"The robots from the cartoons and movies of the 1970s are going to be the reality of the 2020s," said Ross. "It won't surprise me if we are sitting beside robots 10 years from now that are packing a whole lot of artificial intelligence."
Ross served for four years as Senior Advisor for Innovation to Secretary of State Hillary Clinton. The role earned him a Distinguished Honor Award from the State Department. He is currently a Distinguished Visiting Fellow at Johns Hopkins University.
Ross said life sciences is another sector that will dominate conversations on both Main Street and Wall Street in coming years.
"The world's last trillion dollar industry was created out of computer code. The next trillion industry will be created out of genetic code," said Ross.
Ross said the financial industry will be further changed by things like block chain technology. He points out that Goldman Sachs (GS - Get Report) just filed a patent for a block chain powered currency of its own. A block chain is a transaction database based on the Bitcoin protocol.
He said cybersecurity will be another area which will explode in the future. He predicted it will be a $175 billion a year industry by the end of 2017 as hackers continue their nefarious practices on a global scale.
Ross said so-called Big Data will get even bigger as an industry. He said there are 16 billion networked connected devices in the world and he expects that number to rise to 40 billion by 2020.
Finally, Ross said that it will be nearly impossible for investors to select a single winner in each field considering how quickly the technologies advance. Therefore, he suggests getting into each sector through an index fund of some sort.
"Think about some of these big fields like genomics and cybersecurity and think about how you can invest in the entire vertical," said Ross.
By Gregg Greenberg
Source:http://www.thestreet.com/story/13446879/1/five-lsquo-industries-of-the-future-rsquo-investors-should-consider.html
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