What are the growing industries today? Business is something that many aspire to go into. We all tend to do something depending on our abilities and resources that are available. Owning a business is a dream of many but this is not as easy as many of us think.
One has to properly plan and arrange for resources to start a business. Getting started in a business needs a lot of patient and proper budget planning. In the initial days, one has to invest lots of time and should have proper knowledge of the area of business to venture into.
Every decade, survey is carried out to understand the functioning of different businesses and to check as to which businesses have the highest growth in the market. According to The Bureau of Labour Statistics projections, computer and data services will be the fastest growing business in the period 2000-2010.
This business was to grow by 86% by the year 2010, while it was estimated that the overall employment growth is 15%. Residential care is projected to be the second most rapidly growing industry, with an employment growth rate of 64%.
Health, television and personnel supply services were on the third, fourth and fifth position respectively. There are many people who have opted to be in the computer and data services industry as this is on the top of the list. This business has been doing well for the past few years and has been successful in providing employment to a large population of the country.
In the last decade, along with manufacturing industries, service providing and medical research industries are major industries sector that still existed to date. With need and demand ratio, these industries play a very important part to provide various services and support to the communities, other industries and individual needs.
There has been consistent growth in science, technical, data processing industries and the growth could be predicted to continue for next decade as well. These industries were directly or indirectly supporting the consumer industries.
Due to unstable market and rising and falling demand of product and services, establishing any business is a risk by itself. Initially it was hard to have people trust in your products and service, so there is a need to have a strong branding. There has been a major down turn and lay off’s in jobs due to the recent global recession which brought a wave of insecurity of jobs.
There was an industrial shift from supply of products and services to the needed products. The industrial perks were compromised a lot and changed the environment of the industries.
There are many different companies predicting the future and growth of the industries. One of the areas where the prediction of growth is made is in biotechnology industry. Apart from this industry, healthcare, IT, medical and software engineering are predicted to be on the rise as well. This helps in understanding the need for skills in various sectors and also employment opportunities in different sectors of our economy.