Preferences of consumers tend to undergo cyclic shifts and turns. In fact, an extremely popular fad can be lucrative at a certain time, then become very unprofitable in the succeeding years. If you’re interested in joining the corporate world by establishing a business or simply looking for high-paying career options, it will be beneficial to do some research on financially booming industries. Having the right knowledge allows you to make better, educated decisions with regard to how you’ll earn a living.
Below, we’ll discuss four rapidly expanding industries that are bound to stay profitable in the years to come, as claimed by credible field experts.
Renewable Energy
Going green has grown from just an online trend into a widely advocated practice. A lot of businesses now choose more environmentally friendly and sustainable methods and products for their regular operations.
Accordingly, there are plenty of aspects that you can explore in the “green” industry, such as treeless paper and biodegradable packaging. However, what seems to be the most significant, in terms of economic gains, is the production of clean and renewable energy. In a list released by Fundera, which ranked industries with the highest potential growth, the energy came in the third-highest spot. In fact, it’s reported to have a forecasted revenue boost of about 8.1% and employment growth of 115% in a period of 10 years (i.e. 2016-2026).
To add, World Finance affirms that renewable energy such as wind and solar power continue to experience heightened demand because of their unlimited resources, minimal environmental impact, and affordability.
Digital Media and Entertainment
The development of an industry often lies in factors such as increased demand and changes in the buying behavior of the defined target market. However, improved financial performance is also inextricably linked to technological advancement.
Changes in technology have allowed digital media platforms to gain intensified popularity and economic relevance. To add, Robert Miles, a senior strategic industry analyst at IBISWorld states that the emergence of the Internet has led to the prevalence of online entertainment, such as Internet publishing and broadcasting. Digital media is also extensively utilized as a marketing and advertising tool by numerous enterprises in different industries.
Cyber Security
In the same ranking published by Fundera, the industry of technology bagged the top spot. The criteria included experts’ predictions of growth in aspects like revenue generation, job growth, and amounts of goods to be produced. As the tech industry is elaborate and encompassing, it’s a must to determine the subsector that showcases high growth. A particular example is cybersecurity, which, according to the World of Finance, will be worth an estimated $165.2 billion in the global market by the year 2023.
In addition, Jonathan Bohrer of Corporate Compliance Insights shares that it’s essential for companies to develop a successful and reliable cyber compliance program or an in-house system, in order to eliminate or lessen sources of cybersecurity risks and threats. Thus, there’s a growing demand for software programs, as well as third-party providers of IT services.
Real Estate
As our population grows, the real estate industry will also continue to perform well financially. It’s common sense — more people equals more demand for houses. According to Emmie Martin of CNBC, real estate has a forecasted job growth of a whopping 106% from 2016 to 2026. As for the lucrative subsectors, these include real estate technology, online brokerage businesses, and online design services.
As markets continue to change, industries also evolve. Accordingly, before embarking on corporate ventures, it’s important to conduct initial research on predicted industrial growth.
