Top Industries That Will Reshape the Global Economy: E-commerce, AI, Cloud Services, Electric Vehicles

As the world evolves, new industries are emerging as key drivers of future economic growth. According to the McKinsey Global Institute, there are 18 fast-growing areas-including artificial intelligence (AI), cybersecurity, biotechnology, and air mobility-that could generate up to $48 trillion in annual revenue by 2040.

The McKinsey data, cited in an analysis by visualcapitalist.com, outlines the most transformative industries through 2040, providing a snapshot of the future economy. These industries are characterized by rapid innovation, high investment, and expanding markets. In a high-growth scenario, McKinsey estimates that their share of global GDP could rise from 4% today to 16% in 2040.

The cited source places e-commerce in first place, and revenues in the field could increase fivefold, from $4 trillion in 2022 to $20 trillion in 2040, based on a compound annual growth rate (CAGR) of 9%, according to McKinsey. Much of this growth will occur in emerging markets, where regions such as Southeast Asia and Africa are experiencing an increase in consumer populations. Advances in logistics and digital payments are also making online shopping more accessible and reliable in these areas.

Next is artificial intelligence software and services, which is one of the fastest-growing industries among those analyzed, thanks to massive investments in generative artificial intelligence technologies. In the US alone, nearly $500 billion in private equity has been raised since 2013, with 6,956 new AI companies being founded. The industry is expected to grow from $85 billion in 2022 to $4.6 trillion in 2040, based on a compound annual growth rate of 25%. In third place is cloud services, expected to grow from $220 billion in 2022 to $3.4 trillion in 2040 (CAGR 17%), and in fourth place is electric vehicles, expected to grow from $450 billion in 2022 to $3.2 trillion in 2040 (CAGR 12%). Digital advertising ranks fifth, and the field is expected to advance from $520 billion in 2022 to $2.9 trillion in 2040 (CAGR 10%). Semiconductors are in sixth place in the ranking, with a dynamics from $630 billion in 2022 to $2.4 trillion in 2040 (CAGR 8%). Next is autonomous cars, a field for which there are no data in 2022, but the forecast for 2040 shows a $2.3 trillion industry. Space holds the eighth place, and the dynamics show a jump from $300 billion in 2022 to $1.6 trillion in 2040 (CAGR 10%). In ninth place we find cybersecurity, with a value of $160 billion in 2022, respectively $1.2 trillion in 2040 (CAGR 12%), and in tenth - the battery industry: $98 billion in 2022, respectively $1.1 trillion in 2040 (CAGR 14%).

Modular construction holds the next position, with a dynamics from $180 billion in 2022 to $1.1 trillion in 2040 (CAGR 10%), a field that involves prefabricating building components off-site and assembling them on site. A major benefit of this approach is automation. By moving production to a single facility, components can be manufactured faster and cheaper, and this could also solve the shortage of skilled labor that the construction industry often faces, according to the cited source.

In the following places we find: streaming services - from $160 billion in 2022 to a trillion dollars in 2040 (CAGR 11%), video games - from $230 billion in 2022 to $910 billion in 2040 (CAGR 8%), robotics - from $21 billion in 2022 to $910 billion in 2040 (CAGR 23%), biotechnology - from $140 billion in 2022 to $900 billion in 2040 (CAGR 900%), air mobility, a field estimated at $340 billion in 2040, for which data is not available in 2022.

Obesity drugs are ranked 17th, with a dynamics from $24 billion in 2022 to $280 billion in 2040. dollars by 2040 (CAGR 15%). While most of the demand for obesity drugs comes from the US, the market for these innovative products is expanding globally, amid rising obesity rates. McKinsey is not the only firm predicting a massive boom in this industry. In a 2023 analysis, Morgan Stanley predicted that the global obesity drug market will reach a value of $77 billion by 2030.

In 18th place is the nuclear fission industry, with an evolution from 18 billion dollars in 2022 to 150 billion dollars in 2040 (CAGR 13%).