What will the fastest-growing business sectors in the 2020s be?
For any investor, a keen understanding of how the future will look is essential to maximize returns. For that purpose, we asked several financial gurus on their outlook for the sectors that should enjoy the fastest growth in the 2020s.
Their answers were unanimously to suggest looking at opportunities in the technology sector. In particular, they agreed that technology that is capable of changing the status quo is most likely to provide good returns. These technologies are generally new but include older technologies that are still controversial and relatively undeveloped in potential, such as preimplantation genetic diagnosis and gene therapy which date to 1989 and 1990 respectively.
Emerging technologies are characterized by radical novelty, relatively fast growth, coherence, prominent impact, and uncertainty and ambiguity. In other words, an emerging technology can be defined as “a radically novel and relatively fast growing technology characterised by a certain degree of coherence persisting over time and with the potential to exert a considerable impact on the socio-economic domain(s) which is observed in terms of the composition of actors, institutions and patterns of interactions among those, along with the associated knowledge production processes. Its most prominent impact, however, lies in the future and so in the emergence phase is still somewhat uncertain and ambiguous.”
Emerging technologies include a variety of technologies such as educational technology, information technology, nanotechnology, biotechnology, cognitive science, psychotechnology, robotics, and artificial intelligence.
New technological fields may result from the technological convergence of different systems evolving towards similar goals. Convergence brings previously separate technologies such as voice (and telephony features), data (and productivity applications) and video together so that they share resources and interact with each other, creating new efficiencies.
Emerging technologies are those technical innovations which represent progressive developments within a field for competitive advantage; converging technologies represent previously distinct fields which are in some way moving towards stronger inter-connection and similar goals. However, the opinion on the degree of the impact, status and economic viability of several emerging and converging technologies vary.