advancement in value-based care, adoption of technology, and increased focus on efficient, profitable healthcare solutions.
2. Beauty, Fitness, and Personal Wellness
The personal care and service industry, encompassing everything from local beauty salons to fitness and wellness centers, is experiencing a significant uptick in demand.
Post-pandemic operational shifts have led to a resurgence in this sector, projected to add about 752,700 new jobs over the next decade. The industry is not just about aesthetics. It also includes well-being and self-care, with a projected revenue growth of 4.64% by 2027.
As people continue to prioritize personal care, the industry is set to expand, reflecting changing lifestyle preferences and the importance of personal wellness in modern society.
3. Hospitality
The travel, leisure, and hospitality industry is thriving, bolstered by growing disposable income and global connectivity. Projected to reach a market size of $6,347.8 billion by 2027, this sector embodies the increasing desire for exploration and cultural experiences.
Employment in this industry is on the rise, with the hospitality sector alone adding an average of 82,000 jobs per month. This uptrend indicates a strong recovery and potential for further growth, highlighting the enduring appeal of travel and leisure.
4. Construction
The global construction industry, encompassing both commercial and residential sectors, is forecasted to grow by 42% from 2020 to 2030, reaching a market size of US$15.2 trillion. In 2020, the output was US$10.7 trillion.
This growth is driven by the ongoing recovery from COVID-19 and the increasing demand for infrastructure and housing development.
Asia Pacific is expected to contribute significantly, with a projected 50% increase in construction output, while North America's construction output is anticipated to grow by 32%, amounting to US$2.4 trillion by 2030.
5. Manufacturing
The U.S. manufacturing sector, especially in automotive and semiconductor industries, is undergoing significant changes with the shift towards electric vehicles and advanced technologies.
Despite challenges like labor shortages and increased union activity, the sector is set to grow robustly. McKinsey Global Institute suggests that key manufacturing industries could boost the U.S. GDP by over 15% during the current decade.
Technological advancements, such as a 6% annual growth in the advanced robotics industry and Industry 4.0 applications, are expected to significantly contribute to this growth.
Investments in AI, IoT, and cloud computing are also pivotal, with billions being poured into these areas annually, highlighting the sector's potential for transformative economic and social impacts
6. Information Technology and AI
The global IT services market is experiencing significant growth, projected to expand from USD 1.11 trillion in 2023 to USD 1.67 trillion by 2028, at a CAGR of 8.38%.
The United States plays a pivotal role in this expansion, with increasing investment in IT services by banking and financial institutions and the adoption of emerging technologies such as AI, IoT, machine learning, blockchain, and data science.
Factors driving this growth include increased IT spending, adoption of software-as-a-service, enhanced cloud-based offerings, and the need for advanced security solutions.
Additionally, the advent of 5G, blockchain, AR, and AI technologies, coupled with the increasing volume of data generated globally, are key contributors to the demand for innovative IT services
7. Financial Services
The global financial services market is projected to expand from USD 25.51 trillion in 2022 to USD 58.69 trillion by 2031, at a CAGR of 9.7%.
This growth is attributed to the high penetration of digitalized financial services and the growing connection between service providers and consumers through digital platforms.
Increasing acceptance of banking and insurance systems, particularly in developing countries, alongside the expanding needs of small & medium businesses, large corporations, and individual consumers, are key growth drivers.
Moreover, the widespread growth of commercial banks, insurance companies, and investment banks globally is catalyzing the expansion of domestic and international trade and commerce.
8. Human Resources Management
The human resource management (HRM) industry is experiencing continuous growth due to evolving business needs and technological advancements.
As companies expand and adopt new technologies, the demand for skilled local and remote workers increases, driving the need for effective HR practices.
HR professionals play a crucial role in sourcing, screening, hiring, and training qualified personnel. They also manage employee benefits, maintain company documentation, coordinate health insurance plans, and cultivate a safe and ethical workplace culture.
The HRM industry is projected to experience significant growth in the coming years. The expected revenue growth rate is 12.8%, reaching $19.38 billion by 2030.
Similarly, employment prospects in the field are promising, with the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook predicting a 5% job growth by 2031, translating into approximately 15,500 new job openings annually.
9. Architecture
Technological advancements and the adoption of computer-aided design (CAD) tools are expected to impact certain architecture positions, particularly landscape architects.
However, other roles, such as building inspectors, urban and regional planners, and construction managers, are projected to experience growth due to rising national and global construction demands.
Grand View Research projects that the architectural industry will expand at a rate of 4.8%, reaching $523.20 billion by 2030, driven by rapid urbanization and an increased interest in affordable housing architectural services.
Despite these promising industry trends, employment growth for architects is expected to be moderate, with an estimated 5% increase by 2031, translating into approximately 8,200 new job openings annually.
10. Building Finishing Contractors
The post-construction contracting industry is experiencing growth due to the increasing demand for residential and commercial building renovations and additions.
Trades such as drywall and insulation contractors, painters, flooring contractors, and carpenters are in high demand for these projects.
The Business Research Company predicts that the overall market size for post-construction contracting will reach $2,112.71 billion by 2026.
This growth is being driven by the increasing demand for skilled tradespeople to complete residential and commercial construction projects. Other key drivers of growth in this industry include:
- Rising demand for residential and commercial construction
- Increasing adoption of green building practices
- Growing need for energy-efficient buildings
- Increasing urbanization
- Aging infrastructure
The Role of Industries in Driving Progress and Innovation
As we move towards 2030, the industries discussed in this article offer a glimpse into the transformative potential of technology and the evolving needs of society.
These industries reflect the dynamic nature of the global economy and the ever-increasing demand for innovative solutions to address complex challenges.
The growth of these industries will undoubtedly create new opportunities and challenges, requiring individuals, businesses, and governments to adapt and innovate.
Individuals will need to equip themselves with the skills and knowledge necessary to thrive in an increasingly technological world, while businesses will face the task of embracing new technologies and adapting their business models to remain competitive. Governments, in turn, will play a crucial role in shaping the regulatory environment and investing in infrastructure to support the growth of these industries.
By understanding the forces propelling these industries forward, we can better prepare for the future and contribute to shaping a more prosperous and equitable world.
We can foster collaboration between different stakeholders, promote education and training in emerging fields, and encourage investment in research and development.
Which industries are expected to experience significant growth in the next decade?
The top 10 industries poised for remarkable expansion in the next decade are: healthcare, beauty, fitness, and personal wellness, hospitality, construction, manufacturing, information technology and AI, financial services, human resources management, architecture, and building finishing contractors.
What are the primary factors driving growth in these industries?
The key drivers of growth for these industries vary, but some common elements include technological advancements, aging populations, rising disposable income, increasing demand for infrastructure and housing development, the adoption of new technologies like AI and IoT, and the expanding needs of small & medium businesses, large corporations, and individual consumers.
What are the challenges these industries face?
The challenges facing these industries vary, but some common obstacles include labor shortages, rising material costs, increased competition, supply chain disruptions, and regulatory changes.
What specific technological innovations are expected to impact the healthcare industry?
Some of the specific technological innovations expected to transform the healthcare industry include:
- Telemedicine and wearable devices enabling remote consultations and real-time monitoring of vital signs
- Precision medicine tailoring treatments to individual genetic makeups, enhancing patient outcomes
- Robotic-assisted surgery minimizing invasiveness and reducing recovery times, thereby improving surgical outcomes
What are the key challenges facing the healthcare industry?
The critical challenges facing the healthcare industry are:
- Rising healthcare costs posing a significant financial burden on individuals and governments
- An aging population with complex medical needs requiring extensive and specialized care
- A shortage of healthcare professionals, particularly in underserved areas, hindering access to quality care
- Access to healthcare in rural and underserved areas, often lacking adequate infrastructure and resources
What trends are driving growth in the beauty and wellness industry?
Several trends are propelling growth in the beauty and wellness industry. These are:
- Increasing consumer demand for personalized and natural products reflecting a growing preference for healthier and more sustainable options
- Growing awareness of self-care and mental health, leading to a surge in demand for services and products promoting well-being
- The rise of influencer marketing and social media, creating powerful platforms for promoting beauty and wellness trends
What challenges does the beauty and wellness industry face?
The beauty and wellness industry faces several challenges:
- A growing number of competitors entering the market, intensifying competition and making it challenging to stand out
- The high cost of product development and marketing, requiring substantial investments to develop and promote effective products and services
- Regulatory changes that can impact product formulations, safety standards, and marketing practices
Hospitality
What factors are driving growth in the hospitality industry?
Several factors are contributing to the growth of the hospitality industry:
- Increasing disposable income and global connectivity, enabling more people to travel and explore new destinations
- Growing popularity of travel and leisure, with individuals seeking out experiences and exploring new cultures
- The rise of sharing economy platforms, such as Airbnb, providing alternative accommodation options and increasing competition
What challenges does the hospitality industry face?
The hospitality industry also has its own share of challenges, including:
- Economic downturns and natural disasters, which can significantly impact travel demand and disrupt industry operations
- The impact of technology on the industry, such as the rise of online travel agencies and the increasing use of technology to manage bookings and guest experiences
- The need to attract and retain skilled workers, particularly in an increasingly competitive labor market
What specific trends are driving growth in the construction industry?
Here are some specific trends propelling growth in the construction industry:
- The need for infrastructure development in developing countries, as they invest in roads, bridges, and other essential infrastructure
- The growing demand for affordable housing, particularly in rapidly urbanizing areas and regions with housing shortages
- The adoption of green building practices, as governments and individuals prioritize sustainability and energy efficiency in construction projects
What challenges does the construction industry face?
Problems in the construction industry include:
- Labor shortages, particularly in skilled trades such as carpentry, plumbing, and electrical work
- Rising material costs, which can increase project costs and impact profit margins
- Supply chain disruptions, such as delays in shipments of building materials and equipment
- The need to adapt to new technologies and regulatory changes, requiring continuous innovation and training
