Many people harbour ambitions to start their own businesses. According to several studies, seven in ten adults at one stage or the other try (with success or failure) to establish their own businesses. While others do make it, (see Mark Zuckerberg’s example) many others fail to succeed. There are varied reasons as to why there is a high number of people who fail to succeed in establishing their businesses. One of the main reason relates to the belief that the new and sexy industries are the most lucrative hence everyone floods to those industries. In reality, this is not the case, according to 2018 data, the older established industries were the ones who achieved astronomical revenue growth. As such, in an effort to direct aspiring business owners onto the right path, we have decided to come up with this article which explores the fastest rising industries in the world. It’s our hope that aspiring business owners will take an interest in the following industries rather than opting for the new and sexy but less lucrative industries.
Consumer Goods Sector
The consumer goods sector also ranks as one of the fastest rising industries in the world. At any given point in time, everyone in any corner of the world will be in need of a ‘good’, any kind of good. As such, this means that at all times, there is someone looking to benefit from the consumer goods sector. Companies in that field, involved in different manufacturing processes enjoyed massive growth in 2018. In light of this, it’s not difficult to see why the consumer goods sector ranks as one of the fastest rising industries in the world. Some of the industries which fall under this sector which achieved massive growth in 2018 include companies involved in automobiles and electronics, beverages, clothing as well as packaged goods (food).
Figures reveal that the healthcare industry is the fastest rising industry in the world today. The industry has been in existence since time immemorial but in recent times, the industry has been on an upward curve. Companies that provide medical services (hospitals), drug manufacturers involved in the biotech industry, the pharmaceutical firms, labs and psychiatric facilities have seen an impressive growth in 2018. It’s difficult to pinpoint the exact reason why this is the case but a look at the various sectors in the healthcare industry shows that almost every sector achieved astronomical revenue growth in 2018 and the same is expected for 2019. As such, looking ahead, aspiring business owners should seriously consider venturing into the healthcare sector as it promises a lot.
The financial services sector closely follows the healthcare industry as one of the fastest rising industries in the world. Just like the healthcare industry, it’s difficult to pinpoint the exact reason behind the growth of the financial services sector but what’s clear is that all of the sub-sectors that fall under the financial services sector massively grew (revenue wise) in 2018. Projections also show that the same is expected for 2019 and the future. Among some of the fastest growing sub-sectors are investment funds, stock brokerages, consumer finance companies, accountancy companies, insurance companies, credit card companies, banks as well as credit unions. Against this background, venturing into the financial services sector is highly advisable.