There are many predictions about which world economy sectors will continue to witness impressive growth rates in the forthcoming years that will offer plenty of prospects for job seekers and increase development opportunities.
According to experts (including investors), the spotlight is shining brightly on five key industries. These not only drive economic growth but also embody the combination of human ingenuity, resilience, and the relentless pursuit of progress.
This list of industries was compiled as a result of a combined analysis of the compound annual growth rates of various sectors provided by reputable market research companies, including Grand View Research, Fortune Business Insights, and Market Research.
Technology sector
Technology, including information technology (IT), still drives economic growth in a global environment with advances in AI and ongoing investments in cloud infrastructure. It is anticipated that the market for AI will expand from US$136.6 billion in 2022 to US$1,811.8 billion in 2030. In addition, the tech sector plays a vital role in solving global issues such as climate change.
In 2023, the world’s expenditure on IT amounted to US$4.7 trillion which included spending on computers, smartphones, software, and data center systems. The global expenditure on IT is predicted to reach US$5 trillion this year.
However, experts are hopeful that the technology sector will show growth in 2024.
Check out the open positions in the technology sector at DevelopmentAid.org. There are currently over 750 jobs in the sector’s aid programs throughout the world.
Healthcare sector
The healthcare sector has achieved advances in a number of areas such as personalized medicine, and biotechnology. Furthermore, the effectiveness of healthcare services is undergoing significant improvement due to the application of machine learning in diagnosis and treatment procedures.
An aging population and a growing emphasis on mental health on a worldwide scale are two further factors that are driving demand for innovative healthcare products and services. With advances in telehealth, people can now see doctors without having to leave their homes.
Our podcast: DevelopmentAid Dialogues | Can telehealth revolutionize global healthcare access?
And yet, the sector does face several obstacles. For instance, the World Health Organization forecasts that by the end of the decade, there will be a 10 million labor deficit in the global healthcare sector. The main reasons for this are underfunding for the education and training of healthcare personnel in several nations, and a lack of talent pipelines. That said, a 29% increase in the demand for healthcare personnel is expected.
Check out the open positions in the health sector at DevelopmentAid.org. There are currently over 550 jobs in the sector’s development projects across the world.
Industrial sector
In this sector, a wide variety of enterprises are engaged in the production and shipment of products for use in construction, manufacturing, and infrastructure. The latest trends in the sector illustrate a shift towards automation and a wider use of smart technology. We can witness the implementation of Industry 4.0 technologies which include robotics, AI, and the Internet of Things.
The market for Industry 4.0 was valued at more than US$114.3 billion in 2023, and it is projected to grow at a compound annual growth rate of more than 20% between 2024 and 2032 due to the increasing use of automated machinery and tools.
Check out the open positions in the industrial sector at DevelopmentAid.org. There are currently over 420 jobs in the sector’s aid programs across the world.
Agricultural sector
The agricultural sector focuses on crop production, handling livestock, and the delivery of raw materials for the food industry. This sector is critical to global food security and plays a crucial role in society, the economy, and factors linked with the environment.
Due in large part to its vital significance to the global economy and the increasing incorporation of cutting-edge technology such as precision agriculture into farming practices, the agricultural sector is considered to be today’s top investment opportunity.
Biotechnology advances such as Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) is a genetic engineering technique in molecular biology) and genetically modified organisms have also had a massive impact on crop resilience and production. Agriculture is also crucial in tackling extreme poverty – the ongoing development of this sector could feed up to 10 billion people by 2050.
Check out the open positions in agriculture at DevelopmentAid.org. There are currently over 170 jobs in the sector’s development initiatives.
Mining sector
In 2022, the aggregate revenue of the top 40 mining corporations worldwide, which account for most of the industry, reached an all-time high of US$943 billion.
In terms of volume, iron ore, coal, potash, and copper are the most mined minerals globally. Today, the sector is witnessing a growing demand for minerals such as lithium and rare earth elements which are essential for batteries in electric vehicles and renewable energy systems. This indicates a growing emphasis on sustainable energy technologies in the future.
In addition, there is a clear focus on sustainable mining practices. Chile, Mauritius, and South Africa are among the leaders in supplying renewable energy to mining sites.
According to the International Energy Forum, mining can become sustainable though the implementation of several strategies, including:
- Reforestation and managing waste when a project has been completed
- Reuse of recovered materials from past mining operations
- The use of precision drilling to target mining operations with more accuracy
Check out the open positions in mining, environment, and pollution management at DevelopmentAid.org. There are currently over 570 jobs in the sector.
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