We all are aware about the rapid changes in the market and the benefits which has come up due to the fast growing advanced technology. However, there are some non tech industries which will also see fast growth in the future. As we approach 2023, it's pertinent to look towards the future and understand which are the industries that will experience significant growth apart from the tech industry.
Let’s have a look at the fastest growing non tech industries
According to the detailed analysis and statistics from a team of experts, here’s a list of the fastest growing industries of the next decade, irrespective of where you are in the world.
This is an industry which many analysts consider as recession resistant, construction will continue to be on top of the list of the fastest growing industries for the next ten years.
The construction of safe and easily affordable residential housing is expected to continue and expand the industry. According to a research, it has been found that by the year 2025, one third of all the people living in the urban areas of the world will need new living places to be built. This means that the construction industry will continue to grow throughout the decade. A recent study as per a financial data firm indicates that five out of ten of the fastest growing small businesses are related to the construction sector, which means there are ample opportunities for the entrepreneurs who have modest resources can take good advantage of the wider growth expected in this sector.
This is an industry which is linked proportionately to the growth of the construction industry, real estate is predicted as another fastest growing sector.
Although, real estate has seen many troughs than the peaks in the recent years, however, the same housing market is recovering well, with home prices going up at to an all time high. Researchers predict that the housing market will make up for the lost ground over the course of the next few years and will remain as one of the world's biggest growth industries.
The world of transportation has already been waiting for long for the arrival of the hybrid and the electric vehicles, but there are many more changes for the industry that has transformed the world in the last hundred years.
The arrival of autonomous vehicles will provide a significant shift in the industry, with the leading automotive companies such as Toyota, Ford and Hyundai all pushing hard for their success. There is huge confidence in these investments, with a recent study predicting that the driverless car market will be worth $800bn by the year 2035. So, the next decade could prove to be a fertile breeding ground for the forward thinking entrepreneurs and the investors.
The media has undergone huge changes over the last decade, with consumer viewing habits changing at a rapid pace. The rise of the streaming services has almost turned the media delivery channels upside down with the conventional television networks and film studios squaring off against the new and more versatile competitors like Netflix - who have almost single handedly revolutionised the content landscape and there is Amazon and many others.
The healthcare industry has grown manifold in the last two and half years since the outbreak of Covid 19, accounting for the huge economic output for the entire world. Wellness is a market with huge potential now. The conventional healthcare facilities are showing signs of increased profitability. The retail shopping of medicines and pharmaceutical products will have a big impact on the wellness care. A research indicates that the healthcare industry in the US alone is expected to grow over four million jobs by the year 2026.
Disruptors like Airbnb has shaken up the conventional order of things and the hospitality sector is undergoing significant transformation. For instance, Airbnb itself has more than six million listings around the world, which is much more than the combined five largest hotel groups in the world. While this fast growth is a big game-changer, conventional hospitality ventures are expected to gain some of the ground back. The cities around the world are making stricter rules to level the playing field, while many big hotel chains are reinventing themselves through personal and corporate events. As travel has become even more accessible to a bigger number of people, the demand for the rooms and the restaurants is only going to go up, with lot of market shares available for businesses of all sizes in this sector.
The brick and mortar retail sector still has some life left in it yet, although eCommerce is expected to account for some percentage of all the retail sales for the next few years. Therefore, despite the media hype, the most successful retailers will still be the business owners who can incorporate online sales too in their key operations rather than replace one over the other. Further advances in virtual shopping services will combine the best of both worlds and should only help in the faster growth of the retail industry.
These are only some of the top non tech industries which is going to see a fast growth in the future. This doesn’t mean that there is no other industry which will make fast growth apart from these like for example the tourism industry will grow fast which will help the hospitality sector, hotels and resorts, airlines as all these industries are inter connected with each other. So, there are lot many non tech industries which will see rapid growth in the coming years and the future looks to be very good and bright.