Four Key Areas that are set for Growth this Decade

It scarcely needs to be said that the start of the current decade has unleashed some seismic events on the world.

From the global pandemic that brought the world to a standstill, to extreme weather events triggered by climate change that have threatened entire countries, the global economy has already faced some significant challenges.

As we look to adapt and grow in response to these events, a question remains as to how resilient the global economy will be. And, perhaps more importantly, what areas are set to grow in the coming years. While the threat of climate change and the possibility of future pandemics certainly pose a threat to any economic growth we might hope to experience in the coming years, this does not necessarily mean there aren’t significant opportunities for growth.

With that said, what are some of these areas for growth and what industries look set to expand in the coming years?

Data science

There is no avoiding the fact that we are a data driven society. While this might always have been true of human society to some extent, it is only in recent years that data — particularly the personal data of individuals — has become so valuable. In fact, this has even led some academics to view personal data as the new oil and gold in today’s data-driven society.

Given that data of all kinds has become so important, it is natural that industries related to the processing of this data have become equally valuable. Much like the oil refinery companies who process crude oil and turn it into a commercially valuable product, companies that can capture, process and repackage personal data into usable insights will become the oil barons of the next decade.

With that said, companies in the data science space look set to experience continued growth as we settle into the next decade.

Cloud computing

A closely related sector to the data science world, is that of cloud computing. Cloud computing services provide online businesses with a way of utilizing vast computing resources such as software applications, servers, data storage and other development tools that are hosted on remote servers held in a data center.

This gives companies a way to access off-site computing services as well as the ability to harness and use the vast computing power of these services.

A range of companies rely on cloud computing services, including everything from eCommerce websites to media-streaming platforms. Even quickly growing companies like online sports books rely on cloud computing to deliver their services. For rapidly growing online sports books like World Sports Network, access to cloud computing services is essential for driving and delivering growth according to Evan Henningsen, author at WSN.com.

Given how widely applicable and usable cloud computing services are, this will be a key growth area moving forward into the next decade.

Cybersecurity

Over the last year we have seen a sharp rise in the number of highly publicized cyber-attacks. Although cyber-attacks have steadily been growing in the frequency and severity of their incidence, they are not necessarily a new threat. As an increasing portion of our daily lives relies on some networked or online platform, the risk of cyber-attacks will continue to exist. For this reason, the cyber-security industry looks set to experience continued growth going into the next decade.

A range of businesses will need to rely on cyber-security services. This includes everything from small, local businesses relying on anti-virus software to keep their financial details safe, to governments and other public utilities.

As long as data remains so valuable in today’s society, the risk of cyber-attacks will continue to exist.

Drones

Although many of us have come into contact with drones either in a recreational sense or through the media we consume today, the potential commercial uses of drones is huge. Drones come in many shapes and sizes and can be put to use for a variety of functions.

In terms of the industries they can be put to use in, although the delivery industry has been forwarded as a beneficiary of this new technology, their potential application is much more extensive. Agriculture in particular looks set to use drones extensively in the near future, as does the emergency and rescue sector.

The potential uses for drones is extensive. With the technology still relatively young, we can expect to see the industry experience significant growth in the next decade as the technology develops.