2017 was a year of complex and changing forces that drive growth and prosperity in the global economy. Fundamental factors, such as emerging technology or the needs of the worldwide populace, changes in regulation, or new methods of monetization, can all be catalysts for change.
Now, we will reveal the top five (or five) fastest-growing industries in the world. We also plan to examine why this industry is so fast-growing and look at what problems are emerging that could impact their long-term prospects.
Construction industry:
Authorities expect growth to continue in the construction industry, which is currently thundering like a hurricane. According to the Bureau of Labor Statistics, the construction and development sector will be one of the fastest-growing industries in 2017, and with increased work, it will have a high employment rate.
It is estimated that the industry will explode simultaneously up to 2020. The projected growth rate for the next five years would be 4.5%. Construction will become the most crucial sector in 2017 when it comes to improving the employment and salary sectors.
The construction industry in the United States is expected to grow by almost $1.2 trillion over the next five years (until 2020).
Cloud Computing Industry:
Although cloud computing is a relatively new technology, there are many organizations, both public and private, that are beginning to use it. Cloud computing refers to the provision of computing services, including software, storage, databases, and analytics, over the internet.
Cloud Services were the most expensive service in 2017, with an investment of $46.8billion. This figure is expected to increase by more than 50% over the next few years. With the current price of $263 trillion, the industry will grow at an 18% compound annual growth rate (CAGR). More than 80% of CFOs believe that cloud computing will have the most significant measurable impact on their businesses in 2017.
Online retail Industry:
We live in a world that is so connected to intelligent technology, such as smartphones and gadgets. They use it in everyday life, whether they are shopping, hailing a taxi, or ordering food. The intelligent, time-saving technology that is Online Retailing makes everything possible.
Online Retail is one of the fastest-growing industries in this new technology. It is also expected to multiply in the coming years. China is the largest market for online commerce, followed by the United States. However, India holds the top spot in the rapidly growing eCommerce industry.
Asia-Pacific will see nearly a fifth of all retail sales online by 2021. Roughly half of the total business in Asia-Pacific will be done via smartphones. This is an improvement from 64.5% in 2016. The online retailing industry is expected to grow at an estimated 16% CAGR (approx. The estimated $1 trillion in online retailing will be achieved by 2020. This is an increase of $545 billion from 2016.
The marijuana industry:
The famous names Cannabis and Hashish are used to describe marijuana, which is also known as cannabis. It is illegal in many countries because it is a psychoactive drug. 42% of Americans smoked cannabis in 2015. This number rose to 51.2% for 2016. Nearly 11% of Americans used cannabis in the past year and 7.5% in the last month. It is the most widely used illegal drug in the United States and worldwide. There are over 25 states that have legalized medical marijuana and seven states that have legalized recreational cannabis.
Market research experts have released a new report that shows the marijuana market, also known as legal cannabis, was worth $7.3 billion in 2016. It is now expected to grow at a Compound Annual Growth Rate (CAGR) of 16.9%. The 2016 marijuana sales were $4.5 billion. They are now projected to rise to $13.2 billion by 2020.
Music streaming industry
The Internet or the ‘Net’ (Common Name) is today’s most essential need of mankind. Depending on the purpose, people use the internet for various purposes. The Internet is used in the Music Streaming Industry to allow listeners to access millions of songs for a monthly fee. Sometimes, they can even get them completely free if they are willing to see advertisements.
Global music streaming is growing, even in small markets that have been decimated by pirates. The United States saw a 56 % increase in music streaming industry revenue in the first half of 2016, which was close to half of the total industry sales. With sales of $271.2 million in 2016, South Korea has risen to the top 10 most essential music industries in the world. China’s market fell to $22 million in 2010, from $209 million in 2004, due to piracy. However, after significant sources of recovery, China has risen back into the top 10 music industries in each country.
The global Music Industry grew at 5.8%, generating revenue of $15.4 billion in 2016. This is compared to $14.6 billion in 2015. This is the fastest growth in the music industry since 1998, according to I.F.P.I.
