Australia is one of the world's most developed countries globally, with some of the fastest-growing industries like renewable energy, hospitality, and construction. So far, the main aspects catalyzing Australia's constant development include high education rates.
For example, according to research, 39% of Australians were holding university degrees by 2020. That means an increased workforce and innovation in the country. With this in mind, this piece will provide details about some of the fastest-growing industries in Australia.
Healthcare and social assistance industry
According to statistics, the healthcare and social assistance industry is one of the most growing industries in the country. It boasts of having one of the best innovations. For instance, Australia is among the few countries implementing Telemedicine and Telediagnosis in its healthcare system.
So far, in 2020, the Australian medical equipment market value is estimated at $5.37 billion. On the other hand, the country's healthcare industry has a market value of $162.5 billion as of 2021. Since 2011, Australia's healthcare industry has been experiencing a positive trajectory, and it is expected to keep growing for the years to come.
Australia's iGaming industry
Australia's iGaming industry has also captured many people's attention with its market value of $3.4 billion. One of the factors that have seen Australia's iGaming industry end up with such a market value is the increase in online gambling in Australia in both, sportsbook providers and players.
In-game purchases are also among the biggest contributors to the growth of the iGaming industry, with predictions showing that by 2024, Australian's would have spent approximately $1.565 billion making the transactions. Other sub-sectors in the industry are also thriving, which is expected to be the trend year after year.
The healthcare and iGaming industries are not the only hot sectors in 2021. That is because the technology industry is also making strategic advancements. Research indicates that Australia's Tech industry contributes about 6.6% of the gross domestic product or GDP every year. That translates to approximately AU$122 billion in revenue per year.
So far, the high demand for Artificial intelligent services and the explosion of the web development sector are among the many reasons why the technology industry is making great strides. The tech industry is also making Australia one of the major economic nations on the globe. After all, it supports different industries such as the agricultural industry by using advanced technology to innovate and design smart agricultural equipment.
The manufacturing industry closes the list of some of the hot industries in Australia. The sector has been rising fast courtesy of digitization and automation of the relevant companies. The industry saw a boom in 2020, and the same pace is expected to continue in 2021. At the moment, the manufacturing industry is focusing on delivering high-level solutions in global supply chains. As of 2020, Australia contributed around $100 billion to the world's yearly manufacturing output, making it one of the world's top manufacturing countries. It is also among the industries whose success is tied to the innovations made by the tech sector.
So far, the mentioned industries, among others like food and beverage, have been making tremendous growth for the past few years. That has seen the country rise to become one of the top economic hubs in the world. With the current pace, these industries are expected to increase their yearly contribution to the country's revenue. That will, in turn, see Australia end up being one of the most economically developed countries on the planet.