The United States’ economy is rebounding. Those just entering the job market are bombarded with information on growing industries, but it can be difficult to judge what is hopeful rumor and what is solid fact. Based on a 2012 report from IBIS World, the following list identifies and demystifies budding economic engines in today’s market.
The cost of starting a business is at a historical low and new technologies abound. So whether you’re a candidate seeking employment, an employer or an investor, here are emerging industries to get to know.
- GREEN & SUSTAINABLE ENERGY
Notice any windmills on your way to work, or perhaps black panels arrayed in a semi-circle on your last trip down the highway? This is the “green” industry in action. What began as a social activism call for a cleaner world is now a multi-billion dollar industry. With an annual growth of over 30%, sustainable energy shows no sign of slowing down.
- PERSONAL CARE
You have no doubt heard pundits endlessly speaking about health care in the United States, but did you know this focus has industrial repercussions? Citizens are now addressing their health as consumers. From health insurance providers and medical firms to Pilates and Yoga studios. Many may currently be small companies, but don’t discount these healthful powerhouses.
- ONLINE & FOR-PROFIT EDUCATION
The accessibility of online education coupled with rising costs to run a college or university have given online and for-profit colleges a huge market boost. Online universities have become a $28 billion per year industry creating a flexible, affordable route for getting ahead. You can be sure that these industries have nothing but growth ahead of them in the coming years.
- SOCIAL NETWORK GAMES
Social networks like Facebook have carved out huge opportunities for web-based finance. But along with giants like Facebook, another economy has emerged. Game-makers like Zynga, Electronic Arts, Disney and a host of independents are projecting annual growth of 128%. The gaming field will be a billion dollar industry within the next five years.
- MOBILE APPS
With the potential for thousands, and sometimes millions of people to download them, the app market for mobile devices is picking up steam. Download rates are growing at 11% per quarter and the proliferation of smartphones is booming. Plus, mobile app marketplaces like iTunes and Google Play have low costs of entry for start-ups, so look for many more players to emerge, while the leaders grow share.
- 3D PRINTING
3D printers produce physical models and products. Many have hypothesized that such technology could revolutionize everything from the auto industry to how you consume through Internet retailers like Amazon. It has even drawn the attention of President Obama, who remarked that it has “the potential to revolutionize the way we make almost everything.” Keep your eyes open for opportunities.
- GENERIC PHARMACY
Healthcare appears once again on this list. Its affordability and availability are undergoing constant expansion and generic pharmaceuticals are one division of this expansion. As healthcare costs increase, non-prescription medicines prove a less expansive and more easily accessible alternative. Healthcare is an issue without easy solutions, and with an average annual growth of 9.6%, you can bet generic pharmaceuticals will continue to grow and grow.
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