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 The industries of the future

08/11/2018

The global business landscape is entering a period of immense upheaval unlike anything seen since the industrial revolution as the power of technology continues to rapidly evolve. Starting a business is always a risk, but pursuing one of these promising sectors will improve your chance of success.

 

Green business

After this year's unprecedented floods, fires, heatwaves and snow falls, and amid multiplying scientific reports of impending catastrophe, climate change is at the forefront of everyone's mind. It is an issue that is not going to go away or fall out of fashion, but will only become more important as the need to cut greenhouse gas emissions grows more urgent. So any genuinely sustainable product or service will be a good investment (emphasis on the word genuinely). The sector is ripe for innovation, from new ways of generating emissions-free power and water to green technology and, of course, the current hot topic - innovative alternatives to plastics.

Cybersec

Barely a day goes by now without news of a malware attack or a data breach dominating headlines. In today's interconnected world, every company and individual is at threat from hackers and scammers. Money can be stolen, infrastructure shut down and reputations damaged in a matter of moments. The rise of the Internet of Things and Big Data mean this is a golden age for cyber security firms, and as digitalisation spreads across every sector of the economy, demand for cyber risk strategies and support will only grow.

Fintech

From mobile banking to cryptocurrencies and blockchain, the way we think about and interact with money is evolving in a way not seen for generations. A whole new sector offering innovative technology-based financial products has emerged to challenge the banking sector. Banks have traditionally ranked among the largest companies in the world, making the rising fintech firms an attractive proposition.

Artificial intelligence

Digital transformation has become a buzz word in the past few years as every sector imaginable has moved to harness the power of emerging technologies. Digitalisation is leading to greater automation, resulting in cost savings, efficiency gains and safety improvements. The next wave of disruption is expected to come from artificial intelligence and machine learning with all the data being gathered today being used to inform and predict outcomes. The technology companies that break through in this area will dominate the future.

Automotive

The automotive industry is headed for radical change as governments place limits on the ownership of diesel cars to reduce carbon emissions, and manufacturers make strides with developing driverless vehicles. Electric vehicles are seen as part of the solution to climate change and the price of them is falling sharply. The International Energy Agency forecasts the number of electric vehicles on the road will reach up to 220 million by 2030, compared with about 3.1 million in 2017. Last year, electric car sales grew by 54 per cent. China and Europe are expected to be the fastest adopters as diesel vehicles are phased out. The car of the future will be driverless and diesel and petrol-free.