Accounting, tax preparation, bookkeeping and payroll services. The rise of the internet, microelectronics and the expansion of green technology has resulted in a death knell for some industries, while others have expanded at an exponential rate. Wind Power – Apparently, the demand for wind power generation is going to take off in the next five years. Here’s a look at the 10 fastest-growing industries in 2019, according to global research firm IBISWorld, that you can consider as part of your investment strategy: Savings banks and thrifts have benefited from recent deregulation and the increase in demand for residential mortgages, thanks at least in part to persistently low mortgage interest rates. This alone means that the construction industry should continue to grow throughout the 2020s. Also because, in the U.S. anyway, the industry is benefiting from an increasing federal and state government funding for private facilities and services. Modest gains are expected this year. Nevertheless, revenue is projected to grow by more than 10% in 2019, which should benefit companies like industry leader First Solar. Therefore, as we approach 2020 and beyond, it's pertinent to look to the future and understand where the next significant growth sectors are going to be. Leading companies in the industry are among the most well-known in America, including Facebook, Apple, Alphabet and Netflix. As an indicator, the healthcare industry in the United States alone is expected to grow to over four million jobs by 2026. So, for a tie breaker I got a report from The Conference Board of Canada on Canada’s textiles and apparel industry, of which apparel manufacturing is a part. Further advances in virtual shopping personalisation services will combine the best of both worlds and should help the industry grow from $1.5 trillion now to $2 trillion by 2026. Another caveat is to be wary of high growth in cyclical or commodity-based industries, such as oil and gas, as revenue and earnings can fluctuate wildly from year to year. OK. 1 residential solar company in the U.S., to get their solar power investment fix. Sageworks says these sectors “have seen the highest sales growth and have maintained high profit margins since 2007.”, Interestingly, however, they also list Cut and Sew apparel manufacturing as a growth industry. Architectural, engineering, and related services. How the Dow Performed Under Each President, Johnson & Johnson Shares Fall After COVID-19 Vaccine Stall, If You Would Have Bought Only 100 Shares of These 10 Stocks, You Would Be Incredibly Rich, Stocks That Would Have Made You Rich Today. An industry that is linked directly to the growth of the construction industry, real estate is another key predicted growth sector. Sample jobs: writer, editor, videographer, product manager, webmaster, graphic designer, web marketing manager, multimedia journalist. OK? As disruptors such as Airbnb and VRBO shake up the traditional order of things, the hospitality industry is undergoing significant transformation. Have you? Cut and sew apparel manufacturing. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). While bricks and mortar retail still has some life left in it yet, eCommerce is expected to account for 20% of all retail sales by the end of the next decade; therefore, this suggests that despite the media hype, the most successful retailers will be business owners who can incorporate online sales into their key operations rather than replace one over the other. Interestingly, a recent study by financial data firm Sagewell also indicates that five out of ten of the fastest-growing small business industries are related to construction. Computer systems design and related services, 5. In association with. Will 2020 be the same? Investors who can identify the fastest-growing industries can often unearth the best stocks to buy now before they make a major move upwards. What other industries do you expect to grow in the 2020s? Solar Power – A continuing focus on green energy alternatives means the solar power sector is heating up. “However, energy and material costs are rising at the same time that growing competition from imports is limiting the ability of manufacturers to raise prices… the industry will record only a small increase in profits this year.”. While this rapid growth is undoubtedly a game-changer, traditional hospitality ventures are expected to gain some of that ground back; cities around the world are enacting stricter rules to level the playing field, while many large hotel chains are reinventing themselves through corporate and personal events. IBISWorld points out that, “demand for cutting-edge medicines and treatments will result in strong growth for the Biotechnology industry.”. Correctional Facilities – Because people will always commit crimes. By its very nature, tech is an innovation-driven industry, too; as we continuously push the limits of what is possible, nobody can predict what the next great shift or advance will be, making it the ideal playground for business owners and entrepreneurs who are looking to change the world. As travel becomes ever more accessible to a broader number of people, though, demand for rooms and restaurants is only going to grow, with plenty of market share available for businesses of all sizes. Increases in outsourcing activity by pension funds and direct insurers will also continue to drive growth. Although returns have been minimal so far, there is still much confidence in these investments, with a 2017 study by Intel predicting that the driverless car market will be worth $800bn in 2035 – and $7 trillion by 2050. (That same industry, however, has been marked for death by IBISWorld. Natural gas distribution is a commodity play that has a highly irregular pattern of growth. As these figures show, there is ground to be made up, but as the technology behind self-driving cars evolves, and regulations against them relax, the next decade could prove a fertile breeding ground for forward-thinking investors and entrepreneurs. 5. Sample jobs: designer, programmer, software developer, animator, audio engineer, writer, tech support, tester, market research analyst, dimensional model artist. VR, which is still in its early stages as far as consumers go, should experience massive growth over the next ten years as devices become more accessible; the VR sector grew from $6bn in 2016 to $14bn in 2017 – and is predicted to continue morphing into a $160bn industry as soon as 2023. Favorable government incentives and requirements for local utilities to derive a percentage of their energy from alternative sources like solar have contributed to industry growth, as has the reduction of equipment costs. Investors might look to companies such as SunRun, the No. Workopolis is not a career or legal advisor and does not guarantee job interviews or offers. The arrival of autonomous vehicles – pioneered by tech giants such as Google and Tesla – will signal a significant shift in the industry, with traditional automotive companies such as Ford, Hyundai and Toyota all betting big on its success. Though the recession wreaked havoc on a myriad of businesses across the U.S., several industries experienced strong revenue growth; industry research firm IBISWorld has identified the top 10 fastest-growing industries. Copyright © 2018 WP Online Holdings Limited. Some companies have consistent success during election years. 2. This growth is being driven by several factors, too, such as a decrease in component production costs, and global government-driven initiatives to reduce dependence on fossil fuels. The Tank and Armored Vehicle Manufacturing industry is notoriously volatile, as demand for the industry’s products is a result of geopolitical factors that can change rapidly. Apparently, if you’re in one of those sectors, you might want to think about bailing, because pretty soon they might not exist. Offices of other health practitioners. Everybody loves an up-and-comer: 2019's top three-year performers in revenues, profits, and stock returns. As the number of online users grows, along with the time they spend online and the increase in mobile connections, the industry should continue to post impressive growth figures. Here’s a look at the 10 fastest-growing industries in 2019, according to global research firm IBISWorld, that you can consider as part of your investment strategy: 10. For many investors, it’s best to stick to industries and stocks with more consistent long-term growth. Internet Publishing and Broadcasting – As newspapers join the ranks of doomed industries, web publishing of every possible form is soaring. This alone means that the construction industry should continue to grow throughout the 2020s. Sample jobs: engineer, biologist, wetland scientist, aquatic scientist, scientist of other sorts, geologist, hydrogeologist, geophysical technician, compliance analyst, research climatologist. Similarly, just because a company operates in a growing industry doesn’t mean its stock is a “buy.” For example, General Electric is an industry leader in the rapidly growing wind turbine manufacturing industry, but the stock was a disaster in 2018, dropping by over 55%. In addition to unearthing growing industries, it’s important to dive into the financials of individual companies to see how they are performing. While traditional healthcare facilities are showing signs of decreased profitability, the same advances that will allow for greater personalisation of retail shopping are also expected to have an impact on wellness care. 3. Led by industry titan Amazon, the e-commerce and online auctions industry is expected to grow overall by over 10%. Amazon itself is projected by analysts to grow at an annual clip of over 33% for the next five years. So, that’s the U.S. Construction: The construction industry is one of the fastest growing industries in the United States of America and the world. All rights reserved. I haven’t heard much about this. In an opinion piece published this week in The Wall Street Journal, Grover Norquist, president of Americans for Tax Reform, argued that your life savings might be at risk under a Biden presidency. If you have money to invest during a recession, you want to do so wisely -- avoid these options. It's not just state actors driving these changes, either. With the rapid pace of innovation already present in the industry, double-digit annualized growth (14.0%) is projected to continue into the next five years. But where to? Sample Jobs: engineer (Heavy on the engineering – structural, technical, civil, mechanical, chemical), risk management, project management. According to that one, in 2010, the industry recorded its first increase in production in ten years. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. The information on this site is provided as a courtesy. The first two decades of this century have seen dramatic changes in industries around the globe. Accounting, tax preparation, bookkeeping and payroll services, 4. Artificial intelligence and cloud-based patient data storage will provide customised care for individual patients, with other technological advances in patient care expected to drive growth rapidly over the next decade. Along the way, he earned his Series 7, 63, and 65 licenses, in addition to a California Insurance License and a Certified Financial Planner designation. Another area of technology that has been showing immense growth potential for some time, renewable energy is predicted to be a part of a period of rapid growth for the entire energy industry in the coming decade. We recently gave you the lowdown on the top ten doomed industries, as reported by market research firm IBISWorld Inc. The healthcare industry has grown by 12% in the last two years to become a $4 trillion industry, accounting for a little over 5% of the economic output of the entire world. But from 2014 to 2016, the industry faced headwinds in the form of overseas competition that drove down prices and hurt profits. Top 10 Fastest-Growing Industries these high-tech machines decreases and printer technology is refined, they will be used for an increasing number of applications, such as aerospace-related part manufacturing.

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