StartupSavant, an industry leader in startup news, powered by TRUiC artificial intelligence, pointed out the fastest growing industries right now. In line with US government findings, it points out that healthcare and social assistance are projected as the fastest-growing industries in the decade 2019- 29. All indications are that out of 20 industries, five of these are in these sectors. Contributing factors are the increased need to care for aging baby boomers, increasing numbers of patients requiring care for chronic conditions, and longer life expectancies.
Rapid changes in the way we did business over the last year have also presented unique opportunities for companies to adopt digital and automation technologies, leading to a boom in these innovative industries.
What is driving the healthcare industry?
Besides the medical attention and care required by longer life expectancies, the healthcare industry includes a whole gamma of professions. These comprise among others, mental health practitioners, nurses, home health aides, pharmaceutical researchers and technicians, dentists, and doctors.
Additionally, hospitals around the world will continue to require a constant supply of personal protective equipment (PPE). This does not only include masks but also high-tech medical equipment. Post-pandemic hospitals are preparing for any future crises, and public demand for PPE is expected to continue.
The need for the transportation of cargo and passengers across the globe continues to rise in proportion to the demand created by the rising per capita income, leading to increased production levels. The increase in production and growing global demand for consumer goods means that some of the industries providing transportation for goods are expected to see huge revenue growth.
These include the global truck manufacturing industry, especially as they aim to build modern trucks that meet the new emissions standards, and water transportation industries.
However, for now, lower passenger levels during the pandemic are expected to cause a slump in car and aircraft sales but these are expected to recover soon. This recovery may be slower in developing countries.
Why is cybersecurity more important than ever?
As industries increasingly adapt to the latest technologies, they become more vulnerable to hacking attempts. The cybersecurity industry provides safety from various cyber vulnerabilities, especially for the ever-increasing number of people using virtual meeting platforms.
The rushed demand for many companies to get their services online over the last year resulted in some forgetting to take the necessary security measures. However, online security measures proved vital since there was an increasing trend in spam emails and other security threats. Cybersecurity is one of the fastest-growing industries as a result of the increased need to sort issues out before it’s too late.
How the need to maintain sales grew in some industries?
With the need to reinvent industries to intensify their ability to maintain sales, there was an increased need for companies that offer sales and marketing strategies. These are some of the industries that provide these, and are among the fastest-growing in 2021:
Software and data science
Companies and brands need to build and evolve their ideas into a digital product, and the demand for software development has grown tremendously. Industries that provide data science are also helping industries build statistical models, test hypotheses, interpret and implement data findings.
Artificial intelligence and production
Companies that develop AI are at the forefront of developing intelligent assistants to help increase production and serve customers better.
Sales, digital design, and marketing
The growth of online shopping is a trend expected to continue to expand. Besides manufacturing consumer products, selling and shipping these efficiently is vital to businesses. Online stores need to effectively sell their products online and the need for digital designers and marketing teams is increasing.
The cannabis industry continues to grow
As the world’s most used drug, the cannabis industry continues to grow. This is mostly due to the steady legalization that is opening the market in the U.S. and globally. Across all its stages, including growing the plants, creating the final products, and selling them, companies are meeting the challenges and creating a fast-growing industry.
How easy is it to start up a business?
US based startup news sources indicate that 2021 is going to be a phenomenal year for new business owners in the U.S. The above trends show that there are several opportunities across all industries. Limited liability companies (LLCs) are the most popular business structure for entrepreneurs because they offer important benefits and simplicity. Most importantly, LLC owners protect their personal assets, in case something happens to their business or they are sued.
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