Selecting the top 10 fastest growing industries in the world is not as simple as it sounds. There is no such business or analytical rating agency that has access and ability to work extensively, independently and accurately in a standard manner in every corners of the world from Alaska to Australia. Still, many esteemed business rating agencies proclaim such lists of analysis based on growth ratings on world industries.
Although, their researches are basically concentrated on few developed economic countries but their works are widely accepted by critics and experts because the industries in these countries operate and grow in a superior legal framework within an environment of strong but supportive governance, correct data are available, moreover, they work and grow with acceptable financial planning models, obey government or federal rules, pay taxes.
A proper list of fastest growing industries should include those industries which are legal- not harmful to human, society or environment. It should be consistent over a longer span of time and must exclude all high yielding but illegal and uncertain trades and practices like drugs and other similar businesses. The list we have prepared here is based on the work on IBIS World, Forbes and some other similar agencies who carried their research works on some advanced economies in the world as we have mentioned before. Industries have been ranked here solely on their prospective growth perspective.
|Rank||Industry||Growth in Last 10 years||Expected Growth in Next 5 years|
|1||Social Net Working Sites||74.4%||25%|
|2||Voice over Internet Protocol Provider||193.9%||17.4%|
|3||Online Payment Processing Software Developers industry||43.2%||17.2%|
|4||Social Network Game Development Industry||134.4%||16.9%|
|6||Video Game Publishing||6.2%||8.3%|
|7||Third-Party Administration and Insurance Claims Adjustment||6.9%||7.7%|
|8||Fantasy Sports Services||241.0%.||7.6%|
|10||Online recruitment sites||11.9%||3.0%|
Social Networking Sites or SNS like Facebook, Twitter, etc are on the forefront of this growth movement with millions of accounts and gaining million users every week. This industry has exploded with registering an average annual growth of 74.4% since 2003 and will further develop with more lucrative advertising contracts by generating growth of roughly 25.0% per year on average over the five years to 2018.
According to IBIS World report, Voice over Internet protocol or VOIP industry has registered a revenue growth by 193.9% between 2000 and 2011 and has potential to grow by 17.4% each year till 2016. Voice over Internet protocol refers to the arrangement that allows your computer to act as a video phone with webcam. “Skype” is a good example of this protocol.
The industry for software development for online payment procedure is strongly benefiting from the ever-increasing e-commerce activity. This software development industry has experienced average annual revenue growth of 43.2% over the past 10 years to 2013. In the coming 5 years will allow more small businesses specialized firms and other merchants to receive payments via their mobile devices and thus will continue to reap benefits by 17.2% till 2018.
Social network game development is in the fourth place in the list of the fastest growing industries because as people spend more time on these networks such as ‘Zygna’ they’ll have more things to do here. ‘Zygna’ one among many networks in this sector has turned $ 700,000 in revenues into $1.3 billion in just four short years. The average annual growth rate for past ten years between 2002 and 2012 was 134.4%. The average profit margin in this industry for 2011 was is 15.8% and has prospect to grow by 16.9% till 2018.
According to the report of World Wind Energy Association Wind Power has provided 1.3% of global electricity consumption in 2009. This industry has steadily grown by 16.9% since 2000 and shown one year revenue growth of $3,388 million in 2011. IBIS World has forecasted its revenue for each year will grow by 11.2% in the coming five years.
Research firm DFC Intelligence has estimated that worldwide video game industry is poised to reach 70.1 billion by 2015. This industry has experienced revenue growth of 6.2% between 2000 and 2011 with revenue of $38,622 million in 2011. IBIS has predicted a growth of 8.3% till 2016.
The industry of Third-Party Administration and Insurance Claims Adjustment is involved with the task of research claims, determine damages, investigate liability, help file paperwork and participate in negotiations, and take care of every insurance related technical matter. As per IBIS World report the industry grow by 6.9% in last year and forecasts revenue growth for third-party administrators and insurance claim experts is 7.7%.
Fantasy Sports Services is a bustling business that has gained popularity by 241% in last 10 years. This industry develops software for multiplayer fantasy sports for an online platform. Although these games had been around for more than 25 years but internet has really given them a big boost by transforming Fantasy Sports Services into a full-blown industry. This industry as expected will grow by 7.6% each year till 2018.
Many book publishers have begun to print books in digital format so that the readers can read them in digital format like tablets, Smartphones, etc. These devices, unlike carrying around traditional printed copy, allow readers to preserve a catalog of digital copies on one device. All of these factors have lead to strong growth for the industry over the past 10 years with an annualized growth of 88.3% since 2003 and will continue benefit in the coming 5 years till 2018 that will go up every year by 7.5%.
Online recruitment sites are growing through the Employment Recruiting industry by an annualized 11.9% since 2003 and as expected will continue to grow by another 3% per year on average till 2018.