If you’re looking for a sector that’s poised to grow, think technology.
Certified financial planner Ted Jenkin, CEO of oXYGen Financial, predicts there will be strong growth in this area in the next five to 10 years.
And there are three areas within this sector that could see the biggest boost.
1. Artificial intelligence. The artificial intelligence market could grow $50 billion to $100 billion in the next three years, according to Jenkin.
Evidence of this can be seen in the cashier-less stores, where there is no checkout clerk, Jenkin said.
“Think about this 10 years ago,” he said. “You had no self-checkout. Now you have self-checkout that will lead to no checkout, and that’s part of artificial intelligence.”
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2. Mobile payments. Mobile payments are poised to grow at a compounded rate of 20 percent, Jenkin said.
For evidence of this growth, ask yourself when the last time was that you actually paid a bill with a check.
If you still prefer checks, you’re among the minority.
Just 1 out of 5 Americans today uses only checks to pay their bills, Jenkin said.
3. Cybersecurity. Another area that will play a bigger role in our lives in the next three to five years is cybersecurity, according to Jenkin.
Investors who want to get in on this trend should look at companies that are working in cloud security, personal security or vulnerability management, Jenkin said.
For all areas of technology, investors should be mindful of how they invest, according to Jenkin.
“Don’t buy one stock, because the technology stocks change quick,” he said. “Think about getting into an exchange-traded fund so you can diversify your portfolio.”