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8 Emerging Industries For Growth

From the cars that drive themselves to rapidly evolving generative AI, find out about the 8 emerging industries for growth

Wed Jul 5 2023

BusinessBecause
Rapid technological advancements are paving the way for several emerging industries to drive growth over the next decade and beyond. 

While the likes of commercial space travel and driverless cars are a source of skepticism for some, industries such as clean technology and lab grown meat hold huge potential for social impact. 

Here are the top 8 emerging industries for growth. 


1. Generative AI 

There’s no doubt you’ve heard of OpenAI’s ChatGPT, the AI chatbot that has sparked excitement and controversy alike. The technology can generate an answer to almost any question it’s asked or even outperform students in an MBA exam, as it did at the University of Pennsylvania’s Wharton School in 2023. 

When ChatGPT was released in November 2022, more than a million people signed up to use the chatbot in just five days. Since then, its revenue has reached $1.2 billion already in 2023. 

However, ChatGPT is only one example of generative large language models. Competitors such as Anthropic’s Claude, Microsoft's Bing, and Google’s generative AI powered features are also experiencing rapid growth

As AI technology grows, it's also having a knock-on effect in other industries.

For example, according to McKinsey, generative AI could add up to $275 billion to the operating profits of the apparel, fashion, and luxury sector in the next three to five years.  


2. Driverless Cars

If you haven’t yet heard of automated cars that can drive themselves, you may soon be hailing one rather than your usual Uber. 

San Francisco is set to become the first US city to have two driverless taxi—also known as ‘robotaxi’—services by the end of 2023, pending approval by state regulators. 

In the driver’s seat of this advancement are Cruise, a subsidiary of General Motors, and Waymo, owned by Google.  b26a2d1b67555cc9eba4df91704269417d0b59aa.png

Sven A. Beiker (pictured), lecturer in management at Stanford Graduate School of Business, explains the advantages of driverless cars. “The number one benefit is likely to be fewer accidents and less fatalities. Also, it gives mobility to those who cannot use an automobile today because of accessibility issues.” 

In terms of risks, however, road regulations and laws will need to be adapted in the future. “There’ll still be traffic accidents, and therefore, who's liable when self-driving cars make a mistake is a question that’s being debated," he says.


3. Lab grown meat

The meat industry is estimated to contribute to roughly 60% of greenhouse gas emissions. 

In a world that is confronting urgent environmental issues, the emerging growth industry of lab grown meat may offer a part-time solution to mitigating the climate crisis. 

According to Andreas Rasche, a professor of business in society and associate dean of the Full-Time MBA at Copenhagen Business School, lab grown meat may reduce water pollution, improve animal rights, and free up land—all of which could play a key role in the global sustainability agenda. 

Cultivated meat has previously only been approved in Singapore but in June 2023, the industry reached a major milestone as the US Department of Agriculture gave the green light to two California-based companies, Upside Foods and Eat Just, to sell their cultivated chicken products. 


4. Commercial space travel 

The commercial space travel industry, led by billionaire entrepreneurs Jeff Bezos of Blue Origin, Richard Branson, the founder of Virgin Galactic, and Elon Musk's SpaceX, is gaining momentum. 

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In June 2023, Virgin Galactic flew its first paying customers to space, nearly 20 years after Branson started the company. The flight was commissioned by the Italian government as a training exercise for two Italian air force officers and an engineer.

However, Virgin Galactic has said it hopes to begin flying a backlog of customers who have paid as much as $450,000 per ticket and waited years for the thrill of flying into space. 

Unsurprisingly, there’s a long way to go before catching a flight into space becomes the new norm. 

“We’ll need to see technology leaps that reduce launch cost to make these services viable for ordinary people,” says Loizos Heracleous (pictured), professor of strategy and organization at Warwick Business School.


5. Cleantech 

There’s a growing need for sustainable innovation in the fight against climate change. 

This is where clean technology, or cleantech, comes in. The purpose of cleantech is to create environmentally friendly products, processes, and services, which include everything from energy-efficient batteries to electric cars and solar panels. 

As well as being a vital figure in the fight against climate change, the sector has huge market potential. The global market is predicted to be worth around $650 billion a year by 2030. 


6. Wearables 

The surge in at-home fitness trends, coupled with the rise in a desire to continuously monitor one’s health in a post-Covid world, has caused a boom in the wearables market. 

Wearables—or wearable technology—can track biometric data from heart rates to sleeping patterns. 

While Apple Watches and Fitbits are the most widely used of these devices, the industry is growing with potential. In sporting, for example, athletes are using smart compression shirts to help track and maximize performance. 

The wearable technology industry is expected to grow from $53.1 billion in 2023 to $466.5 billion by 2032.


7. The business of cannabis 

With more and more countries such as Canada, and several US states including California, legalizing cannabis for medicinal and recreational use, the business potential of the cannabis industry is hard to ignore. 

The cannabis industry is projected to reach $72 billion in the US alone in 2023, and has caught the eye of savvy business leaders, investors, and manufacturers looking to make a stake in the highly lucrative industry. 

There are even cannabis-related specialized master’s degrees emerging, opening up the opportunity to learn everything there is to know about entering exciting jobs in the cannabis industry. 


8. eSports

The electronic sports (eSports) industry is rapidly becoming one the largest growth industries set to shake up the entertainment sector. 

From the Fortnite World Cup back in 2019 when a 16-year-old took home $3million after competing in the event online to the first Olympic eSports Week held in Singapore in June 2023, the industry is no doubt expanding. 

The eSports industry is valued at $1.44 billion in 2023, with 532.1 million viewers worldwide. This means that several exciting eSports jobs for business savvy MBAs are on the horizon. 

Business as we now know it is set to look radically different in the future. These emerging industries are paving the way for innovative new business models and creating an array of fast-paced careers suited to challenge-hungry business school graduates.


Next Read: What Is The Sharing Economy?


BB Insights draws on the expertise of world leading business school professors to cover the most important business topics of today. 

Student Reviews

Copenhagen Business School (CBS)

Student

Verified

29/09/2019

CBS: efficient international network

CBS has always been ranked among the best universities in Europe and this means that it has become a sign of professionalism and success. The academic level is great thanks to the good teachers and the atmosphere is proactive and challenging. Lots of events are planned every week and this helps you to find your own way. CBS is not only a business school, it is a great and efficient international network.

Stella

Verified

24/04/2019

Good academic career

I did my Bachelors at CBS and their academic excellence and career opportunities led me to pursue my Masters in Accounting, Strategy and Control. I was very lucky to go on an exchange in Singapore for one semester it boosted me to get a career in a global firm. I like that it is super modern and has all the facilities for the business student in 2019. Especially, I liked the library and Bitlab where I spent most of my time studying. However, note that it is very demanding and studying here is no joke. Everything is very competitive and you are among the most excellent business students in the country. The interaction with international students helped me to see different perspectives in business and culturally and I was lucky to make friends from any part of the world. CBS is like a brand in Denmark. Every serious business company prioritizes us over any other Danish university and also it is free for European citizens. Overall, I have a very satisfying experience at CBS and I'm looking to continue my academical career even further.

Student

Verified

13/04/2019

CBS is one of the best!

All I have to say regarding my experience at CBS is that it is AMAZING. Having been tutored by world-class academic staff, I can definitely support that I am receiving the best of quality regarding my studies in Digital Marketing. Staff is very friendly and easy to approach. In addition, the facilities we enjoy are top class and meet any demands. Keep in mind that, EU citizens do not pay any fees. Student life might be non-existent here, but the location of the University in The very center of Copenhagen has a huge variety of choices to offer to students regarding their entertainment. Accommodation might be a problem, but early research of the market can be very useful. In addition, the University promotes diversity. In CBS University you can meet people from the whole world which is quite interesting. I definitely suggest CBS for any student who he's interested in pursuing a career in marketing or business.

Stefani

Verified

12/04/2019

The ideal business school

I have been enrolled in this university for 2 semesters. What I took from this experience is that there is nothing better out there for those looking for professional growth while being guided by some of the top-notch professors in Scandinavia. They have a really strong focus in technology and digital transformation and they are up to date to guarantee you land a job in the modern fast-evolving world. They also embrace diversity which means many students come from any part of the world and it takes the entire learning experience to another level. You simply learn from every other student cause everyone has different experiences and background which makes you open your mind and see the world from a different angle. In Denmark, even businesses prioritize people who graduate from CBS as it's commonly perceived as the most prestigious university for business graduates.

José Pedro

Verified

22/09/2019

A Place of Personal Growth

In CBS you can expect an environment of proactive thinking and growth. The university staff is always open to help and to debate. The teaching methods balance theoretical knowledge and practical skills enabling the student with capacity and confidence to enter the job market successfully. The existence of students from all over the world stimulates discussion and promotion of different cultures, ideas and perspectives. I highly recommend this university for students in business-related areas.

Cathy

Verified

5/02/2019

Environment

The environment here is really great. Despite the well organized buildings and libraries, there are also places for students to just stay and relax also even study in the corners of each campus. The professors are mostly really nice and try to interact with students a lot. So, to sum up, the environment is really nice for studying here.

Philip

Verified

15/04/2018

Quality education

Quality education where it emphazises the importance of academic. No finger to put on this aspect of the school. However, sometimes the administration and IT can be lacking a bit, but in general a really good choice for education!

Student

Verified

27/09/2017

Best Time!

Classes are challenging and conducted in a professional manner. CBS offers a wide range of possibilities to develop outside of the classes! Libraries and other facilities on the campus are very well adjusted to the student needs.

Student

Verified

22/09/2017

A heavily theory-based curriculum combined with an ever-stimulating environment

I am currently a Master student at CBS, but I have also completed a Bachelor's Degree in this university. I am quite satisfied with my studies and the teaching level. However, when compared to other business schools, it becomes apparent that most courses at CBS strive to find a good balance between theoretical insight and real-life examples. Compared to my exchange university, the projects that I have found myself writing at CBS have a far less practical application and also leave little room for creativity. If the teaching is heavily theoretical, on the bright side, the university arranges a number of events throughout the year to encourage students to apply their knowledge, in the form of career fairs, case competitions, and other events organized by student associations. In my experience, teachers are very easily approachable and happy to answer your questions. A foreign student like me will find a more international environment at Master level, since the number of international (or at least non-Scandinavian) students enrolled in the Bachelor programs is quite low. However, all communication (both oral and written) from teachers and the university offices is always in English. Administrative offices, student guidance services, the career center, and the international office are definitely worth a mention. All of the requests that I have had throughout the years have always been met with kindness, promptness and efficiency.

Student

Verified

29/09/2019

CBS: efficient international network

CBS has always been ranked among the best universities in Europe and this means that it has become a sign of professionalism and success. The academic level is great thanks to the good teachers and the atmosphere is proactive and challenging. Lots of events are planned every week and this helps you to find your own way. CBS is not only a business school, it is a great and efficient international network.

Stella

Verified

24/04/2019

Good academic career

I did my Bachelors at CBS and their academic excellence and career opportunities led me to pursue my Masters in Accounting, Strategy and Control. I was very lucky to go on an exchange in Singapore for one semester it boosted me to get a career in a global firm. I like that it is super modern and has all the facilities for the business student in 2019. Especially, I liked the library and Bitlab where I spent most of my time studying. However, note that it is very demanding and studying here is no joke. Everything is very competitive and you are among the most excellent business students in the country. The interaction with international students helped me to see different perspectives in business and culturally and I was lucky to make friends from any part of the world. CBS is like a brand in Denmark. Every serious business company prioritizes us over any other Danish university and also it is free for European citizens. Overall, I have a very satisfying experience at CBS and I'm looking to continue my academical career even further.

Student

Verified

13/04/2019

CBS is one of the best!

All I have to say regarding my experience at CBS is that it is AMAZING. Having been tutored by world-class academic staff, I can definitely support that I am receiving the best of quality regarding my studies in Digital Marketing. Staff is very friendly and easy to approach. In addition, the facilities we enjoy are top class and meet any demands. Keep in mind that, EU citizens do not pay any fees. Student life might be non-existent here, but the location of the University in The very center of Copenhagen has a huge variety of choices to offer to students regarding their entertainment. Accommodation might be a problem, but early research of the market can be very useful. In addition, the University promotes diversity. In CBS University you can meet people from the whole world which is quite interesting. I definitely suggest CBS for any student who he's interested in pursuing a career in marketing or business.

Stefani

Verified

12/04/2019

The ideal business school

I have been enrolled in this university for 2 semesters. What I took from this experience is that there is nothing better out there for those looking for professional growth while being guided by some of the top-notch professors in Scandinavia. They have a really strong focus in technology and digital transformation and they are up to date to guarantee you land a job in the modern fast-evolving world. They also embrace diversity which means many students come from any part of the world and it takes the entire learning experience to another level. You simply learn from every other student cause everyone has different experiences and background which makes you open your mind and see the world from a different angle. In Denmark, even businesses prioritize people who graduate from CBS as it's commonly perceived as the most prestigious university for business graduates.

José Pedro

Verified

22/09/2019

A Place of Personal Growth

In CBS you can expect an environment of proactive thinking and growth. The university staff is always open to help and to debate. The teaching methods balance theoretical knowledge and practical skills enabling the student with capacity and confidence to enter the job market successfully. The existence of students from all over the world stimulates discussion and promotion of different cultures, ideas and perspectives. I highly recommend this university for students in business-related areas.

Cathy

Verified

5/02/2019

Environment

The environment here is really great. Despite the well organized buildings and libraries, there are also places for students to just stay and relax also even study in the corners of each campus. The professors are mostly really nice and try to interact with students a lot. So, to sum up, the environment is really nice for studying here.

Philip

Verified

15/04/2018

Quality education

Quality education where it emphazises the importance of academic. No finger to put on this aspect of the school. However, sometimes the administration and IT can be lacking a bit, but in general a really good choice for education!

Student

Verified

27/09/2017

Best Time!

Classes are challenging and conducted in a professional manner. CBS offers a wide range of possibilities to develop outside of the classes! Libraries and other facilities on the campus are very well adjusted to the student needs.

Student

Verified

22/09/2017

A heavily theory-based curriculum combined with an ever-stimulating environment

I am currently a Master student at CBS, but I have also completed a Bachelor's Degree in this university. I am quite satisfied with my studies and the teaching level. However, when compared to other business schools, it becomes apparent that most courses at CBS strive to find a good balance between theoretical insight and real-life examples. Compared to my exchange university, the projects that I have found myself writing at CBS have a far less practical application and also leave little room for creativity. If the teaching is heavily theoretical, on the bright side, the university arranges a number of events throughout the year to encourage students to apply their knowledge, in the form of career fairs, case competitions, and other events organized by student associations. In my experience, teachers are very easily approachable and happy to answer your questions. A foreign student like me will find a more international environment at Master level, since the number of international (or at least non-Scandinavian) students enrolled in the Bachelor programs is quite low. However, all communication (both oral and written) from teachers and the university offices is always in English. Administrative offices, student guidance services, the career center, and the international office are definitely worth a mention. All of the requests that I have had throughout the years have always been met with kindness, promptness and efficiency.

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