Market Trend Report: Which Sectors Are Booming and Which Are Fading in 2024?

Technology evolves faster than ever before, which means it’s more difficult than ever to discern which sectors are primed for success and which are fading. Yet, if enterprises want to maintain a competitive advantage, they must know which emergent technologies are worth investing in and which are falling by the wayside.

This market trend reportdelves into the dynamic shifts across industries, offering a comprehensive analysis tailored for corporate innovation stakeholders eager to capitalize on lasting trends.

The Booming Sectors: A Glimpse into the Future

1. Technology and AI Innovation: The New Frontier (Supported by Gartner Report 2023

The technology sector, particularly artificial intelligence (AI) and machine learning (ML), continues to experience explosive growth. A recent Gartner report predicts that AI will generate $2.9 trillion of business value and create 9 million jobs by 2025. Enterprises are increasingly integrating AI to:

• Streamline operations (e.g., automating tasks),
• Enhance customer experiences (e.g., chatbots and recommendation engines),
• And innovate product offerings (e.g., AI-powered design tools).

The surge in AI applications – from healthcare diagnostics leveraging medical imaging analysis to financial services’ predictive analytics for fraud detection and risk management – underscores its critical role in driving future market dominance. Gartner predicts that AI as a strategic technology trend will significantly influence business decisions within the next 36 months.

2. Renewable Energy: Sustainability as a Standard

As global awareness and regulations around climate change tighten, the renewable energy sector is witnessing unprecedented growth. The International Renewable Energy Agency (IRENA) forecasts renewables to account for 86% of global power generation by 2050 in their 2023 World Energy Transitions Outlook Report.

Solar, wind, and hydroelectric power generation are at the forefront, offering cleaner alternatives to fossil fuels. Companies investing in sustainable practices are not only capitalizing on government incentives but are also aligning with the growing consumer demand for environmentally friendly products and services. This surge is more than a trend; it’s a movement. According to Gartner, by 2027, 25% of CIOs will have their compensation tied to sustainable technology impacts, highlighting the business shift towards sustainability.

3. E-commerce and Digital Platforms: The Retail Revolution

The surge in e-commerce, accelerated by the pandemic, shows no signs of slowing down. eMarketer predicts global e-commerce sales to reach almost $8 trillion by 2026. Digital platforms are redefining retail, with companies investing in:

• Omnichannel strategies (e.g., seamless integration between online and physical stores),
• Technologies like blockchain for supply chain transparency (e.g., tracking product provenance)
• And VR for immersive shopping experiences (e.g., virtual tours of showrooms).

4. Healthcare Technology: The Era of Telemedicine and Biotech

The healthcare sector, especially biotechnology, has seen rapid advancements. The COVID-19 pandemic highlighted the importance of vaccine development, gene editing with CRISPR technology, and personalized medicine that tailors treatments to individual patients.

Biotech companies were thrust into the spotlight for their role in combating the pandemic. The growing emphasis on health and wellness, coupled with aging populations in many countries, ensures this sector’s continued growth and innovation. A McKinsey & Company report on The Future of Telehealth highlights the potential of telemedicine to improve access to care, particularly in underserved areas – but is telehealth delivering on its promise of improving access? Technology access and trust still pose significant barriers in this regard.

The Fading Sectors: Understanding the Decline

1. Traditional Retail and Brick-and-Mortar Stores

While e-commerce continues to grow, it follows that traditional brick-and-mortar retail faces decline. The convenience of online shopping, accelerated by the pandemic as documented in a study by IBM, has permanently shifted consumer habits. A Coresight Research report highlights this shift, noting that 80% of consumers in the United States now research products online before making a purchase in-store.

Retailers unable to adapt to this digital transformation, which includes offering omnichannel experiences and click-and-collect options – find themselves struggling to compete with online giants like Amazon and niche e-commerce platforms catering to specific consumer interests.

2. Fossil Fuels: The Diminishing Dominance

The fossil fuel industry is grappling with a global shift towards renewable energy sources, driven by environmental concerns and documented by the Intergovernmental Panel on Climate Change (IPCC) . Coupled with the falling costs of renewable technologies and strict regulatory policies like the European Union’s Green Deal, the dominance of fossil fuels is diminishing. Despite current dependencies on fossil fuels, the global push for cleaner energy and sustainability puts pressure on this sector to innovate in areas like carbon capture and storage or face gradual obsolescence.

3. Print Media and Publishing

Print media and traditional publishing are struggling to retain relevance in the digital age, as content consumption moves online. A Pew Research Center report highlights this trend, noting a decline in print newspaper readership of 69% since 2000. Newspapers, magazines, and book publishers are forced to rethink their business models, which often involves developing strong online presences and digital subscriptions alongside their print offerings. The sector’s decline is accelerated by the rise of digital platforms like Apple News+ and Google Play Books offering real-time content, interactive experiences, and multimedia storytelling, making content consumption more engaging for digital-native audiences.

The Role of Predictive Analytics and Machine Learning in Creating Accurate Market Trend Reports

Predictive analytics and machine learning are at the heart of forecasting future market trends. By analyzing vast amounts of data, AI algorithms can identify patterns and predict future behaviors with a high degree of accuracy. This capability allows businesses to:

• Anticipate Consumer Needs: AI can forecast changes in consumer preferences, enabling companies to innovate proactively.
• Identify Market Opportunities: Machine learning models can uncover hidden opportunities in data that would be difficult to detect manually.
• Optimize Product Development: Predictive analytics can inform product design, feature selection, and market positioning, ensuring that AI innovations meet future market demands effectively.

Leveraging market trend reports with the power of AI enables businesses of all sizes stay ahead of the curve, creating innovative solutions that cater to the future needs of their industry.

How Entrapeer Can Help You Navigate Market Trends

As an all-in-one innovation platform, entrapeer is uniquely positioned to provide corporate innovation stakeholders with AI-powered trend analyses. Entrapeer’s expansive use-case database and real-time market insights enable corporations to identify and act on emergent technologies before their competitors, ensuring a strategic advantage in capitalizing on trends with lasting power.