Globalization and digital technology have changed the business world quicker than ever. This is why starting a business in a challenging economy is not an easy decision. However, if you have planned to start a business, then you must have to anchor your career from somewhere.
No doubt that 2019 has been proven a challenging year for the builders and investors. But that does not matter, as growth is not always a reliable indication in business. However, struggling with increasing growth is also a sign of long term success. So, as we have already stepped in 2020, it is necessary to look forward and consider where the next better growth opportunities will be, and here is the answer!
We know that predicting the future in a struggling economy is not an easy thing. But we have invented a list of the expected flourishing businesses, by using data and have analyzed from some recognized experts of the business world. Let’s have a look at the industries that will grow more in 2020.
With the rise of many e-commerce sites, including Alibaba and Amazon, the retail industry proved to be the best business of last year. The way consumers know about obtaining the products they use has completely changed. Though local retail stores are still alive in the industry, this is why in the coming years, e-Commerce will reach 20% of retail sales. According to research conducted by Reuters, the retail market in the world is projected to grow more in 2020.
2.Healthcare And Medicine
The medical industry was the most grown industry, not only in the last year but for a long time. The reason is simple, the population. The increase in population requires medical services. With the development of new medical technology, the health care industry has risen 12 percent to 4 trillion dollars in the past couple of years. And it has been estimated that by 2022, the medical / healthcare market is projected to grow annually by 5.4%.
Just like the medical, the construction industry has also been around forever. And it is producing nearly $1.3 trillion worth of infrastructure each year. This is why construction will stay on the list of fastest-growing industries for the next 10 years. A recent study by Sagewell, a financial data provider, showed that five out of ten fast-growing small businesses are linked to the construction industry. And it is likely to grow at a rate of 4.5% over the next several years.
In the last ten years, the marketing industry has changed significantly. With the rise in the usage of Google and social media, it has become easy to access online people. Google and Facebook advertisements are pioneers in content marketing. Moreover, both of these are responsible for 58.5 percent of all advertisement investment in digital marketing. It not only helps us to check our performance digitally but has proven more successful. This is the reason why digital marketing has expanded by 2.7 percent to a record of $234 billion in 2019 and will continue to grow in the next coming years.
No doubt that media has made a significant spark in the twenty-first century. With the revolution in smart gadgets, consumer viewing habits have evolved at a lightning pace. The increase of technologies of streaming has strengthened the media channels, on which customers relied 10 years ago. With more years passing, regular TV networks and film studios are trying to compete with new and innovative rivals including Netflix and Spotify. PwC has estimated that in the coming years, the entertainment industry will show the incredible rise and will embark 830 billion dollars by 2022.
Video games and virtual reality (VR) have now become some of the dominant technology events. In the next ten years, VR, which is still in its early stages, will expand exponentially as app usability improves. In fact, some primary advancement has been introduced. Voice-First Technology and AI have already made its appearance in many homes and businesses. VR market expanded from 6 billion dollars in 2016 to 14 billion dollars in 2017. According to many technology experts, this field would continue to evolve into a 160 billion dollars business by 2023.
No doubt that information and communication technology is the most relevant sector, especially for business owners. And a cyber-attack can be truly awful for any leading firm to lose the most valuable information. For this purpose, several major companies are now hiring either a protection department or a specialist in cyber security. So, this sector is expected to boost up this year. Research that was based on the most recent Market Watch stated that the cyber security sector is projected to surpass 300 trillion by 2024.