In 2024, new disruptive technologies emerge every day, reinventing the business world. This is an exciting time for investors who stand to make a fortune by backing the right players at the right time.
But knowing who or what to put your faith and finances in can be difficult. After all, values can fluctuate rapidly. Investors must research dependable industries that show steady growth and reliability, all at a great price.
So, with that in mind, what kinds of technologies should a savvy investor consider? Below is a list of the most promising industries worth your time and money. Each includes industry projections to convince you of its potential. You’ll also read examples of the different investments you can make within each industry to diversify your portfolio.
Artificial Intelligence (AI)
With the ability to automate tasks, gather data, and generate ideas, AI is disrupting the world in a big way. Experts estimate that the global market size for AI will reach $826 billion by 2030. Not bad for an industry still in its infancy?
But what has made AI such a lucrative venture, and what can you invest in? The ability to automate and optimize routines is a huge factor. This helps companies streamline processes, reduce costs, and increase results.
For investors, AI is a treasure trove of opportunity. And there are many avenues you can explore. Global companies like Microsoft, Amazon, Apple, and Facebook are already adopting the technology. As AI requires enormous computing power, investing in software, cloud computing, and equipment is also an option.
Robotics
Robotics is proving to be another lucrative investment area. Each day, it’s revolutionizing both the industrial and service industries. It’s no surprise that experts predict the industry will reach a worldwide value of $42.82 billion by the end of 2024.
Robotics focuses on finding ways to manipulate physical processes. Like with AI, the simplest of tasks can be streamlined and automated. From manufacturing to retail, healthcare to agriculture, robotics boosts productivity while reducing costs.
A key appeal of investing in robotics is that it is future-proof. It is not reliant on labor markets or influenced by rising wage costs. Businesses that invest now can remain competitive, regardless of unstable markets.
eSIM technology
The traditional office environment is becoming a thing of the past. The rise of remote working means employees can live, travel, and work from anywhere in the world.
This change means companies can attract the best talent regardless of location. But the transition needs infrastructure to succeed. One of the most promising innovations from an investment perspective is eSIM technology.
You might wonder what an eSIM card is. An eSIM card is a virtual SIM card that can connect to local networks through a mobile app. There’s no need to buy or install physical SIM cards anymore; eSIMs streamline the entire process.
eSIMs help reduce company costs, as employees no longer incur costly data roaming charges. Data plans are scalable, allowing you to tailor each package to your needs.
With the rollout of remote working, it’s no surprise that the value of the eSIM industry is soaring. In the US alone, the market is set to reach $16.3 billion by 2027. It’s also an expanding industry that has endless possibilities. That’s because devices like tablets, laptops, and even cars are adopting eSIM technology.
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Biotechnology
Biotech is an exciting industry that uses living things like cells and bacteria to improve our lives. It covers everything from medical treatments to food production, waste management, and more.
After the pandemic, medical biotech saw a surge in growth. People realized the potential of vaccines and diagnostics. Smaller biotech companies, which could develop new treatments quickly, soared in value.
This growth shows no signs of stopping. By 2028, it’s predicted that biotech will make up 44% of global pharmaceutical sales. Unsurprisingly, larger pharmaceutical companies often buy many of these startups in big takeovers, creating many opportunities for ambitious investors.
Renewable energy
Climate change is now a major worldwide issue. As such, renewable energy has emerged as a solution and an investment opportunity. Experts predict by 2024, global investment in low-carbon electricity will be ten times that of fossil fuels. This means the industry is set to reach a value of up to $2 trillion. Now, who doesn’t love the sound of that?
While investment in fossil fuels will likely remain, this will change over time. Given the International Energy Agency’s stark warning on emission targets, we will likely see a surge in investment in the sector.
Renewable energy is an ideal investment because of its diversity. From solar panels and wind turbines to electric vehicles and heat pumps, you’re spoilt for choice on how and where they can get involved.
Cloud computing
In this era of remote working, cloud computing has become an essential part of daily business. It delivers a wide range of services via the internet, including software, databases, analytics, and networks.
Cloud computing allows employees to work without being in the office. It also allows companies to cut costs, as they no longer need to buy, maintain, and protect their servers.
Experts estimate it’s currently valued at $602.31 billion and will grow by another 21.2% in the next six years. And it is on course to become an essential part of daily business life. The European Commission estimates that up to 45.2% of European enterprises bought cloud computing services in 2023.
A final word on making sound investments in 2024
There is always going to be an element of risk with investments. By choosing promising industries, you’re setting yourself up for a higher chance of success.
From the disruptive nature of AI and robotics to biotech and eSIM technology, there is no shortage of exciting opportunities. The only thing left to do is for savvy investors to seize these opportunities for themselves.