The report from the McKinsey Global Institute discusses “arenas,” which are high-growth and dynamic industries that significantly influence the global economy. It identifies 18 future arenas that could reshape the global economy by 2040, potentially generating $29 trillion to $48 trillion in revenues and becoming a larger share of global GDP. These industries range from AI and cybersecurity to robotics and biotechnology. Historically, from 2005 to 2020, similar arenas showed remarkable growth, such as e-commerce and electric vehicles, far outperforming non-arenas in terms of profit and global GDP impact.
Arenas are characterized by significant business model or technological changes, investments with increasing returns, and large or expanding markets, leading to intense competition. Understanding these arenas is crucial for businesses, investors, policymakers, and job seekers as they represent significant growth and dynamism, with potential profound impacts on the economy and society.
The full report provides detailed insights into these future arenas and the conditions facilitating their emergence.
For further details follow the link:
https://www.mckinsey.com/mgi/our-research/the-next-big-arenas-of-competition