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5 Industries That are Set to Grow in 2017

19 December 2016, 17:34 CET

Despite the hard economic times, some industries are still thriving and will continue to grow. Some like artificial intelligence (AI), 3D printing and virtual reality (VR) are emerging industries. All these are in the fast growing tech industry. Others like healthcare are traditional industries with bright prospects. Here is a detailed look at five industries that are set to grow in 2017.

1) Drones

In the future, the skies will belong to drones. A recent study by Grand View Research predicts that the drone market will grow at a compound interest rate of close to 17% until the year 2022. The industry is currently valued at $3.3 billion and with such predictions it is easy to see why investors are rushing to put their money in it.

But what lies behind this growth? For one, the Federal Aviation Administration has relaxed laws regarding the use of drones. The second reason is a huge demand. Drones have many uses that range from military, to recreational and commercial.

2) Virtual Reality (VR)

Deloitte Global had predicted that 2016 will be the biggest year yet for the VR industry. It had estimated that the industry would hit the $1 billion mark. In anticipation, the main players made millions of high-end VR headsets. And they were not disappointed.

There was a great demand for the headsets which was, as always, driven by avid gamers. But the trend is changing. Other sectors such as education, entertainment, defense, and health are also finding practical uses for VR. The outlook for the industry is thus bright. Piper Jaffray, an investment bank, expects the VR market to be worth as much as $62 billion in 2025.

3) Artificial Intelligence (AI)

People relate AI with science fiction and movies. But they use it every day without knowing it. Google's voice recognition technology, Apple's Siri, and Facebook's DeepFace program are good examples of this technology. So are the driverless cars that every car company is seeking to develop. In the industrial sector, AI takes the form of industrial robots commonly found in assembly lines.

Marketing research company IDC has predicted that the AI market in the US market alone will be worth $9.2 billion in 2019. Meanwhile, BCC research has projected the demand for smart machines to grow by 20% for the next few years.

4) 3D Printing

This currently is one of the most popular and fastest growing industries. In 2015, Wohler Associates, a consulting firm, valued the 3D printing market at just over $5 billion dollars. And the market is set to grow. The capacity to print 3D parts applies to every industry. And manufacturers have taken notice, and are now using 3D printers in their manufacturing processes. According to the Manufacturing Institute, 7 out of 10 American manufacturers are printing everything from prototypes to finished goods.

5) Medical Dispensary

Recent healthcare reforms have resulted in growth in the healthcare sector. After its enactment in 2010, Obamacare made it easier for more people to access medical insurance. The increased demand for healthcare services resulted in the hiring of more health workers. More medical facilities such as dispensaries were also built, and medical dispensary directory services to connect patients with suppliers were created. Unlike hospitals, dispensaries are cheaper to construct and operate as their use is limited to dispensing medications and medical supplies.

Conclusion

The tech sector dominates in the industries expected to grow in 2017. New tech like AI, VR, and 3D printing top the list. Yet unexpected sectors like healthcare are also growing and profitable.

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