Any entrepreneur knows how competitive the business world can be. In order to succeed, you need to keep up with the latest innovations and be aware of current industry trends.
With that in mind, set yourself up for success by dipping into the following industries expected to make waves this 2020.
Solar Energy
The Solar Energy Industries Association (SEIA) announced that 2020 will be the beginning of the Solar+ Decade. This initiative aims to expand the solar industry “from comprising 2.4% of the U.S. electricity mix today to 20% of all U.S. electricity generation by 2030.” To reach this goal, the SEIA is set on building new technologies, expanding the U.S. solar supply chain, and reducing trade barriers.
If things go as planned, the SEIA predicts that the Solar + Decade will add $345 billion in private investment by 2030. It will also double the U.S. solar workforce and offset 35% of all electricity sector emissions.
Biotechnology
In 2018, Americans spent approximately $3.65 trillion in personal healthcare. At this rate, there is no surprise that biotechnology emerged as one of the top markets for 2020. Many biotech companies continue to expand allowing stocks to soar. This includes Axsome Therapeutics whose stocks skyrocketed more than 3,500% in 2019. Seattle Genetics’ stocks also doubled, while Vertex Pharmaceuticals’ saw a 32% increase.
Biotech stocks are very sensitive to breakthroughs and positive findings. A positive result from a clinical trial can accelerate share prices instantly. This year, BioMarin is set to change the world with its latest hemophilia gene therapy predicted to be worth $10 billion in annual revenue.
Marijuana
The Cannabidiol (CBD) industry is also expected to grow at a rapid rate as it continues to gain wider acceptance all over the world. Zak Garcia, chief marketing officer at CBD Capital Group states that the market is growing at 132% and is projected to reach $22 billion by 2022. This growth is all thanks to the legalization of hemp-derived CBD products in all 50 states.
Key players in the Cannabis industry include Aphria Inc., the Valens Co., and Innovative Industrial Properties Inc. These three companies ranked the highest in value, growth, and momentum, respectively.
Artificial Intelligence
Artificial Intelligence (AI) continues to revolutionize digital marketing. Many industries use AI to operate chatbots, create content, and personalize user experience. Research shows that the global AI market size is expected to reach $390.9 billion by 2025 and expand at a CAGR of 46.2% from 2019 to 2025. Major market players include Apple Inc., Alphabet (Google Inc.), IBM Corporation, Baidu, Microsoft Corporation, and Qlik Technologies Inc.
Under AI, the global Machine Learning (ML) market is estimated to reach $30.6B in four years. Machine Learning is a type of AI that involves a computer’s ability to adapt when exposed to new data. It is mostly used for speech recognition and face detection.
Solar energy, biotech, marijuana, and AI are just a few of the industries set to skyrocket this year. However, keep in mind that no business is risk-free. Make sure to consult industry specialists and do your research before investing. Firms such asthe DVS group or even your local bank, for instance, can help you meet your goals and give your business the best chance of success.
