In the global economy of 2017, the forces of growth and prosperity are complex and changing. Catalysts for change can be fundamental factors such as an emerging technology, the needs of the world’s population, a change in regulation, or a new method of monetization.
Now let’s reveal Top 5 (five) fastest growing industries around the world, also to look and examine the fact behind its accelerated growth and what issues are emerging that could affect its long-term prospects:
The construction industry:
The construction industry is thundering like a storm and the authorities assume that growth will continue. The construction and development industry is projected by the Bureau of Labor Statistics to be one of the fastest growing industries in 2017, and with an increase in jobs, the industry will have an economy-wide leading employment rate.
It is also estimated that the industry will be unstoppable and grow simultaneously until 2020 and the projected growth rate would reach 4.5% for the next 5 years, which would make construction the leading industry of 2017 in terms of salary and employee improvement. Laboral sector.
In the United States, the construction industry is estimated to reach nearly $1.2 trillion in the next five years (through 2020)
Cloud computing industry:
Cloud computing technology is comparatively new to the market, but there are several organizations, both government and private, that are starting to adopt the use of this technology. Cloud computing is basically the undertaking of computing services including software, network, server, storage, database, analytics in the cloud with the help of the internet.
The $46.8 billion investment was spent on cloud services in the previous year and is expected to double in the coming years. Industry growth will increase at a compound annual growth rate (CAGR) of 18% in upcoming forecasts through 2020 at the current price of $263 billion. Over 80% of CFOs say cloud computing will have the most measurable impact on their business in 2017.
Online Retail Industry:
Today, we live in a world where people are so attached to smart technology like smartphones or gadgets, also in their daily life they stay in touch while shopping or taking a taxi service or ordering food. It all starts and ends with smart, time-saving technology of online retail.
Online retailing is one of the fastest growing industries in this gigantic technology phrase and it is also projected to show tremendous growth in the coming years as well. China encompasses the largest market for e-commerce followed by the United States, although India ranks first in the world’s fastest growing e-commerce industry.
In Asia-Pacific, almost a fifth of total retail sales will be online by 2021, and 80% of business will come from smartphones, an improvement from 64.5% in 2016. It is also estimated that the sector Online mobile retailer is close to growing. at a CAGR of 16% (approx), to reach $1 trillion by 2020, up from $545 billion in 2016.
The marijuana industry:
Marijuana, also known by the names Cannabis and Hashish, is not associated with good trendy lifestyles because it is illegal in most countries, being a psychoactive drug. In 2015, 42% of Americans used cannabis, this increased to 51.2% in 2016. About 11% have used it in the past year, and 7.5% used it in the past month. This makes it the most widely used illegal drug worldwide and in the United States. However, there are more than twenty-five states with some form of legalized marijuana for medical purposes, and more than seven states that have legalized recreational marijuana laws.
Market research experts have declared a new report which includes the forecast that the legal cannabis market or marijuana market was worth an estimated $7.3 billion in the previous year (2016) and is now projected to grow. at a compound annual growth rate (CAGR) of 16.9%. Marijuana sales reached $4.5 billion in 2016 and are now expected to reach $13.2 billion in the coming years up to 2020.
Music streaming industry:
Nowadays, ‘Internet’ or ‘Network’ (common name) is one of the most important needs of humanity. People use the network for different purposes depending on the requirement. In the music streaming industry, the internet gives listeners commercial-free access to choose and listen to millions of songs with a monthly payment and sometimes totally free if they are willing to watch ads.
The growth of music streaming is being seen globally, including small markets and others decimated by piracy. In the United States, music streaming industry revenue grew 56% billion in the first half of the previous year (2016), accounting for nearly half of industry sales in the United States. South Korea has emerged on the list of the world’s 10 largest music industries, with sales of $271.2 million in 2016. With the explosion of piracy, China’s market shrank to $22 million in 2010. , while in 2004 it was 209 million dollars, but after the great source of the recovery, China returned to the top 10 music industries by country in 2017.
The global music industry grew at a CAGR of 5.8% and generated revenue reaching $15.4 billion in the previous year (2016) compared to $14.6 billion in 2015. According to IFPI, it has recorded the fastest growth in the music industry since 1998.
