We call them arenas of competition—and they are rapidly redefining where growth and opportunity lie.
A new global growth engine
My colleagues and I at the McKinsey Global Institute first identified the next big arenas of competition in our 2024 research. We also identified 18 “future arenas”—from AI software and services to obesity drugs, from robotaxis to space. What’s striking now, in 2026, is how quickly they’ve moved from emerging trends to take up the center of economic activity.
Since 2022, these 18 future arenas have grown nearly four times faster than other industries in market capitalization and about ten times faster in revenue. Together, they have added roughly $18 trillion in market value and $1.4 trillion in revenues to the global economy in just three years.
Arenas are no longer a niche phenomenon. They now drive about half of total market-cap growth and revenue growth across large companies globally.
An AI foundation is rewriting the playbook
Enabling many new business models are a group of new arenas we call the “AI foundation,” made up of semiconductors, cloud services, and AI software. These industries have seen an extraordinary surge in value creation and investment. Since 2022, these three arenas alone have added about $500 billion in revenue and $11 trillion in market cap. Infrastructure demand is rising rapidly as companies prepare for AI deployment at a scale far beyond today’s levels.
But the economics are still taking shape. Much of the value so far has accrued to those building and operating computing infrastructure, raising a critical question: where will long-term profits ultimately settle?
From the digital to the physical world
Digital industries—from ads and streaming video to cybersecurity—are being supercharged by AI as well as uptake in emerging markets. And while digital arenas continue to expand, the next wave extends much further into the physical world.
Electrification is scaling through electric vehicles, batteries, and nuclear energy. Robotics, delivery drones, and shared autonomous vehicles are moving from pilot programs to real-world deployment. And in biotech, breakthroughs such as GLP-1 therapies for obesity are already reshaping healthcare demand.
A new kind of competitor emerges
Another defining feature of this moment is who is competing. We are seeing the rise of “omniscalers”—a small group of companies that operate across multiple arenas simultaneously. Omniscalers are companies like Alibaba, Alphabet, Amazon, Apple, Microsoft, and Samsung. These companies generate enormous cash flows and reinvest aggressively, collectively deploying more than $800 billion annually in R&D and capital expenditures.
The omniscaler advantage lies in scale and scope. They can build common infrastructure, use data across businesses, and fund long-term technology bets that would be out of reach for most competitors.
At the same time, focused players continue to thrive in some industries. The growth of omniscalers is a different kind of competition, with scale and scope playing critical roles.
Arenas around the world
The geography of arenas reflects distinct regional advantages rather than a simple winner-takes-all dynamic.
Companies headquartered in the United States and Greater China drive roughly 90 percent of arenas’ market value today. US firms lead in most arenas by market cap and revenue, supported by deep capital markets and strong innovation ecosystems. China, meanwhile, is a strong global player particularly in EVs, batteries, and electrification—where scale, manufacturing strength, and integrated supply chains are key.
Other regions play important but smaller roles. European firms have leadership positions in biotech and semiconductor equipment. Japanese and South Korean companies play large roles in the robotics and gaming arenas. Emerging markets play an increasingly instrumental role in supply chains, capital flows, and adoption. Gaining access to the next arenas of competition is critical to emerging markets’ future growth.
Arenas are closer than you think
Perhaps the most important insight is that these arenas affect far more than the companies directly competing within them.
Even businesses outside these industries are being reshaped. That is happening through shifts in demand, supply chains, talent markets, and technology adoption. No company is insulated, and there are implications in terms of both offensive and defensive moves.
For leaders, that raises a set of critical questions. If you are in an arena, how do you compete at a pace defined by rapid innovation and escalating investment? If you are in an adjacent space, how do you capture value as boundaries shift? And, if you are outside an arena, how do you adapt before growth concentrates elsewhere?
The next big arenas of competition are no longer on the horizon—they are decidedly here. Understanding how these arenas are evolving will be critical for anyone looking to stay ahead of the accelerating pace of change.
This article originally appeared in Forbes.