So how do you improve the chances of profitability and make sure that you land into the right sector for starting up a company?
Especially the one that will not be overtaken by robotics unless the business consists of building robots, or that won’t require a big change to be successful startups?
If you consider agriculture as the backbone of the economy, then industries are the energy. The rapid growth of the capital goods industry is encouraging production, transport, and connectivity.
It also enables the nation to manufacture a wide range of consumer products in large quantities at a low cost.
It’s always important to keep up with how the world works and where it goes. If you dismantle the fastest growing markets, you will predict the revolution of technology and innovation, and we can believe that the future lies in our data now.
Here is a list of the fast-growing industries which have established their firm contribution to the economy.
1. Medical and health care
The medical industry has been considered to be the strongest, and with the increasing population, the requirement for medical services is overlapping.
With the introduction of new technologies every day, do not expect the industry to sink. It will rather flourish with great causes every day. Israel. for example, is reported to have a cure for cancer by the end of 2020. Such medical discoveries are bound to bring a positive contribution to the economic and social growth.
The gambling industry has experienced unprecedented growth due to the growth of the online gambling sector. It is anticipated that by 2020 the online gambling industry will reach almost 60 million. The industry thus becomes a viable option for investors.
The growth is influenced by several factors, including the mobile boom, esports growing, and new geographical areas. In case you have made up your mind to enter into the gambling industry, you should look into attending the biggest business conference for gambling, happening annually in London – ICE.
It is a regional network of practitioners in all forms of gaming and seniority. As a market, India is one of the hottest topics of the ICE 2020, happening right now in London. The ICE conference offers the world’s best chance to establish partnerships in the gambling industry. You will be able to learn from the founders of this young and exciting industry and participate in insightful discussions on the challenges and opportunities to capitalize.
3. Real estate
A real estate firm is a corporation that deals with the acquisition, disposal, operation, or expenditure of the land. In the last decade, several middle-class families had lost substantial wealth because of the decline in salaries and for the rising inflation.
The report points to the sluggish pace of innovation of the real estate market, which implies disruptors can get on track. The development would mainly come from agents, landowners, rental property, and the other people and companies that provide services related to it.
Google and Facebook advertisements are leading the way in the area of digital marketing, contributing 58.5% of the advertisement spend. Publishing in magazines and banners were used primarily for ads. Although many also think advertising is an alternative, visibility is gradually dependent on the digital environment.
Not only do ads digitally allow us to monitor our progress, but also they have proved to be more successful. The global advertising spend in 2019 was approximately 2.5%, or $618.7 billion and we can expect those numbers to grow with the digital world at an increasing rate, with predictions for 2020 going as high as a 6% rise in ad spends.
The entertainment industry has undergone significant changes in content distribution in a similar way to the advertising industry. Music and entertainment organizations, such as Netflix and Spotify, are heading into the online sharing of content.
It has improved the ability to touch the public easily and what exists for the entertainment industry. The film market is projected to reach $830 billion by 2022, according to the sources.
It’s daunting to decide which idea you want to start with in order to ensure success for your business. If you want your company to be the best, you need to opt for the right industry, an industry that is currently thriving.
Apart from your personal interests, there are real factors in play that can limit or unleash the success of your business. To identify which enterprise is geared to growth, industry trends, such as job trajectories and growth in industry output need to be examined, among many other factors.
As an entrepreneur, you can’t only think of and plan for tomorrow— you have to consider the coming decades, too.