The year 2020 has been a whirlwind of events globally, from the new release of the iPhone 12 ProMax to the onset of the coronavirus. This second generation of the SARS vaccine has impacted the economy worldwide, and its implications will be felt soon in the business world in 2021. In terms of factors affecting the global economy, there have not been any with as much influence as the coronavirus disease. This means that in 2021, businesses will attribute their growth to the needs created by the virus. The two major industries expected to boom in 2021 are healthcare and communications technology.

Communications Technology

Technology is a staple for the modern consumer now more than ever, and because of this, communication technology will be the second biggest business for the year 2021. Forbes magazine has released their JUST 100 list, a compilation of the top 100 businesses most likely to see success in 2021. Microsoft, Apple, Intel, and Google have all ranked within the top five businesses predicted to be the most successful on the list. Along with the ex dividend date, this is one of the primary sources economists use to estimate business growth for the coming year.

Whereas communications technology was once a luxury reserved for those in the marketing or writing fields, it is now used as a tool for every industry. Through the tools of social media marketing and search engine optimization, even the smallest of businesses can leverage advertising communications in order to drive business activity. Small businesses are likely to invest in communications technology in order to create revenue through advertising.

Communications technology is also likely to be a big business for the year 2021 because smartphones and smartwatches are now consumer staples, rather than luxuries. The average consumer is glued to his or her smartphone, utilizing the technology for reading the news, accessing social media, and watching films. Apple is one of the giants in the communications technology industry, and they sold 6.7 million of the iPhone 11 Pro in 2020. The edition of the iPhone released in 2021 is likely to drive much revenue into the economy.

Healthcare

Healthcare will see a huge surge in the months after this New Year’s Eve. As we welcome in the new year, there will be the usual market trend toward fitness and healthcare products. This coming year, however, the focus on healthcare will be more marked because of the prevalence of COVID 19. The general public is likely to invest hard-earned dollars in the vaccine as soon as it comes out.

This disease has been shown to affect elderly populations and racial minority populations more than other groups. Because of this, these groups are likely to flock to the local drugstore or hospital in order to get vaccinated. This is sure to cause an onslaught of economic activity for both the pharmaceutical companies and the medical providers.

The epidemic is likely to increase general healthcare activity as it brings the state of health to the attention of those who might otherwise overlook health. Individuals are more likely to check in with their primary care providers and take preventative measures through drugstore purchases such as over-the-counter immunity medications and nutritional supplements.

Another way in which the healthcare sector is predicted to grow is through the sale of sales and life insurance policies. With the presence of the COVID-19 epidemic, many people have begun to rethink their health insurance coverage. Many are expected to purchase upgrades to their life insurance policies, and those who are not insured altogether are likely to enroll in policies. These policies can help cover hospital visits, testing, and prescriptions. There will be open enrollment for government-funded healthcare at the beginning of the year, as well, which will help contribute to the healthcare economy.

Overall, the healthcare sector and the communications technology world are likely to see big economic booms in 2021. The former will be supplemented with the purchase of health insurance policies, vaccinations, and general over-the-counter preventative medicine sales. The communications technology sector will see growth with continued success for Microsoft, Intel, Apple, and Google. Additionally, there will be a boom when the new iPhone comes out this year. All in all, it should be a prosperous year.