Whether you are an investor or plan to start a business, where is your money going to realize its value most in the years to come? According to experts, there are several sectors set to be worth billions very soon. Involvement in these industries now could set you – and your descendants – up for life. With this in mind, here are a few of the sectors that most experts believe will be thriving decades from now.
Financial services
While it’s no surprise that finance heads up this list, it’s worth noting that it might not be for the reasons you think. The financial services industry is set for dramatic changes soon, with Fintech becoming highly prominent. And there is a lot of interest amongst financiers about a more open banking system. So, if you are smart with numbers and understand the principles of economics, finance, and banking, perhaps it’s worth an investment or two?
Engineering
Engineering impacts almost every other industry, from technology through to construction. So it’s no surprise that may experts predict an excellent future for the sector. Startup costs in engineering tend to be big, however. There are the huge costs of equipment, for example. And personal protective equipment – or PPE – is often essential in industrial or engineering companies, too. But if you can secure funding for an engineering business idea or invest some cash into the right company, the stage is set for you to win big.
Technology
Tech is, of course, a form of engineering. But it’s worth mentioning because there is no sign of the tech industry slowing down. There’s Internet technology, of course, as well as increasingly advanced robotics and AI. Ask any investor worth their salt, and almost all will have their fingers in a technology pie for the long-term. Entry costs can be low, too, particularly for Internet businesses. With cloud technology allowing massive scalability, we should see some exciting new developments for many years to come.
Healthcare
People are staying alive longer, which is fantastic news for the healthcare and pharmaceutical companies. And, of course, anyone hoping to break through with a new product or invest some of their savings into the sector! Those wishing to enter this industry should be aware that R&D costs can be incredibly high, and take a long time to clear. New medications, for example, can take a minimum of ten years to get to market from conception to the pharmacy shelves.
Manufacturing
People always need products of all kinds, whether it’s a brand new car or a die cast toy alternative. And while production has definitely slowed down in recent years – thanks to the Chinese economy – there is still plenty of opportunities. One warning sign for the future, however, is 3D printing. There are now 3D printers in many homes. It may not take too long for it to start replacing the need for factories and manufacturing plants.
These are five of the biggest biggest industries to watch out for regarding driving wealth in the future. Which one will you put your money on?