Which Industry Will Grow in Future: If you want to start your own business, then you need to decide on the industry that you would want to work in and work hard towards making your dreams come true. There are many industries that will grow in the future and here I am listing some of them with brief descriptions so that you can make an easy choice if you have not made up your mind yet!
Which Industry Will Grow in Future?
Each of these industries has lots of potentials, but the one which will have the highest growth in the future and more demand is the Software industry. So let’s explore some interesting facts about this industry and why it will grow in the future!
Over time, certain industries grow rapidly while others slow down. While some of those shifts are natural, often they’re man-made. For example, increased government funding can bolster an industry’s growth, or trade barriers and regulations can impede it. It’s also possible for a highly innovative industry to suddenly halt its growth when all its obvious problems have been solved.
Unfortunately, most industries don’t get as much attention from investors as tech does today—and that makes them even more unpredictable. But although some industries might seem less intuitive than others, there’s still plenty to learn about how new technologies might change these fields over time. That’s why we’ve tracked down 9 rapidly growing industries to watch in 2016—and why you should keep your eye on them too. Read on to find out which industries will likely see explosive growth in the future.
For every industry, we looked at job demand (how many jobs were added between 2012 and 2022), projected job growth (how many jobs will be added by 2022), and average salary (median annual wages). We then ranked each field based on these three metrics. Some industries rank high because they offer excellent pay but aren’t projected to add many jobs in the coming years; others rank high because their employment is expected to skyrocket but salaries aren’t especially high.
Animation, Video, and Multimedia Design
The rise of 3D printers is another technological development that should change how we consume and produce entertainment, by making it easier to produce animated movies and video games. The cost of creating these items will plummet, which means that anyone can get into these markets without an enormous budget. The quality may not be what we’re used to today—yet—but as technology improves, so will our ability to create real-looking animated products.
Eventually, we could also have virtual actors and actresses whose job is just to make us laugh, cry or cheer—completely eliminating any need for CGI or live-action. This might sound like a long way off, but I think it’s much closer than you might think. It’s going to take a while before we reach a point where everything on TV looks completely realistic (and even then, there are some things that won’t look right).
But with every year that passes, our animation and multimedia design capabilities grow stronger. As they do, more people enter these industries and bring down costs—making them more accessible than ever before. This trend isn’t slowing down anytime soon either; I’d expect it to continue at least until virtual reality becomes a mainstream form of entertainment.
Finance and Insurance Services
According to a report by professional services firm Deloitte, global spending on financial services will reach $31.5 trillion by 2020 from $23.1 trillion in 2013, growing at an annual rate of 3.9 percent over that period. The study identified finance and insurance as one of five industries expected to be the largest contributors to gross world product growth between 2012 and 2020.
Along with construction; consumer goods and services; information and communication; and transportation, storage, and utilities. There are two reasons behind the rapid growth of the finance industry: (i) technology is going to improve banking services; (ii) population is going to increase which means the number of banks is also going to increase.
Banks can use new technologies to make their operations faster and more efficient. This will allow them to grow rapidly. More people having bank accounts means more customers for banks. Banks can charge fees for various banking services they provide, so they can grow quickly too. These factors indicate finance and insurance sector is going to grow very fast in future.
Agriculture, Forestry, Fishing & Hunting
As the world population grows, there is greater demand for food, fiber, and other agricultural products. Jobs can be found in the production of farm animals, fruits, and vegetables; commercial fishing; forestry products such as lumber, pulp, and paper; and chemical-based fertilizers used to enhance crop yields. It’s a sector that requires large amounts of capital but generates high profits through economies of scale.
The Agri/food industry tends to be conservative when it comes to change so it’s no surprise that jobs here tend to be more secure than in other industries – even during times of economic turmoil. That said, employment numbers have been declining since 2012. This is partially due to fewer workers needed per acre of land and partly because many farms are moving toward mechanization.
But it also reflects consumer trends: People are choosing organic foods over genetically modified ones and increasing their intake of plant-based proteins instead of meat. Still, new opportunities exist in areas like aquaculture (the farming of fish) where few regulations exist at present.
Arts, Entertainment & Recreation
According to statistics, one of every 10 jobs that will be created between 2010 and 2020 is in Arts, Entertainment & Recreation. This industry includes occupations as diverse as actors and film directors to ski instructors and fashion models. With new technologies opening up opportunities for creating, distributing, and enjoying arts, entertainment, & recreation services—and with advances in medical technologies helping people enjoy longer lives—there will continue to be a growing demand for these services.
Jobs in Arts, Entertainment & Recreation are expected to increase by 12% over a 10-year period (2010–2020). The total number of employed persons is expected to grow from about 10 million persons in 2010 to nearly 11 million persons in 2020. Employment growth is projected for all four subsectors: Arts, Entertainment & Recreation; Museums, Historical Sites & Similar Institutions; Amusement Parks & Arcades; and Gambling Industries.
Employment in Gambling Industries is projected to grow by more than 20%. Employment growth among museums, historical sites, and similar institutions has been above average since 1990 due to rising interest in history and cultural heritage sites. Job prospects should be best for those who have education or training beyond high school or an associate degree. Most workers need some on-the-job training.
Travel & Tourism Services
The travel and tourism industry is growing fast. As people’s lifestyles change, they travel more, especially businessmen and businesswomen. There are two main reasons why people travel: For leisure (for pleasure) or for work (on business). Tourism has been defined as any journey to a different place than one’s usual environment, for less than a year, for purposes other than moving to that place permanently. To begin with, the travel and tourism industry is one of those sectors that has no boundaries to any kind of geographical location.
These are services that are being provided to people from all over the world, irrespective of their country of origin. If you compare figures between the years 2000 and 2015 you will see how much the travel and tourism sector has grown within these years. During 2000-2005 around 4% increase was observed, but after 2005 growth started increasing by 2% every year till 2012 where it reached to 5%, during 2013-14 it saw an increase of 8% and during 2014-15 it reached to 10%.
In short, time-series data for the last 15 years shows an impressive growth trend for travel & tourism services. This is because there are numerous factors contributing to the high demand for such services. The basic purpose behind traveling is recreation and there are plenty of opportunities available for recreation such as shopping, sightseeing, socializing, etc.
A number of tourist attractions like museums, galleries, art centers, etc., provide ample opportunities for recreation which results in high demand for travel & tourism services. Furthermore, due to globalization, many international companies have set up their branches in various places which further increases the demand travel & tourism services among employees working under them.
Who wish to visit new places during the holiday period to get refreshed from their daily routine job schedule. All said above indicates that the travel and tourism industry will continue its growth trend well into the future also which makes it a good investment option for those willing to invest in the stock market.
Also Read: Which Business Will Be in Demand in Future?
The IT sector, including software and hardware, has been witnessing substantial growth over the past few years. The trend of on-demand services and cloud technology is expected to continue increasing during the forecast period. With advancements in technology, companies are relying more on digital marketing which will continue to drive the growth of the IT sector.
Most new emerging technologies such as big data analytics, artificial intelligence (AI), machine learning, virtual reality, and the Internet of Things (IoT) have lots of potentials to capture larger market share from existing players.
Artificial Intelligence has a higher adoption rate compared to other technologies; it is projected that by 2025 approximately 80% of enterprises will use AI-enabled cognitive services.