It’s important to consider the fastest growing industries when deciding on a new career, or launching a new business.
Here are the Top 10 Fastest growing industries going into 2020
The Medical Marijuana industry could be broken down into four components.
Recreational use is a form of consumption that does not result in health complications or behavioral disorders that have a negative impact on oneself or others.
This is often the case in adolescents or young adults who experiment out of curiosity, to have fun or to imitate others. Most of the time, they seem to stick there, without risk of a possible “escalation”. It also refers to occasional and moderate consumption which concern, for example, a large number of alcohol users.
Cannabis has been used as a natural treatment for humans for thousands of years. it is one of the oldest plants in our pharmacopeia.
It was widely distributed in American and European pharmacies until the 1950s, to treat and effectively relieve many ailments: pain, nausea, spasms, glaucoma, asthma, epilepsy, depression, sleep disorders and more.
Cannabis oil, also known as CBD, is a natural remedy mainly used to relieve pain, anxiety, and depression.
CBD has also been linked to reducing acne, and to alleviate cancer-related symptoms. Learn more about CBD.
Hemp is used all over the world as food and as a fiber essential for survival. Thus, over the millennia, he has dressed, sheltered, warmed and fed entire populations.
This annual plant is called Cannabis sativa L. It is part of the family Cannabaceae, which also includes hops found in our beers. Grown for its seeds or fiber, hemp has a THC level of less than 0.3% and therefore does not cause any psychotropic effects
According to fitsmallbusiness the marijuana industry is expected to grow at a rate of 21% per year, between now and 2021.
Retail is the act of selling products directly to consumers. Retailers sell online or through stores, for the product’s market ‘retail’ price.
How Retail works
Retailers often purchase their products directly from a manufacturer for a wholesale price, often in lots.
Retailers can also get their products from a middle man. Which takes care of dealing with the factories or manufacturers and proceeds to sell the products to a retailer, for a price in between wholesale and retail.
According to Reuters, Retail sales in the U.S are expected to grow between 3.8% and 4.4% by the end of 2019. Which gives the industry good momentum heading into 2020.
8. Virtual Reality
Virtual Reality has had a recent rise, a lot of this being due to the fact that major brands, to the likes of Samsung and Google, have released their own headsets.
Today, Virtual reality has reached a new level. It’s no longer just about the headset, we now have full Virtual Reality systems, such as the VIVE. Besides for the Headset, these systems also consist of Motion censored remotes.
This system is not only being used for our own fun and desire, but its also being is being used to help train military soldiers and police officers.
The Virtual Reality Industry is expected to grow at a rate of 54% from now, to 2023.
Cybersecurity is the act of protecting Data, Networks, and technology systems from hackers attempting to gain access to websites, bank accounts and sometimes even highly classified information from governments.
These attacks are called ‘Cyberattacks’. A Cyberattack can be a horrible tragedy that can result in identity theft or the loss of important data.
This is why most large companies will hire either a Cybersecurity Agency or a Cybersecurity Expert.
With the digital world having become so big, this practice has too. According to MarketWatch, the Cybersecurity industry is expected to exceed 300 billion by 2024.
Fun Fact: The U.S is the leading figure when it comes to the world of Cybersecurity.
Construction is the act of building, renovating or redesigning homes, buildings and all types of infrastructure.
The construction industry produces nearly 1.3 trillion dollars worth of infrastructure each year.
The construction industry has basically been around forever, and with new technology and material being discovered you can expect the growth to continue.
3D printers are expected to be a great boost to the industry. Some 3D printers are able to print construction material in relevant shapes and structural elements, which will drastically speed up the process of creating infrastructure.
According to Tradesmen international, the construction industry is expected to grow at a rate of 4.5% over the next several years.
The advertising industry has made a significant spark in the 21st century. A lot of it having to do with the rise of Google, Social Media, and the ability to reach people online.
Here are some interesting facts on Digital Marketing.
Advertising used to be mostly about publishing on newspapers, and billboards. Although many people still consider that an option, advertising is leaning more and more towards the digital atmosphere. Not only does advertising digitally allow us to track our results but it has shown to be more effective.
Media Buying is another part of marketing that is growing at high rates. Media buying is the act of selling TV ads, Magazine ads, Radio ads and more.
The Advertising industry has grown by 2.7% and has reached $234 Billion in 2019.
With the digital world continually growing you can expect the industry to as well.
Similar to the Advertising industry the Entertainment industry has gone through significant changes in terms of content distribution. Music and Movie Production companies are moving towards content distribution via the internet, with platforms such as Netflix and Spotify.
The ability to reach audiences with ease it was changed, and what continues to change to entertainment industry.
According to PwC the entertainment industry is expected to reach $830 billion by 2022.
3. Renewable Energy
Renewable energy, such as solar panels, have come into significant relevancy over the past few years.
Not only does renewable energy help the economy, but it also lowers electricity bills and creates jobs.
How does renewable energy work?
Renewable energies are very diverse, but they come from one main natural source.
The Sun emits transformable radiation in electricity or heat. It also generates zones of temperature and unequal pressure at the origin of winds.
The Solar photovoltaic which transforms the light radiation into electricity through solar panels form of semiconductor cells and solar thermal systems that capture heat from the sun, which is then transformed into mechanical energy, and then into electricity.
Tesla is coming forward in the renewable energy movement, releasing its very own ‘Tesla solar panels’
The renewable energy industry is expected to reach $1.5 trillion by 2025, with a growing rate of 6.1% from 2018 to 2025.
2. Real Estate
Real Estate is the market at which transactions are made for sale, purchase, and rental of property and buildings.
There are many different types of Real Estate.
Commercial Real Estate concern the sale, purchase or rent of building such as warehouses, car parking’s, factories, logistics areas, offices, or production areas.
Residential Real Estate includes the construction and sale of homes. This sector includes Single Family homes, Condominiums, townhouses, apartments, and vacation homes.
Industrial Real Estate includes the manufacturing of buildings, property, and warehouses.
Land Real Estate includes vacant land, farms, and ranches.
The Real Estate industry has grown at a rate of 5.5%, reaching a revenue of $166 billion in 2019 according to IBISWorld.
The Medical Industry has been the largest industry for a while, and with the population continuing to increase, the needs for medical services will as well.
With new healthcare technology being developed every day, don’t expect the industry to go down. It was reported in early 2019 that Israel will have a cure for cancer coming in late 2020. Which can only provide growth in the industry and in society.
Besides for the Healthcare market being the largest, it’s also the most profitable.
The Medical/Healthcare industry is expected to rise by 5.4% annually until 2022.
It’s always important to be on top of how the economy is moving, and where its moving towards. By breaking down the fastest growing industries, you can tell the uprising when it comes to tech and innovation, and with the data we have today, we can assume that’s where the future lies.