5 Global Industries Poised for Rapid Growth in 2024

chart representing booming industries for 2024Discover five fast-growing industries that are making waves in the business world, and learn which key segments offer the highest potential for revenue growth, based on new data from a variety of leading market research firms.

1. Advancements in AI

It may come as no surprise that artificial intelligence tops our list, as a large and rapidly expanding industry that is expected to reshape the ways businesses operate in the future. The global artificial intelligence market is forecast to grow from $68.8 billion in 2022 to reach $459.3 billion by 2030, rising at a compound annual growth rate (CAGR) of 26.5%, according to a recent report by Global Industry Analysts. In this highly competitive market, key players include Amazon Web Services, Baidu, Cisco Systems, Google, IBM, Intel, Microsoft, NVIDIA, Oracle, and Siemens AG, among others.

Artificial intelligence (AI) is revolutionizing industries across the board, from healthcare and finance to manufacturing and transportation. This technology, which is capable of performing tasks that typically require human intelligence, has the potential to transform businesses and drive innovation. As AI continues to evolve, it is expected to have a profound impact on industries and create new opportunities for growth and efficiency.

2. Health and Wellness Goes Digital

Digitalization in healthcare is another megatrend that encompasses a wide variety of powerful and increasingly popular new technologies including telemedicine and telehealth, predictive healthcare analytics, mobile health applications, wearable monitoring devices, the use of augmented reality in medical treatment, healthcare robotics, and the integration of AI in healthcare services.

Digital health and wellness market revenue is anticipated to soar at a 21.97% CAGR from 2022 to 2028, according to forecasts from Arizton Advisory and Intelligence. Key vendors in this market include Headspace, Vivify Health, Teledoc Health, Apple, Samsung, and many other corporations.

Growth in the global digital health and wellness market will be predominantly led by APAC, where a large population base and increased smartphone adoption will drive significant opportunities for market expansion. Other key factors fueling growth in the APAC digital health and wellness market include an aging population, a large diabetic population, a high prevalence of mental disorders, and rising healthcare spending.

3. The E-commerce Revolution

Digitalization is not only changing the way patients receive health care, but it's also transforming the way consumers shop. With the ubiquitous presence of Amazon-branded vans winding their way through neighborhoods multiple times a day, the rise of e-commerce is impossible to ignore in many communities.

B2C e-commerce experienced a surge of demand during the pandemic, achieving double-digit growth in the U.S. and Europe, but this growth rate has dropped to the single digits since 2022 and is expected to continue at a more restrained pace in these regions, according to the report Global B2C E-Commerce Market 2023 by yStats.com.

Investors and businesses looking for the largest e-commerce growth opportunities should consider the Asia-Pacific region, particularly China, which is expected to dominate the U.S. and Europe in sales value in the next few years. Latin America is another high-growth market for e-commerce, with an expected mid-range double-digit CAGR between 2022 and 2025.

4. The Rise of Green Technology and Sustainability

With increasing awareness of environmental issues and concerns over climate change, there is a growing demand for sustainable products and practices across a range of industries. The global green technology and sustainability market is estimated to reach $47.8 billion by 2028, rising at a CAGR of 21.9% from 2023 to 2028, according to a report by Lucintel. Opportunities abound in a variety of applications including carbon footprint management, green building, water purification, crop monitoring, sustainable mining, and more.

The shift towards sustainability not only benefits the planet but also presents opportunities for businesses to differentiate themselves in the market and attract eco-conscious consumers. "Sustainability has transformed from an expense to a cost-saving strategy, impacting investments, product development, and consumer sentiment, shaping purchasing behaviors," states Euromonitor International in the report Affordable Sustainability: Making It Simple and Accessible. "This trend will persist as a driver of financial and reputational growth."

5. Renewable Energy Growth and Innovation

As part of the sustainability trend, renewable energy is also gaining momentum, from solar and wind power to biomass and geothermal energy. Renewable energy generated $514 billion in total revenues in 2022, growing at a CAGR of 7.1% from 2017 to 2022, according to a recent report from MarketLine

Renewable energy increased from 20% to 28% of the world's electrical supply between 2011 and 2021, while fossil energy dropped from 68% to 62%, reports TechSci Research. Solar and wind energy's share jumped from 2% to 10%, and geothermal energy and biomass both rose from 2% to 3%. 

In the next five years, the global renewable energy market is projected to grow steadily at a high CAGR. The shift towards renewable energy is driven by multiple factors, including environmental concerns, government incentives, and advancements in technology. Renewable energy offers numerous opportunities for investment and innovation, including the development of new technologies such as green hydrogen and batteries that provide longer-term energy storage.

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About the AuthorSarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.

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