As we enter 2024, there are several industries that may be poised for growth which private market investors may want to keep their eye on. 2023 witnessed the growth of artificial intelligence, generative AI, clean energy, alternative proteins, and more, but what could be the highlights of next year?
Artificial Intelligence/Machine Learning
2023 saw many highlights for artificial intelligence and machine learning. OpenAI’s ChatGPT had notable traction, with advancements in generative artificial intelligence (generative AI). The growth of AI/ML seen in 2023 is expected to continue into 2024, with many investors believing the current capabilities are just scratching the surface. As researchers work toward artificial general intelligence, or when a computer can independently learn and think with the same capabilities of a human, there may be potential to see some advancements 2024 and beyond that could help revolutionize the industry.
Space
As the world looks for solutions to manufacturing and mining in addition to advancements in medical research, many investors are looking to the sky, or more specifically, to the stars. 3D-printing on the moon, building factories in space, and sending cancer therapy research to the International Space Station were all on the table in 2023, and it could be fascinating to see what new accomplishments are made in space in 2024.
CleanTech
Another advancement made in 2023 was battery enhancements for electric vehicles. StoreDot signed landmark agreements with Volvo Cars, Polestar, VinFast and Flex|N|Gate for its extreme fast charge EV batteries which were also being examined for use in Tesla vehicles. Toyota even claimed it could halve the weight, size, and cost of batteries for electric vehicles. With the advancements claimed in 2023, it could be intriguing to witness the potential for mass commercialization and adoption of these technologies in 2024 as the world looks to cleaner transportation solutions.
Healthcare
Weight loss drugs like Ozempic and Wegovy broke through in 2023, and with recent study results claiming semaglutide can be effective for up to 3 years, major players like Eli Lilly and Novo Nordisk are poised to capitalize on the commercialization and popularization of these medications in 2024 if they can adequately expand their manufacturing capacity for the drugs. Of course, this assumes the broad adoption of these kind of drugs, which many investors may have underestimated in 2023. Either way, it could be fascinating to see what new advancements are made in 2024, how quickly they are widely adopted, and how quickly they can overcome regulatory hurdles.
Food & Beverage
Alternative proteins witnessed unique growth in 2023, especially in the cultivated meat department. Lab grown meat experienced a significant milestone in 2023 with GOOD Meat and Upside Foods clearing the final regulatory hurdles before putting their products in restaurants and on grocery shelves. The Specialty Food Association (SFA) and Whole Foods Market reported in October 2023 that “2024 will be the most vegan year yet”. Plant based foods, cultured meat, and other meat alternatives could be poised for growth into 2024 and it may be interesting to see the potential commercial adoption of these alternatives and how they could impact the traditional meat markets.
Final Thoughts
There may be many exciting opportunities for private market investors in 2024. AI, Space, CleanTech, Healthcare, and Food & Beverage could be industries to watch based on the key milestones achieved in 2023. Investors may want to consider keeping an eye on these industries and staying up-to-date on the latest developments.
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