Which Industry Will Boom in Future: With new technology and the constant evolution of society, it’s hard to predict which industries will become popular in the future. That being said, history can give us some insight into what might be popular several years from now.
Which Industry Will Boom in Future?
While it’s impossible to know exactly what will be booming in the future, here are three industries that have the potential to expand in the next five years.
The Impact of Artificial Intelligence on Jobs
Robots are steadily replacing human workers, particularly when it comes to mundane, repetitive tasks that make up most of our workday. In fact, many companies are using robots for everything from product inspection to simple manufacturing (like pouring or packing liquids into plastic bottles). This is great news for companies looking to lower their labor costs and boost productivity.
And not-so-great news for those of us worried about being replaced by a machine. Recent studies have shown that roughly a third of U.S. jobs could be automated over the next two decades; half of those will disappear within a decade. The question is no longer if artificial intelligence will affect your job—it’s a matter of when and how much it will disrupt you and your industry. To find out which industries are likely to see significant changes due to AI, check out Accenture’s report on AI trends.
How are Businesses Using AI Today?
There is a great development around using machine learning and other artificial intelligence (AI) technologies to improve businesses. AI has been around for decades but it’s only recently that we’ve seen it make huge strides forward. We’re still in the very early stages of how businesses will use AI, but already we’re seeing things like voice recognition software that transcribes conversations and sends them directly to an email inbox.
Image recognition software used by retailers to help you shop online; speech recognition software that allows call center staff to respond quickly to customers and so on. The list goes on. As more people see how AI can improve their business they will start using it more—the number of applications is limitless!
The Automation of Research and Discovery
By removing human oversight from research and discovery, AI can bring about a new era of breakthroughs. While Google’s Brain Team recently demonstrated an AI capable of discovering new drugs on its own, it will likely be some time before our cars are capable of driving themselves. Researchers are just beginning to understand what types of problems best lend themselves to machine learning and how we can use machine learning to develop better models.
It is important that we prepare ourselves for what comes next. There are two key areas where we should begin thinking: 1) Problems will become easier to solve by developing novel methods and 2) which problems should be solved by humans. We must not rush into using artificial intelligence without taking time to think about these questions carefully! For example, if a machine could replace a doctor in diagnosing patients with lung cancer today, would you want one to do so?
Should machines determine who gets loans or insurance coverage or help make sentencing decisions? How do we ensure that technology improves society instead of hurting it? I believe it is imperative that as technology continues to evolve at breakneck speeds, policymakers around the world take notice and ensure their laws reflect how people want technology used today and in the future.
In order for us to successfully navigate these challenges, governments need strong leaders who can create policies grounded in reason rather than fear. The right policies will allow businesses and researchers to innovate while protecting citizens’ rights — all while keeping an eye on maximizing humanity’s potential through technological advancement.
The Autonomous Vehicle Revolution
The race to develop autonomous vehicle technology has been heating up for some time now. Despite what you may have heard about Google’s self-driving cars, however, it’s not just tech giants like Apple and Tesla that are vying for a piece of the pie; virtually every major automaker is looking to get a leg up on its competitors by launching their own model. Case in point: At CES 2018, Ford revealed its plans to release an autonomous ride-sharing service by 2021.
And while we don’t know much about how that plan will work yet (we don’t even know if it’ll be a car), we can probably assume it will involve smaller models, as opposed to something large like Ford’s recent update of its iconic Mustang model. Why? Because smaller vehicles make more sense for ride-sharing services. They’re cheaper to manufacture, they’re easier to park, and they’re more efficient than bigger ones—all important factors when it comes to running a successful business.
If you want your business to succeed over the long term, look into developing your own version of autonomous vehicle technology—or at least consider investing in companies that already have one. But keep in mind that these technologies aren’t cheap or easy to create—and there’s no guarantee your investment will pay off down the road!
A Day Without White-Collar Workers
Every day, millions of people go to work and do a job. Not only do they fulfill their professional responsibilities but they contribute so much more to their companies, communities, and families. It is not just white-collar workers who create businesses and jobs but all workers are what make our economies go round. If there was a day without white-collar workers (and other workers) would be at a standstill.
A day without white-collar workers would show everyone how dependent we really are on others doing their part so that we can do ours! The same goes for any industry or workplace no matter what line of work or company you’re a part of – wouldn’t your company fall apart if everyone didn’t play their part?
When it comes down to it, we need each other. We need those working behind-the-scenes like blue-collar workers and even those who support us from home like stay-at-home parents. We need one another because together we can achieve great things; individually, not so much.
The Effect of Generational Changes
Technology will have an effect on every industry, including real estate. In fact, some studies indicate that millennials prefer to live in major metropolitan areas and inner-ring suburbs. This preference means that certain regions may experience a rise in property values while others may see a drop. Gen Y is already one of the largest generations (in sheer numbers) ever seen and they’re only going to get bigger as more people become adults.
With even fewer children being born compared to previous generations, there’s also less demand for housing than ever before. As a result, future generations may find it harder to acquire homes due to both a decrease in supply and an increase in competition.
Thinking About the Future
Universal basic income is an idea that seems to be growing with every passing year. It’s been endorsed by everyone from Elon Musk to Mark Zuckerberg. Even Mark Cuban and Richard Branson have expressed support for it. As we move towards a cashless society, I believe we will see it become more common as governments seek innovative ways to address rising income inequality.
Here are some specific industries where I believe a universal basic income will have a significant impact on their growth As self-driving cars and trucks hit roads en masse, companies like Uber will face an uncertain future. The reason Uber has taken off so quickly is that drivers were able to start making money immediately—and could work whenever they wanted (i.e., not tied down to a traditional job).
But once driverless cars arrive, that flexibility goes away—which could make customers think twice about whether or not they want to use Uber’s services at all. If people don’t feel like they can make money whenever they want (because of no-shows or canceled rides), then why should they bother driving at all?
The Rise of Universal Basic Income
The idea of a universal basic income—where all citizens receive a standard sum of money just for being alive—has recently been gaining traction with economists and political leaders alike. Though it’s an old idea, UBI has gained new life thanks to debates over increasing automation and issues related to wealth inequality. Prominent economists like Larry Summers and Thomas Piketty support UBI.
While organizations as different as Facebook founder Mark Zuckerberg’s nonprofit Startup: Education and Milton Friedman’s libertarian think tank have both expressed support for it. Studies have shown that test groups who received a basic income showed significant boosts in entrepreneurship compared to groups who were given grants or loans instead. What will happen when more people can take risks without worrying about their next meal? We don’t know yet, but we’re excited to find out.
Also Read: Which Industry Will Grow in Future?
The traditional sources of energy (such as fossil fuels) will remain relevant for years to come, but we can expect to see an explosion of interest and growth from alternative, renewable sources. This trend will continue as governments around the world step up their commitments to climate change and move toward cleaner forms of power generation.
Fossil fuels will remain a key part of the global energy supply for decades to come, however, renewable energy has never been cheaper or more accessible than it is today. For those looking for long-term opportunities in alternative energy, solar power remains an interesting option. Solar has reached its tipping point: now accounting for 1% of total U.S.