Top 10 Emerging Industries of the Future

1. E-Commerce One of the most fundamental shifts in the last five years has been in traditional sales, with consumers moving their spending to online retail platforms en masse. E-commerce giant Amazon has been a driver of this activity, but early tech companies like Zappos, Alphabet (formerly known as Google), and Alibaba have also driven the trend. The lockdowns, limited travel, and prominent retail closures have only contributed to e- retailer’s dominance and consumer’s broader shift to online retail. Brick and mortar companies have followed suit, with Walmart now the fourth-largest e-retailer in the US. What strategies are companies turning to to remain competitive in the new online retail food chain? Many have opted in to automated shipping and fulfillment that is “fast, free, and sustainable,” while an effort to retain customers and cash in on “influencer culture” has led companies to invest in unique packaging and tailored customer experiences. Companies have also taken notice of “sleeping giant” consumer bases in countries like Brazil, India, and China, whose surging economies and large populations present new horizons for business expansion. Finally, with the wealth of data now available regarding individual customer’s tastes, needs, geography, and spending habits, e- retailers can increasingly personalize offerings. These and other market factors and technological innovations will continue to shape e-commerce in the years to come.

2. Artificial Intelligence and Automation The AI revolution has been a long time in the making. Since AI first found its way into a movie set nearly 100 years ago, humans have been eagerly (or nervously) anticipating the entry of intelligent machine companions into society. Now, it appears technology has finally caught up with our imaginations. There are four types of artificial intelligence: reactive machines, limited memory, theory of mind and self-awareness. Broadly speaking, AI aims to “make machines emulate human-like functioning.” The AI being used today is predominantly “limited memory,” meaning that it has the ability to react to stimuli as well as to “learn” from past data sets to anticipate new requests (another term for this is “machine learning”). While AI may bring to mind futuristic scenes, the average consumer is already benefiting from a host of AI-enabled services, such as voice-activated personal assistants like Alexa and Siri, credit card fraud detection, email spam filters, automatic reminders, and predictive traffic alerts. Other business uses of AI include chatbots integrated into company websites to assist customers in real-time, AI models that crunch huge datasets to enable business decision-making and automated, highly personalized recommendations to customers, and AI-powered smart home devices like Ring and Nest. AI is increasingly being deployed to increase automation within processes, from the manufacturing line, to customer data analysis. Automation describes a wide range of technologies that reduce human intervention in processes. Human intervention is reduced by predetermining decision criteria, subprocess relationships, and related actions — and embodying those predeterminations in machines. Some experts believe that automated machines will replace half the global workforce in the next several decades, signaling a massive oncoming shift in the way we work and live. Advances in “deep learning” will greatly expand AI’s functionality. AI is still a young field, and these innovations are only the beginning of what promises to be an exciting decade of revolutionary AI creations.

5. New Frontiers in BioTech Over the course of 30 years, biotech ventures have attracted $300 billion in capital. These investments have yielded a variety of intriguing technologies, and biotech has emerged as a major player in the startup ecosystem. The most promising new biotechnologies include: genome editing (otherwise known as genome hacking), food engineering, brain-computer interface/human augmentation, digital fabrication technologies, and digital health monitoring. Companies have also utilized biotech to harness power from non-traditional “biofuel” sources, in some cases creating massive amounts of energy from algae and other organic substances. With continuing investment and integration with government-funded R&D efforts, biotech will remain an exciting venture space for years to come. 6. FinTech In the last ten years, the financial technology (FinTech) space has produced massively successful companies like Square, Stripe, Robinhood, Sofi, and Klarna (to name a few). Each of these companies has fundamentally changed the way that individuals, small businesses, and major financial institutions navigate finance in an increasingly digital, touchless world. How is the FinTech space expected to grow? AI, with its increasingly prominent role in the automation of data analytics across unfathomably large data sets, is certainly part of this growth. Using AI, financial services will be able to further personalize and customize services to customers. Another major area for innovation in the FinTech space is blockchain technology and cryptocurrencies. While Bitcoin is the most well-known cryptocurrency, there are dozens of other currencies thriving and facilitating commerce through secure and global networks. Given the high incidences of security breaches involving financial data, cryptocurrencies are becoming attractive both to individuals and established institutions seeking safer digital transactions. Another big change in available technology has been the advent of financial Application Programing Interfaces (APIs). Financial APIs have enabled companies as well as banks to easily interface with customers through their mobile devices (versus pushing services through traditional sales channels). APIs have made the movement of banking and investment data to and from different locations easy and fast, which in turn has made operations more efficient. These are just three of numerous innovations occurring in the FinTech space, which is seeing unprecedented levels of financial investment. FinTech is poised to expand as more and more services, experiences, and interactions move online. 7. Robotics In its helpful guide to robots, Wired explains that fundamentally, a robot is “an intelligent, physically embodied machine” that can “perform tasks autonomously” and “sense and manipulate its environment.” Like AI, the robotics field is summiting peaks in its climb toward functionality, with companies launching autonomous drones, food delivery robots, humanoid robots, and manufacturing robots. Some have predicted that by 2021, robots will replace 6% of all U.S. jobs through the process of automation. Investors and entrepreneurs can look to leading robotics companies like Boston Dynamics, SynTouch, and even Google for hints of what this robotic future may look like. It’s safe to say that opportunities for innovation and investment abound.

8. Solar Power As society’s dependence on devices and machines has grown greater, so too has its demand for power. Solar power, with its abundant supply, reliability, and clean nature, has increasingly become the answer for governments and companies, as indicated by the global value of the solar power market increasing at an impressive compound annual growth rate of 20.5%. Solar power technologies that have debuted or are poised for launch include agrivoltaic systems, photovoltaic trackers, solar windows, solar fabrics, and solar thermal cells. Solar power presents numerous value adds including reduction of electricity costs, reduction of harmful carbon emissions, and fewer tradeoffs than other power sources such as batteries, nuclear energy, and fossil fuels. For investors and entrepreneurs interested in both ethical and profitable technologies, solar power should rank high on the list. 9. Lithium-Sulphur Batteries While Apple still trumpets its lithium-ion battery to consumers, behind the scenes engineers in labs around the world have been furiously researching alternatives to the decades-old technology, which has been pushed to its limits. In 2020, researchers finally announced a breakthrough: a new lithium-sulphur battery that makes a cell phone work for five continuous days and enables an electric vehicle to drive more than 1000km without needing to refuel. The lithium-sulphur battery and similar innovations in rechargeable batteries present a new horizon of device reliability and functionality. And it is almost guaranteed to be a hit with consumers, including companies, on the search for so-called unlimited power technology devices. This is a technology to watch carefully. 10. Cannabis With marijuana now legalized or decriminalized in more than 25 U.S. states, cannabis startups have quickly gained funding and customers. Major corporate law firms have even opened practices in cannabis law. Cannabis startups leading the way include Nabis, a “software-enabled cannabis distributor that seeks to link farmers, manufacturers, brands, and vendors,” and Ascend Wellness Holdings, which has a presence in five states. Entry of well-established corporations like Coca Cola into the cannabis market is hotly anticipated, while corporations such as tobacco company Marlboro and Corona owner Constellation Brands have already heavily invested. The industry continues to grow, even as the FDA has undertaken research into marijuana, THC, CBD, and their effects, and as Congress has begun attempts to legislate the substance at the federal level. Those interested in this growing space should keep an eye on changing policy and available health research.