The Museum of The Future opened in Dubai last week, an exhibition space for innovative and futuristic ideologies, services, and products. To celebrate the opening of the museum and what it represents for the changing world of future business opportunities we have researched the top five fastest-growing top industries in the future to start a business in.
1. Renewable Energy
According to the World Resources Institute, renewable energy has grown in popularity during the last ten years due to reduced setup and production costs, making renewables more attractive compared to non-renewable sources such as oil and coal. By 2026, renewables are set to make up more than 95% of the increased capacity of global power supply.
Governments across the world are introducing initiatives that will encourage populations to depend more on renewable energy sources, with the UK government even encouraging the use of electric vehicles by banning the sale of new diesel and petrol cars from 2030 onwards. Germany also just announced its aims to fulfil all its electricity needs with supplies from renewable sources by 2035, compared to its previous target to abandon fossil fuels "well before 2040,".
The UAE is expected to witness significant growth in the renewable energy market, it’s 2050 strategy to produce half its power from renewables and nuclear energy, was announced in 2017, including plans to produce 44% of power from renewables, 6% from nuclear, 12% from clean coal and the rest from natural gas.
2. Artificial Intelligence
Artificial Intelligence, or AI, and machine learning technologies are becoming quickly integrated into our daily lives. AI is becoming increasingly a profound game-changer in many industries globally and the level of AI integration is only set to rise further.
According to a report by PWC, The global AI software market is forecast to grow rapidly in the coming years, reaching around 126 billion U.S. dollars by 2025. The overall AI market includes a wide array of applications such as natural language processing, robotic process automation, and machine learning. In the middle east, the annual growth in the contribution of AI is expected to range between 20-34% per year across the region, with the fastest growth in the UAE followed by Saudi Arabia. If governments and businesses nurture and mature AI to its fullest extent, there is so much more ‘up for grabs’ and endless opportunities await.
With numerous industries benefiting from the impacts of AI, including agriculture, social media, and marketing, it is one sector that we can rest assured will play a large part in the future of our economies.
Cybersecurity threats and hacking events are becoming an increasing risk for many businesses, government, and public organisations. With the cyber attacks becoming increasingly sophisticated, there is an increasing demand for cybersecurity companies to counteract these attacks by providing companies with safe security systems to keep their data and private information safe from such attacks.
The global cyber security market size is anticipated to reach USD 366.10 billion by 2028 and exhibit a CAGR of 12.0% during the forecast period. The surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things (IoT), and cloud are expected to boost the market's growth.
The Middle East region is moving quickly to adopt transformative digital technologies, due to the continuing and increasing reliance of the internet, adoption of IoT, and cloud, to enable economic diversification. Therefore the region has seen a fast and proactive uptake of cybersecurity solutions to counteract the ever-increasing amount of cyber threats. The cybersecurity market in the Middle East & Africa s expected to reach USD 2893.40 million by 2026 and register a CAGR of 7.92% during the forecast period of 2021-2026.
In 2019, the UAE announced its National Cybersecurity strategy along with a record-breaking federal budget with a total expenditure of 290 billion dirhams ($79 billion), which aims to create a safe and strong cyberinfrastructure that enables the support of citizens and empowers businesses to thrive. The strategy also aims to train more than 40,000 cybersecurity professionals and encourages students to pursue a career in this field.
4. Data Science
The field of data science focuses on analysing data to provide insights and then using algorithms and machine learning to make informed decisions and predictions. In a world where we’re each producing more data than ever, it’s essential that we understand and manage the implications of this information.
Data science encompasses many job titles across different industries and organizations, starting from analytics officer, to actuary, to research scientist. But regardless of all title posts, all the roles are united in unlocking strategic insights from data, for which business demand is stronger than ever before.
A Mordor Intelligence report suggests the global data science platform market was valued at USD 31.05 billion in 2020, and it is expected to reach USD 230.80 billion by 2026, registering a CAGR of 39.7 % during the forecast period, 2021-2026. GCC governments have recognized the power of Big Data to drive economic growth, enhance decision-making and create competitive advantages in both the public and private sectors. H.E. Khalfan Belhoul, CEO of Dubai Future Foundation (DFF) said in a recent report: “The UAE and Dubai are considered a leader in harnessing the immense potential of data. Today, data is considered a high-value asset and a national resource for governments that boosts their competitiveness and readiness to face future challenges as digital transformation accelerates across key sectors.”
The healthcare industry has seen a massive wave of investment, innovation and new entrants from the technology, telecom and consumer industries. In 2021 alone, $44 billion was raised globally in health innovation – twice as much as 2020 – and the acquisition of health and health tech companies rose 50%.
Major disruption is taking place in the healthcare industry. Up to 80% of providers in the US are planning to invest in technologies including digital health, artificial intelligence (AI), and machine learning, as well as tools to support clinical staff and caregivers over the next five years.
The health sector is among the fastest-growing in the UAE, with investments expected to rise by over 300 percent in the next decade. The country has also become a top health tourism destination due to the growing international trust in its health sector. Medical tourism sales in the UAE crossed Dh12.1 billion in 2018, a growth of 5.5 percent compared to 2017. The figure is likely to reach nearly Dh20 billion by 2023.
Technological innovations such as the use of AI, robotics, and data analysis have revolutionised the healthcare industry. The ideation and application of these technologies have given UAE a global platform to showcase its efforts in ensuring the best possible healthcare for all.
If you are ready to step into the future with your new business, contact Synergy for impartial advice and complimentary consultation.