A country’s economy is like a living organism. It goes through continuous evolution. Old engines of growth decline while the new ones come up to take their place. Few decades ago automotive and manufacturing industries were driving the growth and creating millions of jobs. This was replaced in the last decade with computer and internet related industries. During the economic boom in 1990s hundreds of companies were being created employing thousands of people in a short timeframe.
As a business owner, or a regular citizen for that matter, it is always helpful to stay abreast of the industries that will be the power of economic growth in the coming years. If you can stay ahead of that curve and position yourself well you can reap significant rewards in the future years. This is how companies like Google and Amazon were created during the boom times, which are now considered one of the most valuable companies in the world. So which industries are poised to become the significant drivers of growth in the coming decade? Below we identify some of those industries.
Biotechnology and Healthcare
As you look at the demographic shift happening in the U.S. it is not surprising that healthcare industry will show significant growth in the coming years. Baby boomers are retiring in large numbers every year and the population of older people is increasing. They will require more and more help and attention in the coming years.
Technology is playing a big role in driving the healthcare industries higher. Many doctors and hospitals are just now digitizing many of their operations. The use of data analytics is helping to not only make their operations more efficient, but also identify trends and come up with new medicine that will help solve some of the incurable diseases of today.
Renewable Energy
Let’s face it. World’s energy supply coming from traditional fuel is dwindling. Fossil fuels are not going to last forever. Besides the damage they cause to the environment is making people pay attention to other renewable sources of energy such as solar and wind power. On the last few years solar energy has seen tremendous growth. The economies of scale has helped bring down the cost of producing solar panels significantly. This has led to a boom in solar panel installation throughout the country in turn creating millions of jobs for producing, installing and maintaining those panels.
Internet of Things (IOT)
IOT is not a household name yet, however this industry is expected to break out in a big way in the next 5 years. IOT is all about including intelligence in everyday objects and providing them network connection so that they communicate with other devices as well as people in an intelligent fashion. Think about your refrigerator giving you warning when the milk is about to get empty or your dishwasher giving warning that a critical part is about to fail. This allows you to take preemptive action before the breakdown.
These are few of the examples of industries that will drive economic engine and create jobs in the future. Anyone with the vision and education can take advantage of this to grow his career. Colleges such as Pont Park University are creating advanced degree programs such as online Bachelor of Science in Business Management or online MBA that can help you advance your career today.
