There are a lot of factors that can greatly affect the way industries do their business. Changes in demographics and the socio-economic condition are the two factors that could affect the industry’s growth and sales. In this article, we are going to discuss some of the fastest growing in the industries this year and for the years to come.
1. Computer system design and related services – Technology is a big thing today, especially the one that primarily involves computer system design and related services. The demand for information technology infrastructure, software testing, and computer system design will continue to increase for the years to come. The average growth rate is 6.8%. So, it would be a good decision to invest in such industries.
2. Buildings and dwellings – Businesses that have something to do with building constructions and dwellings are a big hit this year. These include outdoor constructions, landscaping services, pest control, building decks, and fences, building repair and maintenance, home remodeling and renovations, residential building rentals, and the likes. As a matter of fact, in the residential construction business alone, there is already a projected growth of 9% and it will increase for the years to come.
3. Professional services – this is a broad industry and if you hold a professional degree, then now is the perfect time to showcase it. Examples of professional services that will boom this year are consulting, photography, accounting, research, advertising, translation and interpretation, technology, legal advice, and the likes.
4. Building equipment contractors – It is the industry that has something to do with electrical, mechanical, and plumbing installation works. So, business is good for plumbers, HVAC contractors, electricians, and wiring installation contractors.
5. Technology and gaming industry – This industry is one of the fastest growing industries not only in the United States but in the world. The virtual reality industry is a multi-billion dollar industry with an annual compounded growth of 55%. This growth will continue for the years to come. The growth is not only visible in the video gaming industry but in other industries that use the same applications such as health, education, and film.
6. Cannabis industry – More and more states are heading towards legalizing medical marijuana. Just like the tech and gaming industry, medical cannabis is a multi-billion dollar industry. It continues to grow for the years to come. By 2020, it is expected to increase by up to $24 billion. This growth benefits not only those business owners but also job seekers and the economy, as a whole.
7. Data and information technology security – cyber threats are on the rise and it scares everyone, from companies to highly reputable people, and even to just ordinary people. So, businesses that primarily involve data and information technology security are on the rise.
If you are going to start a new business venture, make sure you consider the industries where the demand is high as this will be your selling points. You can use this to your advantage. Of course, you need to do thorough research. Preparation is one of the keys to growing your business.