Four Key Areas that are set for Growth this Decade

It is not necessary to mention that the beginning of the new decade has brought about some major events in the world.

The global economy has faced many challenges, from the pandemic that brought down the entire world, to the extreme weather events caused by climate change, which have threatened whole countries,

We must adapt to these changes and grow. This raises the question of how resilient the global economy is. Perhaps more important, which areas will grow in the next years? Although the potential for future pandemics and climate change pose serious threats to economic growth, it doesn't necessarily mean that there aren’t significant opportunities to grow.

What are these growth areas? And what industries will be growing in the future?

Data science

It is obvious that our society is data-driven. This has been true for human societies to some degree, but it has only recently that data, especially the personal data of individuals, has become so valuable. This has led to some academics describing personal data as the new oil in today's data-driven economy.

Because data of all types has become so valuable, it's only natural that industries that deal with the processing of these data have become equally important. Companies that are able to capture, process, and repackage personal information into useful insights will be the oil barons in the next decade, much like oil refineries who turn crude oil into valuable products.

Companies in the data science industry are expected to continue growing as we move into the next decade.

Cloud computing

Cloud computing is closely related to the world of data science. Cloud computing services allow online businesses to access vast computing resources like servers, software, and data storage. These servers are located in remote data centers.

This allows companies to have access to off-site computing services, as well as to harness the enormous computing power available through these services.

Cloud computing services are used by many companies, from eCommerce websites to media streaming platforms. Cloud computing is used to provide services for rapidly growing businesses like online sportsbooks. According to Evan Henningsen (author at WSN.com), cloud computing is crucial for rapidly growing online sportsbooks like World Sports Network.

This will be a major growth area in the coming decade, given how easily cloud computing services can be used.

Cybersecurity

The number of cyber-attacks that have been widely reported has increased sharply over the past year. Cyber-attacks are not a new threat, even though they have been increasing in frequency and severity over the last year. Cyber-attacks are a growing threat as more of our lives depend on online platforms and networks. The cyber-security sector is expected to continue growing over the next ten years.

Many businesses will need to rely upon cyber-security services. All businesses, large and small, can rely on anti-virus software for financial security.

Cyber-attacks are likely to continue as long as data is so valuable in today’s society.

Drones

Many of us have been exposed to drones through our media consumption. However, there are many commercial applications of drones. Drones are available in many sizes and can be used for a variety functions.

Although the delivery industry was forwarded to be a beneficiary of the new technology, the potential applications of drones are much wider. Drones will be used extensively in agriculture and emergency and rescue sectors in the near future.

Drones have many potential applications. The technology is still very young so we can expect significant growth over the next decade.

These four fields will undoubtedly be extremely important to business during the coming decade.