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Top growing industries for the years ahead

A successful business capitalist needs to find out industries with sustainable momentum. The sustainability of any industry depends upon present as well future demand of customer.
Although it is impossible to predict future, you can speculate some sectors having the wind at their back. As per the SocialMediaDaily CEO, Jonas Kopka, "the best way to predict future is by studying the shifting trends in social media".

This is true as survey companies keep a keen eye on the trends so as to identify the most profitable industries.

To ease your searching hassles, here are some fastest growing industries in 2015 and ahead.

Home Health Care

According to the reports of Bureau of Labor Statistics, about 715,700 more jobs will be created in the home healthcare industry by 2022. It represents the biggest compound growth rate of any other industry tracked by the Bureau. Whether you start a retirement home or plan to become a full-time caregiver, these opportunities will grow continuously.

Mobile Health

According to the estimation of PWC, mHealh or mobile health market will increase about six-fold to $23 billion by the year 2017. At present, mobile penetration has reached approximately 96% usage worldwide. In this sector, there are many promising areas that one can explore; including:
  • Smart phone apps for connecting doctors with patients
  • Mobile medical payments
  • Simplified pharmacy refills
  • Mobile check-ins and video conferencing
  • Fitness and diet tracking

    Baby Products estimates that there will be more than 6,000 online companies selling baby goods by 2018. There are many baby care products in the market, but there is certainly more room for customization and innovation. With the improvement of economy of many countries, now parents are willing to spend more money on their children. So, whether it is modern, organic, unique, customized or DIY, you can consider an innovative and unique baby care product that can cater to parent's need.

    Pet Products

    The pet product industry is booming all over the world. According to the reports of American Pet Product Association (APPA), people of developed countries like the USA spent about $47.7 billion on the pet products and services in the year 2010, which is an increase of 4.8% over 2009. Pet ownership has extended from 56% to 62% since 1988.

    The growth rate of pet product industry in developing countries like India is even more. According to Euromonitor, a value growth of 137% is projected for the interval 2010-2015. Events like IIPTF prove the value and demand of such products. Online products selling is one of the major factors of the growth of pet product industry, as it has increased convenience and reduced cost of pet products.

    Environment friendly construction service

    The growth of green construction projects has jumped from 2% to 41% from 2005 to 2015, and the future looks even brighter. According to the reports of US Green Building Council, approximately half of the construction projects will be green by 2015, which represents about $145 Billion in economic opportunity. The government of different countries is also spending billions in grants to fund different efficiency programs that include sustainable housing programs and building modernization. The competition in this sector will be intense in near future, but so will the opportunity.

    Systems Design and Data Recovery

    Sageworks financial analysis estimates that computer system designing sector saw 18% sales growth leading into 2013. In addition, the Bureau of Labor Statistics predicts 608,700 new jobs will be created in this sector in coming years. It also estimates that about 73,000 jobs will be created for the software publishers, and even more for the positions of technical consulting.

    The demand for software developers and computer engineers is growing in the market, but one element of technology that is lacking in the experienced workers is "Digital Detectives." It applies to those workers who specialize in data tracking, data recovery and investigation, and thus help in uprooting digital fraud. This sector is projected to be desirable, so if you have the technical knowledge about computers and software it may be a good area to invest.

    Searching industry opportunities is important before starting a new business, but you should keep in mind that your biggest asset will be leveraging your current domain expertise. You should find a way to apply your skill set to an industry with a growing share in market. Combining expertise with industry opportunity will help reduce the chances of business failure.
  • About Anjali Wadhwa

    Anjali Wadhwa is a wildlife enthusiast and avid travel writer.

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