In this article we are going to list the 15 fastest growing industries in the world. Click to skip ahead and jump to the 5 fastest growing industries in the world.
We all live in a world that is constantly changing. Every year, there are newer advancements and developments in various economic sectors, including the health, technology, and business branches of our economy. All these changes have major effects on entire global industries. An industry, by definition, is economic activity concerned with the processing of raw of materials and manufacture of goods in factories. This means that for every service in the world, there is an industry that is associated with it. Examples of major industries in the world are the tourism industry, car and automobile sales industry, paper manufacturing industries, etc. The development, investments secured, and growth of a certain industry over time is a clear indicator of its demand and need in the global market.
As the world becomes more advanced and interconnected than ever before, industries must adapt themselves according to the changing markets around them to stay on top. They may do this by introducing new marketing strategies, innovative products, or revising product designs. But sometimes, that is not enough, and industries, along with producing market-friendly products and services, need to invest their time on being prepared for the unknown. This need to stay vigilant during times of extreme unpredictability was best demonstrated with the recent pandemic to sweep the world. The coronavirus disease 2019, or as it is more commonly known, Covid-19 is a contagious disease caused by severe acute respiratory syndrome. Affecting 100 million people globally since the first outbreak in Wuhan, China in late 2019, the disease has had a major influence on the entire global economy. The contagious nature of the disease caused entire countries to be on lock-down for weeks on end, not only affecting the daily lives of millions of people worldwide, but also impacting businesses greatly.
Naturally, these measures of lock-down, although necessary for the safety of citizens, has had a detrimental effect on the industries of the world. Once thriving and profitable industries were suddenly counting their losses. Although the future for the disease is still uncertain, the world’s industries have bounced back since then, introducing new marketing strategies and tactics for their target audiences.
The rankings of the fastest growing industries have been compiled on the basis of their revenue growth. This number can reflect exactly how ‘in-demand’ an industry is in the world, and how many people are pursing employment in a particular field of that industry. Many people prefer to work in fast-growing industries for a number of reasons. Fast growing industries may be able to provide professionals with better opportunities. Fast growing industries generally mean that they are growing in size, which implies that there will be greater jobs and job security. The growth rate is also often reflective of the industry’s demand, which can signal that employers may pay employees at better rates. Lastly, fast growing industries are usually coming up with innovative measures to increase public interest. This can result in better job satisfaction. All these answers, better opportunities, increased demand, job security, and job satisfaction make for great reasons to work in a fast-growing industry.
Here we have a list of the 15 fastest growing industries in the world. The list has been referenced from IBIS World, the largest information publisher in the world with a database of 700 industries. So, let us take a look at our list of fastest growing industries in the world, starting with number 15.
15. HR and Recruitment Services
Revenue Growth 2019-2020: 7.7%
Starting off with number 15 we have the Human Resources and Recruitment Services industry, which outsources human resource and employment placement services to millions of prospective employees worldwide. This includes selection and placement of permanent and temporary staff, employee leasing, and listing of employment vacancies. This industry relies on economic conditions in major markets and labor demand worldwide in order to thrive. The industry relies on an organization’s demand for outsourcing its recruitment process. A major company in this industry is Dutch company Ranstad NV based in Diemen, Netherlands.