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Top 5 of the fastest-growing industries in the worldAn attendee experiences a virtual reality game by Intel at the Virtual RealityLos Angeles (VRLA) conference, on May 4, 2018. As of June 2018, the virtualreality sector in the US is worth $4.5bn. Author: Millicent AngelJuly 9, 2018As the world becomes increasingly advanced and interconnected, new sectorsmust keep up with the latest demands. From biotechnology to artificialintelligence, we count down five of the fastest growing industries.1 – Renewable energy The price of renewable energy such as solar and wind power has declined inrecent years and become more affordable, meaning that green power is now beingseen as a more feasible option for many countries and companies. Global techcompany Samsung has committed to using only renewable power by 2020 in the US,Europe and China. Additionally, the EU has raised its target of having 32percent of its total energy use being green power by 2030 – after pressurefrom the UK, France, Spain and Italy. The renewable energy market isparticularly successful because unlike other power industries, its sourceswon’t run out. The growth of this industry is so fast that the renewableenergy market is already worth $1.35bn.2 – Cybersecurity As people and businesses turn online for their data and finances, so do cyberthieves. In 2017, in the UK alone, there were 4.7 million cyber crime cases,making cyber security more important than ever before. By using databases,networks, hardware, firewalls and encryption, cyber security teams can ensurethat systems run smoothly, block intruders and stop any information or moneyfrom being stolen. Cyber security is now in such high demand, that expertspredict that the global market will be worth $165.2bn by 2023.3 – Biotechnology Biotechnology is extremely useful in the modern day as it can be used togenerate higher crop yields, which is crucial in a world where the populationis rapidly increasing. Moreover, biotechnology can cure genetic diseases bymanipulating genes, improving the quality of countless people’s lives. Modernbiotechnology was first used by Karoly Ereky, a Hungarian architecturalengineer in 1919, when he began to convert raw materials into more usefulproducts. The need for biotechnology is in such high demand that the market isestimated to be worth $727.1bn by 2025 with a growth rate of 7.4 percent.4 – Virtual reality Virtual reality was first introduced into the market in the early 1990s, andfrom there the industry quickly went from strength to strength. Virtualreality is not just used for entertainment purposes: it is used by themilitary, in sport as a training aid and even in mental health to helppatients deal with past trauma and severe phobias. The size of the virtualreality industry has practically doubled each year, from being worth $6.1bn in2016 to $14.1bn in 2017. The market’s rapid growth making it an extremelysuccessful and fast growing industry not only to be in, but also to invest in.5 – Artificial intelligence Artificial intelligence is another industry that has rapidly grown, with itsmain pioneers located in China, Singapore and Hong Kong. From creatingartificial intelligence that is able to smell disease, to being able topredict when you are going to die with a 95 percent accuracy, to Amazon Alexa,this sector is always creating new and improved technology. This competitivemarket will be worth almost $9bn by 2025.## Post navigation