Booming Industries in Sweden (2024)

Sweden is home to some of the most successful companies in the world. Think of Ikea, Volvo, Ericsson, H&M, Spotify or Scania. The country's top industries have a strong focus on diversity and innovation, employing people from a variety of backgrounds. Whether you're passionate about technology, science or electronics, Sweden is one of the best places to live and work.

The Swedish government implemented a number of policies that made it difficult for monopolies to dominate the market. On top of that, it lowered corporate income taxes and deregulated several industries to drive competition. The country's startup-friendly policies, low national debt and stable inflation rates have given entrepreneurs the confidence to take risks and bring their ideas to life. With that being said, here's what you should know about the fastest-growing industries in Sweden.

Sweden's Tech Sector Is Flourishing

Described as the Silicon Valley of Europe, Sweden offers excellent opportunities in the technology sector. The country features hundreds of accelerators and incubators that drive innovation. Plus, it's home to several tech companies with a global presence, including Mojang Studios, Spotify, King, Skype and others. Bloomberg Quint reports that Stockholm has a larger number of tech unicorns per capita than any other region in the world.

Senior analyst and researcher Eva Alfredsson told Bloomberg Quint that Sweden was "early to digitalize." Its focus on innovation and digital development turned it into a magnet for tech entrepreneurs. What's more, the Swedish government has a proactive role in startup life and the technology ecosystem as a whole. For example, university education is free, meaning that young people can pursue their passions and develop the skills they need to become successful.

Sweden is also a leader in financial technology. Kreditz, Monetise, Datia, Klarna, Doconomy and other fintech companies were all founded by Swedish entrepreneurs. Klarna, a global eCommerce payment solutions platform, is the second highest-valued fintech in the world, according to Sifted. These startups have the power to disrupt entire industries, paving the way to a cashless society.

Life Sciences Are Growing Fast

The country's strong focus on research and development has led to breakthroughs in the life sciences industry. As of today, Sweden has 10 universities offering life sciences programs. The University of Gothenburg, the Royal Institute of Technology and Stockholm University are just a few examples. Moreover, researchers have access to state-of-art equipment that allows them to explore innovative treatments, conduct clinical trials and create life-changing products.

Sweden is home to more than 3,000 life sciences companies with 42,000 employees, reports the Ministry of Enterprise and Innovation. These professionals are working together to unlock the potential of health data, assistive technologies and precision medicine. In 2018, the national expenditure for research and development accounted for 3.3 percent of the gross domestic product (GDP). Approximately 0.9 percent came from public funding.

This nation is also a hub for companies specializing in connected health, drug development, biomedical engineering and medical technology. Its world-class research infrastructure allows scientists to address global societal challenges and create innovative products. Titanium implants, pacemakers, walking frames and Gamma Knife radiosurgery were all developed in Sweden. The country also has extensive databases that provide valuable insights into public health, patient behavior and medical practice.

Sweden's manufacturing industry is just as strong, accounting for about 20 percent of its GDP. The International Trade Administration estimates that there are over 1 million jobs in this sector alone. The agriculture, retail, tourism and finance industries are booming, too. The advances in technology are shaping these markets, creating new opportunities for companies and employees alike.

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