The global economy has changed irrevocably over the past 10 years, with traditional industries falling by the wayside and new and unique industries rising to prominence.
If you’re an investor or just interested in the economy, you might be curious to know which sectors will be driving our economy in the new year. If that’s the case, read on to discover five such industries that look well set to make 2021 a year of phenomenal growth.
Online Groceries
The past 10 months or so have highlighted the importance of online shopping to each and every one of us. The ability to order our groceries online has been a lifeline for many during these unprecedented times.
The return to normality, which is predicted for 2021, will undoubtedly slow down the growth of the online grocery industry, but 2020 will have long-lasting impacts on the sector.
This year has forced people who would never normally have considered shopping for groceries online to do so. In addition to that, consumers have grown accustomed to the fuss-free nature of buying their household essentials online.
The revenue growth of the online grocery industry in the past year has been a staggering 74.5%. And we expect to see similar – albeit slower – figures in the years to come.
Online Gambling
Online casino could be set to join the online sports industry in legalization sooner rather than later.
Gambling has always been a significant contributor to the national economy here in the United States. However, in the years to come, we can expect to see much larger revenues from the American gambling industry.
That’s because of the growth of the online gambling sector, which is just starting to take off in this country. In recent years, a number of states have taken the decision to legalize online sports betting, a landmark move considering the traditional opposition to online sports wagering.
Online sports wagering is a lucrative market as New Jersey highlighted in September with a monthly revenues of $748.6 billion. However, it is not just sports betting that could be boosting the gambling economy in the coming years.
Pressure is currently mounting on lawmakers and politicians to relax federal laws surrounding online casino gambling. But how would it work?
Over in the UK, online casinos are thriving, well-run operators have a good strategy in place and have been prospering since the 2005 Gambling Act was introduced. If a similar act were introduced in the US, operators in the US could follow the lead of 888 casino and attract new players each day through their thousands of entertaining online slots, while of course contributing positively to the economy.
3D Printing & Rapid Prototyping Services
It might sound like something out of a science-fiction novel, but 3D printing is far from a product of the imagination. It is an industry that has been thriving over the past five years, and one that is set for continued growth in the coming years.
As the costs of 3D printing has dropped in recent years, the number of companies utilizing the technology has grown. This allows businesses to slipstream their manufacturing processes and reduce overheads.
Growth in 3D printing and Rapid Prototyping Services for 2020 stands at 28.8%, and over the next five years is forecasted to stay at around 27.3%. The rise of this industry could have greater impacts on the wider economy too.
Expect manufacturing industries to post higher revenues as 3D printing technology allows them to speed up their output and decrease their costs.
Construction
The construction industry is undergoing a period of huge growth, unprecedented in the modern era.
One of the staple tenets of capitalism is that parents can work hard to ensure a better life for their children. However, in recent decades that belief has been put to the test as a generation of young people have struggled to find gainful employment and buy their own homes.
The plight of this generation – many of whom were forced to live at home with their parents into their late twenties – has finally caught the attention of politicians around the globe. In many western countries, there is now an impetus on the construction of cheap, affordable housing.
In Ireland for example, a country that has struggled more than most in providing housing options, there is a scheme in place to turn abandoned buildings around the capital city into affordable housing.
Similar schemes are also being deployed around the world, contributing to an annual spending rate of $1.365 trillion on construction in 2019. If you’re looking for an industry to invest in for 2021, your money could be well placed in bricks and mortar.
Marijuana
Twenty years ago, an article eulogizing the economic benefits of the Marijuana trade would be reported as quick as dial-up broadband would allow. Bizarrely for many, Marijuana is now being talked about as a major economic indicator following monumental legalization victories.
At the time of writing there are only two states in the US where Marijuana for any use is illegal. In the rest, Marijuana is either completely legal or legal for medical use only.
This shift from illegality to legality has led to an explosion in revenue from the industry, which for the first time have been subject to tax regulations.
Consumer attitudes show that over 60% of American adults approve of the widespread legalization of Marijuana for recreational as well as medical use.
In the coming years, expect more states to fully legalize the substance and, as a result, reap the huge economic rewards of the Marijuana industry.
