When it comes to investing in the ASX, I always prefer to look well into the future. Markets like the S&P/ASX 200 Index (ASX: XJO) already operate based on many forward-looking mechanisms.
But in order to outperform the market over the long-term, you sometimes have to be bolder than the market. This is particularly true when it comes to contemplating how the economy will function in 1, 5 or even 10 years' time.
So what are the ASX future fortune-making industries?
With this in mind, here are 3 ASX industries I think will be alive and thriving for the foreseeable future and beyond! I think if you invest $3,000 in any of these industries, you have a strong possibility of making a fortune over the next decade.
Healthcare
Healthcare is the very definition of an evergreen industry. Until humanity discovers the elixir of life (not too likely in my view), we're always going to need medical services and supplies. Furthermore, Australia (along with most of the world's advanced economies) has an ageing population. This alone should ensure a decades-long tailwind for the healthcare sector.
Luckily, the ASX is full of quality companies that operate in this space. Private hospital operator Ramsay Health Care Limited (ASX: RHC) is one such company. Ramsay has a massive portfolio of well-regarded private hospitals in Australia as well as around the world.
CSL Limited (ASX: CSL) is another consistent winner, as is Cochlear Limited (ASX: COH) and, more recently, Polynovo Ltd (ASX: PNV). Plenty of choices here!
Software-as-a-Service (SaaS)
Software-as-a-Service is a relatively new business concept. This is because it is only enabled by the pervasiveness of the internet and by the cloud infrastructure that now underpins it. But this doesn't mean it's not a great place to invest for growth over the coming decade.
Many ASX SaaS companies have already delivered substantial fortunes for their investors on the back of surging share prices over the last few years. Investors have been especially attracted to companies committed to aggressive expansion plans and long-term, strategic outlooks. Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) are two such examples. Despite the fact both companies' share prices have rocketed over the past couple of years, I still think this space remains primed for massive growth down the road. I believe this growth is likely to be enjoyed by the ASX's existing SaaS key players as well as some possible new entrants.
ASX resources
Although this sector is somewhat boring when compared with the first two on my list, I do believe it has the potential to make investors sizeable amounts of money over the coming decade. Whilst some might argue resources is an 'old-world' industry, the fact remains that almost all facets of the economy still rely on one resource or another – whether it be steel, copper or aluminium.
And I believe there's still room for future growth too. The economy of tomorrow is probably going to be less fossil-fuel focused (hopefully) and more reliant on resources used in electronics. Things like silver, lithium and cobalt. Thus, smaller resources players like Galaxy Resources Limited (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS) could currently be worth investing in for long-term growth potential.
Foolish takeaway
Whilst it's easy to become obsessed with the coronavirus-led volatility in the market right now, no one can predict what ASX shares will do in the immediate future. I believe, a smarter approach is to focus on the decades ahead and consider investing in ASX industries that are well positioned for long-term, future growth.
