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The race takes off inthe next big arenasof competition In the arenas, investment cycles are accelerating, value pools areshifting, and a new type of competitor is scaling across industries. AuthorsKevin RussellChris BradleyNaveen SastrySuhayl ChettihKweilin EllingrudNatalya Goryunova EditorCintra Scott DesignLaura M. Mandujano March 2026 Confidential and proprietary. Any use ofthis material without specific permission ofMcKinsey & Company is strictly prohibited. Copyright © 2026 McKinsey & Company.All rights reserved.Cover image: American football stadiumat night. © yalax/Getty Images. All interiorimages © Getty Images. McKinsey Global Institute The McKinsey Global Institute was established in 1990. Our mission is to provide a fact base toaid decision making on the economic and business issues most critical to the world’s companiesand policy leaders. We benefit from the full range of McKinsey’s regional, sectoral, and functionalknowledge, skills, and expertise, but editorial direction and decisions are solely the responsibility ofMGI directors and partners. Our research is currently grouped into five major themes: —Productivity and prosperity: Creating and harnessing the world’s assets most productively—Resources of the world: Building, powering, and feeding the world sustainably—Human potential: Maximizing and achieving the potential of human talent—Global connections: Exploring how flows of goods, services, people, capital, and ideasshape economies—Technologies and markets of the future: Discussing the next big arenas of value and competition We aim for independent and fact-based research. None of our work is commissioned or funded byany business, government, or other institution; we share our results publicly free of charge; and weare entirely funded by the partners of McKinsey. While we engage multiple distinguished externaladvisers to contribute to our work, the analyses presented in our publications are MGI’s alone, andany errors are our own. You can find out more about MGI and our research atwww.mckinsey.com/mgi. MGI directors MGI partners Shubham Singhal (chair)Chris BradleyTanguy CatlinKweilin EllingrudSylvain JohanssonNick LeungOlivia White Arvind GovindarajanMekala KrishnanAnu MadgavkarJan MischkeJeongmin Seong Contents At a glance3Introduction5Executive summary10 CHAPTER 1Growth takes off in future arenas21 CHAPTER 2Arenas are reshaping the industrial landscape31 CHAPTER 3Omniscalers are escalating competition across arenas58 CHAPTER 4The arenas are concentrated in the United States and China66 CHAPTER 5Arena implications and actions for decision-makers78 Future arenas compendium83 AI foundation84Digitization88Electrification94Hard tech98New bio-frontiers104 Acknowledgments107Endnotes108Technical appendix119 At a glance —The McKinsey Global Institute previously identified 18 future arenas of competition—fromAI services to space—that are increasingly writing the global growth story.Indeed, over thepast three years, these 18 industries have grown roughly four times as fast as other industries inmarket cap and ten times as fast in revenue. Arenas are, by definition, the fastest-growing andmost dynamic industries. As their scale and reach into the broader economy expand, it is fair tosay that we are all in these arenas now. —Since 2022, an “AI foundation” set of industries—semiconductors, cloud services, and AIsoftware—has added $500 billion in revenues and $11 trillion in market cap.Infrastructuredemand and investment have escalated rapidly in anticipation of AI deployment orders ofmagnitude larger than today. Companies that design and deploy computing power at scale haveso far accrued most of the increase in market value and profit. —Meanwhile, growth continues to surge in digital industries, while many physical arenas arepoised to take off.Digital industries, such as e-commerce and digital advertising, are capturing agrowing share of the attention economy, especially in emerging markets, even as chatbots reduceopen-web traffic and agentic commerce creates new competitive fronts. Other arenas continueto escalate at varying paces, from robotaxis rolling out in dozens more cities worldwide to obesitydrugs that are now six out of every 100 US prescriptions. —Nine large competitors—we coin them “omniscalers”—are spending heavily and spanningmultiple arenas.The nine omniscalers collectively generated over $700 billion in operating cashflow in 2025 and invested more than $800 billion in R&D and capital expenditures that sameyear. Their capabilities and financial capacity compound as they compete in arena after arena,expanding to generate revenues in as many as nine arenas. —Companies headquartered in the United States and the Greater China region account for90 percent of arenas’ market value today.US companies lead in 14 of the 18 arenas in marketcap and ten in revenues. But China is gaining ground, especially when measured by revenueshares. The rest of the world stands