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Business Talk: Thriving Industries in 2019

Business Talk: Thriving Industries in 2019

Industries go through great shifts every span of years. Some actualize growth while others face economic hardships. As the old adage goes, change is the only thing that’s constant, so we can’t expect industries to be stable and financially booming at all times.

However, although businesses often experience impermanent success, it’s still important to be informed of which industries are presently thriving. This will allow you to make better decisions when it comes to entering an industry’s workforce or establishing a start-up.

For this guide, we have selected three industries that are rapidly expanding this 2019 and predicted by field experts to continually progress in the succeeding years.

New Media: Internet Publishing and Broadcasting

Industrial growth is often dependent on factors like increased demand and changing demographics of the target market. For instance, if people start shifting to more sustainable products due to changes in preferences and buying behavior, the demand for these items will heighten and the profitability of particular manufacturing companies will improve.

However, growth is also linked to technological advancement. Changes in technology paved the way for digital media platforms (or what we call the “new media”) to become more popular and significant in almost every society’s economy. This, in turn, led to the rise of Internet publishing and broadcasting, as reported by senior strategic industry analyst Robert Miles of IBISWorld.

Many businesses now use Internet publishing as a marketing and advertising tool. Numerous social media influencers also publish monetized content, in the form of blog posts or video blogs (vlogs).

Technology: Cloud Computing and Cyber Security

Fundera, a financial solutions company, ranked the top 10 industries that are predicted to generate the most revenue, jobs, and products over the next decade. Unsurprisingly, the technology industry bagged the top spot. Emmie Martin of CNBC discussed this ranking, stating that the industry of technology showcases a 1.9% forecasted revenue growth and 120% forecasted employment growth from 2016 to 2026.

Subsectors that will experience the most growth include cloud computing and cybersecurity. The demand for cloud computing — an Internet-based provision of services by a third-party server to its client company — continues to increase.

As for cybersecurity, World of Finance shares that according to experts’ prediction, its worth will amount to $165.2 billion by 2023 in the global market.

Energy: Renewable Energy Production

Renewable Energy companies

Following the industries of technology and healthcare, energy comes in third on Fundera’s ranking. This industry is said to have forecasted revenue growth of 8.1% and job growth of 115% from 2016 to 2026.

According to World Finance, renewable energy is a lucrative subsector of energy production. In fact, solar and wind power are becoming more in-demand due to their affordability and unlimited sources.

As for employment opportunities in this field, engineering degrees and technical skills are a high priority. Special skills for automation systems like supervisory control and data acquisition (SCADA) are also being sought after. SCADA systems are vital networks for data collection and processing. Given that every enterprise has certain requirements, SCADA systems must be adjusted to tailor-fit distinct industrial needs.

For instance, in an energy plant, real-world conditions like weather parameters are being converted to machine language and later on, sent as signals that can be read, analyzed, and recorded by humans. This need makes SCADA programming a highly essential skill, which energy companies look for in potential employees.

As the world market continues to transform, industries also progress. Before embarking on a business venture or deciding on the industry to enter, it’s important to do initial research on the feasibility of various industries.

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