Since the 2000s, the fastest-growing and most dominant industries have been increasingly tech-driven compared to those of the late 1900s, such as railroads, steel, automotive, and textiles. It’s not that the industries of the 1900s are no longer influential or important but rather that other existing industries, and even some new ones, have eclipsed them with considerable increases in their value. Among these are artificial intelligence, semiconductors, software, renewable energy, consumer electronics, internet content and information, and e-commerce, all of which have experienced significant growth in the past two decades.
Artificial Intelligence ($200 Billion)
The term “artificial intelligence” was developed in the early 1900s, but it wasn’t until recently that AI programs were developed and widely implemented into systems and software. Today, AI is integrated into many digital systems to make them more efficient and useful, reducing human workloads. It’s also used in social media algorithms and other media forms to create a more tailored experience for each user.
In 2022, a new milestone was reached: OpenAI launched ChatGPT, a generative AI model that seemed straight out of science fiction. It’s led to software that can generate a huge range of content, from text to video. AI has also become integral in developing healthcare, manufacturing, education, and virtually every other industry. Because of this, the AI industry has rapidly become a multibillion-dollar industry and is projected to continue its astronomical growth.
Semiconductor Manufacturing ($626 Billion)
Another industry impacted by our increasing use of the Internet, mobile devices, and computers is the semiconductor industry. Semiconductors are essential physical components that enable these technologies to run, and they’re used in many more applications than just our personal devices. They also enable functional robotic systems, gaming systems, appliances, and medical equipment—to name a few. As a result, the already immense value of this industry is expected to surpass $1 trillion by 2030.
Application and Infrastructure Software ($740 Billion)
As we increasingly rely on devices for personal and professional use, the demand for high-quality software has increased, causing this industry to experience explosive growth. This industry includes cloud computing software from companies such as Google and Microsoft, cybersecurity such as programs from NordVPN and Oracle, and software ranging from our computer operating systems to web browsers. It’s a diverse industry that touches our lives in many ways, often without us even realising it. It protects sensitive information, such as the financial information we share with stores and government organisations online, from cyberattacks. More broadly, the software industry allows us to browse the web and complete work online.
Renewable Energy ($1 Trillion)
Rising environmental concerns and reduced clean energy costs have helped renewable energy become a trillion-dollar global industry. Since the early 2000s, renewable energy production through solar and wind generation gained popularity as governments and individuals began implementing them for their energy needs. Further propelling the industry’s growth are the various climate acts and initiatives taken on by governments worldwide, such as the Paris Agreement, to combat climate change.
Consumer Electronics ($1.3 Trillion)
Before the 2000s, cell phones and computers were still relatively new technologies to most people. They also had much more limited capabilities than they do today. As technology progressed and was more widely adopted, more people purchased electronics for different wants and needs. Smartphones and laptops became commonplace, and the growth of wearable devices, like smartwatches, spurred further industry growth. Adding to the industry’s strength is the wide variety of video game consoles and smart home devices. The industry is now worth $1.3 trillion, with companies such as Apple, Samsung, Sony, Microsoft, and Alphabet Inc. leading the way.
Internet Entertainment and Media ($2.8 Trillion)
Disney+, Netflix, Spotify, Apple Music, and even some of the most popular NZ casino sites contribute to this massive and profitable industry. Part of the growth of this industry in recent years can be attributed to the development of faster internet with more capable bandwidth, as it allows for more enjoyable use of online platforms for various wants and needs, such as consuming news and entertainment. The widespread adoption of smartphones further fuels this growth, which increases the demand for more content and easier-to-use applications. These have come together in such a way that most people now prefer consuming content over the internet rather than through traditional media options (such as newspapers or TV), all coming together to shape a $2.8 trillion industry—a value anticipated to increase.
E-Commerce ($6 Trillion)
While the e-commerce industry gradually began growing before the 2000s started, it is now a multitrillion-dollar industry. The two most significant contributors to the industry are China and the United States, which contributed over $2 trillion in 2022. Many factors contribute to this industry’s growth, including the wide adoption of the internet, devices that make online shopping easy, and the convenience it offers. The pandemic played a major role in the industry’s growth in 2020 and beyond. As restrictions limited public access, e-commerce became a reliable alternative, leading many to adopt and continue online shopping post-pandemic.
Finance ($33.5 Trillion)
The financial industry has grown significantly in the last several years. In 2024, it reached $33.5 trillion, with a 7.7% compound annual growth rate (CAGR). The growth is projected to continue, reaching $44.9 trillion in 2028. The financial industry now includes a tech-driven subsector known as fintech, which provides digital solutions for individuals and organisations to carry out their financial tasks. Adopting technology has helped the financial industry grow and has helped increase demand for fast banking, accessible investing, and insurance options for individuals, governments, and other organisations.
