In the global economy of 2017, the forces of growth and prosperity are complex and shifting. The 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 raging like a storm and authorities expect growth to continue. The Bureau of Labor Statistics projects the construction and development industry to be one of the fastest growing industries in 2017 and, with an increase in jobs, the industry will have a leading employment rate in the entire economy.
It is also estimated that the industry will be unstoppable and will grow simultaneously until 2020 and the projected growth rate would reach 4.5% during the next 5 years, which would make construction the leading industry of 2017 in terms of salary improvement and employment. 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 in 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 commitment of computing services including software, networks, servers, storage, databases, analytics in the cloud with the help of the Internet.
Investment of $46.8 billion was spent on cloud services last year and is expected to double in the coming years. The growth of the industry will increase at a compound annual growth rate (CAGR) of 18% in the future forecasts until 2020 with the current price of 263,000 million dollars. More than 80% of CFOs say that 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 keep in touch while shopping or taking taxi service or ordering food. It all begins and ends with the smart, time-saving technology of online retailing.
Online retailing is one of the fastest growing industries in this tech giant phrase and 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 fast-growing e-commerce industry worldwide.
In Asia-Pacific, nearly a fifth of total retail sales will be online by 2021, with 80% of business coming from smartphones, an improvement from 64.5% in 2016. The sector is also estimated to online mobile retail is close to growth. at a CAGR of 16% (approx.), to reach $1 trillion by 2020, increased from $545 billion in 2016.
The marijuana industry:
Marijuana, also known by the names Cannabis and Hashish, is not associated with good fashion lifestyles because it is illegal in most countries as it is a psychoactive drug. In 2015, 42% of Americans used cannabis, rising 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 that 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 next few years through 2020.
Music streaming industry:
Today, ‘Internet’ or ‘Network’ (common name) is one of the most important needs of mankind. 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 for a monthly fee and sometimes for free if they’re 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 by 56% billion in the first half of the previous year (2016), accounting for almost half of industry sales in the United States. South Korea has emerged in the list of the 10 largest music industries in the world, with sales of 271.2 million dollars in 2016. With the explosion of piracy, China’s market shrank to 22 million dollars 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%, generating revenue of $15.4 billion in the previous year (2016) compared to $14.6 billion in 2015. According to IFPI, it was recorded as the fastest growing music industry since 1998.