In today’s economy, finding an industry that can help you achieve realistic career or business goals can be a daunting task. Many industries are still suffering the after-shocks of the financial crisis of 2008, meaning they don’t have much to offer young and ambitious professionals entering the workforce.
However, it is not all doom and gloom. Whether you are a college student weighing your career options, or an actively employed professional looking to move on from your struggling industry, don’t lose hope. By analyzing the research conducted by specialist firms like IBIS World, and making sense of the occupational outlook projections released by the U.S. Department of Labor’s Bureau of Labor Statistics, we can confidently reveal today’s super-charged top industries.
The healthcare industry is as old as it gets. During ancient times, people had ways to cure and prevent various diseases, albeit with little efficiency and precision. Today, medical scientists and engineers have transformed the healthcare industry. Apart from HIV/AIDS and few other diseases, any other defect in the human body can be sufficiently eliminated. How this industry has managed to stay on top even during the harshest of economic times can be attributed to the ever increasing need for healthcare services.
In terms of jobs, the health industry is doing excellently. In the US alone, it has pumped over a massive one million jobs into the economy in the past four or so years. According to a 2014 article published by Forbes, sound healthcare reforms, certainly coupled with the aging baby boomer generation is the industry’s driving force. It is no surprise that many healthcare occupations will record a faster-than-average job growth through 2022.
In terms of revenue, expect no less that $1 trillion. Citing the US Census Bureau, Statistics Brain reports that in 2014, the industry generated over $1.6 trillion – that is slightly more than a third of the US’s budget for the fiscal year 2015!
Are you an expert in your field? If you’re, you could find greater success in the consulting industry. Individuals, businesses, governments and other organizations often hire consultants to find solutions to tough problems. Although IBIS World singles out technology consulting as the top profession in this industry, the growing demand for e-business consultants, management consultants and technology consultants has also played a huge role in making this a standout industry. In separate May 2015 reports, the company notes that the IT consulting field generated $377 billion and created over 1.9 million jobs, while the management consulting field did $201 billion and created over 1.7 million jobs. Collectively, various consulting businesses produce well over $700 billion annually.
Internet or online shopping is gaining a vast popularity among consumers of digital products as computer software and mobile applications, as well as consumers of physical products such as jewelry and clothing. The shopping habit, together with increasing internet penetration has led to the growth of the e-commerce industry. Online retailers like Amazon, eBay and Etsy are some of the businesses that have mastered the art of e-commerce. In 2013, online sales hit a record $1.2 trillion. With more traditional stores like Walmart setting up online versions and more people finding it more convenient and time-saving to buy online, you can only expect the industry to keep growing. If this industry excites you, then you could pursue jobs such as ecommerce merchandiser, ecom manager, customer acquisition specialist or ecommerce marketer.
4. Green Industry
So everyone is crazy about going green- it’s a trend. From President Obama’s big plans for fighting climate change, to construction specialists finding innovative ways to build green buildings, to your own little way of ‘greening’ your home or office. Even more and more businesses across the world are drafting green initiatives into their corporate social responsibility programs. It is this passion for going green that has definitely made the green industry into one of the top industries.
Let us look at the sub-sectors of the green industry that are currently making the numbers.
Solar Panel Manufacturing
One of the best ways to conserve the environment is to use renewable sources of energy such as wind and sunlight. Solar panel manufacturing focuses on the production of solar panels, which are increasingly becoming the perfect replacement for hydroelectricity. Globally, this sub-industry is valued at about $80 billion, with the leading markets being China and Germany. If you are planning to pursue a career in solar power, you can look forward to finding a job as soon as you attain the required qualifications.
Green and Sustainable Building Construction
Many industrialized nations are no doubt making great strides in ensuring both existing and upcoming buildings are environmentally-friendly. It is essential to note that the wider construction industry was greatly hit by the 2008 financial crisis, since developers saw no value in building properties that would generate low revenues. However, the green movement has done well in revitalizing construction projects. According to Statista, the green and sustainable building construction outfit generated revenues of about $156 billion in 2014, and is projected to hit $287 billion in 2017. So, if you an architect or civil engineer, you have the world at your feet.
Other fields in this industry that deserve a mention include wind power generation, electric vehicles manufacturing, and recycling.
5. Social Media
Social media has taken the world by storm. As of mid-2015, over 1.9 billion people were registered on a social networking site. Even if you may not be actively registered on any site, we can agree that you sometimes listen to a song on YouTube, or check out someone’s profile on Twitter or LinkedIn. With the figure projected to reach 2.44 billion in 2018, social media industry is one of the places to be, for jobs and business.
Undisputedly, advertising is one area that has greatly benefited from the emergence of social media. Formally known as social media advertising, Adweek reports that the platform currently accounts for 14.3 percent of all digital ad revenue. North America is unquestionably the home of social media advertising, with annual advertising revenue of $39 billion in 2015. Asia Pacific, Western Europe and Latin America follow in that order.
When it comes to jobs, social media plays its part in supporting the economy. As according to a Boot Camp Digital article, the number of social media had increased by 600 percent between 2007 and 2011. And that was at a time when the industry was still at its early stages. There is little doubt that a full-scale social media industry of 2015 is creating jobs in millions. Even when it is not creating, it still plays an important role in helping other industries through social media recruiting.
Another facet of the turbo-charged social media industry that is generating tons of revenue, is the social network game development. With an annual revenue of $8 billion and 52,452 jobs, game developers, graphic designers other social media geeks have every reason to smile.
These are some of the industries that are defying the economic odds and marching forward. If you were stuck between different industries, hopefully this article has made it easier for you to make a sound career or business decision.
What other industries do you think have the potential to emerge on the top in the next few years? Let us know in the comments section below.