In the world economy 2017, the forces of growth and prosperity are complex and ever-changing. The catalysts of change can be fundamental factors such an emerging technology, the needs of the global population, a change in regulation or a new method of monetization.
We are now going to disclose top 5 (five) fastest growing industries worldwide, also to look and examine the fact behind its hasty growth and what issues are emerging that might affect their long-term prospects:
The construction industry:
The construction industry is thundering like a storm and authorities assume growth to proceed. The Bureau of Labor Statistics projects the construction and development industry to be one of the fastest growing industries of 2017 and with risen work, the industry will have a leading employment rate across the overall economy.
This is also estimated that the industry will be unstoppable and will boom simultaneously until 2020 and the projected growth rate would reach 4.5% up over the next 5 Years, making construction the top leading industries of 2017 in terms of improving salary and employment sector.
In the United States, the construction industry is estimated to reach almost $1.2 trillion over next five years (until 2020)
Cloud Computing Industry:
Cloud computing technology is comparatively new in the market but there are various organizations both government and private that are inception to adopt the use of this technology. Cloud computing is basically the commitment of computing services including software, networking, servers, storage, databases, analytics over the cloud with the help of internet.
The investment of $46.8 billion was spent on Cloud Services previous year and expected to double in next few years. The Industry growth will rise at a compound annual growth rate (CAGR) of 18% in coming forecast until 2020 with the current price of $263 billion. Over 80% CFO’s officers 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 the smart technology like the smartphones or gadgets, also in their everyday life they hold in touch with it while doing shopping or hailing a cab service or it could be regarding ordering a food. Everything begins & ends with the smart time-saving technology of Online Retailing.
Online Retail is one of the fastest growing industry in this phrase of gigantic technology and also projected to show an enormous growth in upcoming years also. China embraces the largest market for e-commerce followed by the United States, though India hold the top place under rapidly growing e-commerce industry in the whole world.
In Asia-Pacific, Nearly a 5th of total retail sales will take place online by 2021, with 80% of business coming from the smartphones, improved from 64.5% in 2016. It is also estimated that the online mobile retailing sector is near to grow at a CAGR of 16% (approx.), to strike $1 trillion until 2020, increased from $545 billion in 2016.
The marijuana industry:
Marijuana, also familiar with the name Cannabis and Hashish being unassociated with good fashionable lifestyles because it is illegal in most of the countries as it is a psychoactive drug. In 2015, 42% of Americans consumed cannabis, increased to 51.2% in 2016. Around 11% have used it in the previous year, and 7.5% used it in the previous month. This makes it the most commonly used illegal drug worldwide and the United States. However, there are more than twenty-five states with some form of legalized marijuana for medical purpose and more than seven states that have legalized recreational marijuana laws.
A new report has been declared by the market research experts includes the foresight that the legal cannabis market or marijuana market was worth an estimated $7.3 billion in the previous year (2016) and now projected to grow at a Compound Annual Growth Rate (CAGR) of 16.9%. Marijuana sales reached $4.5 billion in 2016 and now expected to reach $13.2 billion in coming years until 2020.
Music streaming industry:
Today, ‘The Internet’ or ‘Net’ (Common name) is one of the most important needs of a mankind. People use the net for different purposes depending upon the requirement. In Music Streaming Industry, the Internet gives listeners a commercial-free access to choose & listen from the millions of songs on a monthly payment and sometimes totally free if they willing to see ads.
The music streaming growth is being seen globally, including the small markets and others decimated by piracy. In the United States, Music streaming Industry revenue grew 56 % billion in the first half of previous year (2016) which was accounted to near half of industry sales in the US. South Korea has emerged himself in the list of top 10 largest music industry in the world, with sales $271.2 million in 2016. With the explosion of piracy, China’s market shrank to $22 million in 2010 as it was $209 million in 2004 but after the major source of the recovery, China again lifted himself in the top 10 music industries by country in 2017.
The Global Music Industry grew at a CAGR of 5.8% and generated the revenue by hitting $15.4 billion in the previous year (2016) as compared with $14.6 billion in 2015. According to I.F.P.I, this been recorded as the fastest Music Industry growth since 1998.