In the 2017 global economy, the forces of growth and prosperity are complex and ever-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 we will reveal top 5 (five) fastest growing industries around the world, also to look at and examine the fact behind its hasty 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 authorities assume that growth will continue. The Bureau of Labor Statistics projects that the construction and development industry will be one of the fastest growing industries in 2017, and with the increase in work, the industry will have a leading employment rate in the entire economy as a whole.
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% over the next 5 years, making construction the main leading industries of 2017 in terms of improvement of the wage sector and labor.
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 government and private organizations that are beginning to adopt the use of this technology. Cloud computing is basically the compromise of computing services including software, networks, servers, storage, databases, analytics in the cloud with the help of the Internet.
The $ 46.8 billion investment was spent on cloud services last year and is expected to double in the next few years. Industry growth will increase at a compound annual growth rate (CAGR) of 18% in the next forecast through 2020 at the current price of $ 263 billion. More than 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 devices, also in their daily lives they keep in touch with it while shopping or taking a taxi service or could be to order food. It all starts and ends with the smart time-saving technology of online retailing.
Online retail is one of the fastest growing industries in this gigantic tech phrase and is also projected to show tremendous growth in the coming years. China encompasses the largest market for e-commerce followed by the United States, although India ranks first in the rapidly growing e-commerce industry worldwide.
In Asia-Pacific, nearly a fifth of total retail sales will be online by 2021, and 80% of business will come from smartphones, an improvement of 64.5% in 2016. The retail sector is also estimated to mobile online is about to grow. at a CAGR of 16% (approx.), to reach $ 1 trillion through 2020, it increased from $ 545 billion in 2016.
The marijuana industry:
Marijuana, also familiar with the name 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, which increased to 51.2% in 2016. About 11% have used it in the previous year and 7.5% have used it in the previous month. This makes it the most widely used illegal drug in the world and in the United States. However, there are more than twenty-five states with some form of marijuana legalized for medical purposes and more than seven states that have legalized recreational marijuana laws.
Market research experts have stated a new report that includes the forecast that the legal cannabis market or the 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). 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 ‘Net’ (common name) is one of the most important needs of humanity. People use the network for different purposes depending on the requirements. In the music streaming industry, the Internet gives listeners commercial-free access to choose and listen to from the millions of songs with a monthly payment and sometimes totally free if they want 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 the industry’s sales in the US Korea. del Sur has been ranked in the list of the 10 largest music industries in the world, with sales of $ 271.2 million in 2016. With the explosion of piracy, the Chinese market fell to $ 22 million in 2010, while in 2004 it was 209 million dollars. After the main source of the recovery, China again ranked among 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 prior year (2016) compared to $ 14.6 billion in 2015. According to IFPI, this was recorded as the fastest growing music industry since 1998.