Although we’re already at half of the year, it’s never too late to wonder, ‘Which are the top global industries making waves in the business world in 2024?’ With global challenges that never seem to end, like the ongoing geopolitical risks and tightened financial conditions, the global inflationary rate continues to steadily decline, from 8.7% in 2022 to a forecasted 5.9% in 2024. Thankfully, several industries have managed to sustain solid growth rates. This guide uncovers the top 5 global sectors worth investing in for the remainder of 2024.
Exploring the Five Global Industries Positioned for Growth in 2024
The global economy is expected to maintain its steady 2023 growth rate of 3.1% throughout 2024. In 2025, this rate is anticipated to rise slightly to 3.2%. Nonetheless, one thing is for sure: its resilience. Despite supply-chain disruptions, surging inflation, and other geopolitical factors, the global economy continues to show steady growth. Alongside this, several industries exhibit similar tendencies.
Here are the top five global industries to watch and invest in for 2024:
1. Artificial Intelligence
The once-nascent field of artificial intelligence has now become the bedrock on which many experts believe the global economy heavily relies on. With more private investors fueling generative AI projects, the entire AI market is anticipated to become a $1.3 trillion sector by 2032. Even better, AI jobs continue to multiply, with an additional 97 million roles expected to materialize by the end of 2025.
And let’s not forget AI’s innovative role in various industries across the globe. With more and more companies willing to experiment and gain insights using AI-driven software, we can only expect this sector to grow exponentially in the next few years.
2. Healthcare
If there’s one industry that has showcased its resilience and willingness to innovate in the past few years, none tops healthcare. Fueled by the growing number of chronic health conditions, alongside its vital role in maintaining a healthy society, the healthcare industry has proved to be a highly innovative field whose promise of growth affects not only the economy but also the entire society.
Recent innovations, including breakthroughs in precision medicine and gene therapy, alongside the integration of AI and machine learning technology in diagnostics and treatments, are emerging trends in the healthcare industry. However, more emphasis on mental health and caring for the aging population are other growing trends in healthcare, creating opportunities for growth and investment.
3. Sustainability and the Green Economy
Renewable energy sources, alongside other components of the green economy, are now a thriving sector as they now align with global sustainability goals. From Tesla to wind power to solar PV to turbines, green energy added approximately $320 billion to the global economy in 2023.
The rapid expansion of the clean energy sector serves as a rallying cry for those who prioritize environmental stewardship and understand the transformative power of policy changes. As governments set aside billions to invest in clean energy every year, the green economy’s growth underscores a collective determination to transition towards cleaner, more efficient energy solutions, making investment in green technologies not only a sound financial choice but also a moral imperative.
4. Online Gambling
The world economy is still reeling from the effects of the covid-19 pandemic and inflation. While many industries sank faster than others, some, like the online casino industry, made it past the turbulence. As of 2023, the global casino and online gambling industry was worth $292 billion, with a forecasted growth rate of 5.60% until 2029. But that’s primarily because online casinos empower players to indulge in their favorite titles without moving from one physical location to the next.
More specifically, the live casino category at many top online casinos is a favorite. Not only do they bring the thrill of the casino floor where and whenever you want, but they also add the convenience of playing popular virtual table games against other human players. The best live casinos offer variety, mobile compatibility, flexible payment options, and thrilling bonuses, to mention just a few.
So, if you understand the dynamics of online gambling and the impact of changing regulations, feel free to research and buy into reputable gambling companies.
5. Training and Education
As industries continue to advance and thrive, their strength lies in a skilled and knowledgeable workforce. Of late, the education industry has exhibited a steady growth spurt and is expected to hit $26.43 billion by 2032, especially with the infusion of artificial intelligence to gain market insights.
In the classrooms of the future, educators are seen as architects of the future generation, dispensing information to younger minds. And as technology continues to reshape the landscape, more and more learners are searching for flexible and more accessible solutions.
How to Identify Growing Industries
Before setting your hard-earned money aside to invest in a particular industry, there are several factors that you must consider. First comes familiarizing yourself with market trends. Which industry generates the most buzz, and what are consumers saying about it? Find a sector that displays a steady growth rate or one that’s on the cusp of regulatory changes or even technological breakthroughs.
Another vital factor is global demand. Assess whether the sector fulfills emerging global needs or if it has the potential to stand in a gap within the current market. Sustainability and resilience are other increasingly pivotal factors, especially in this current day and age.
Research on how well the sector addresses environmental and social concerns while also providing profitable economic returns, regardless of the current economic conditions. A recession-resistant and eco-friendly industry is a beacon of stability and sustainability, promising robust growth even in turbulent economic times.
