Did you know that the travel industry grew by approximately 4% in 2018?
This is a huge increase considering that the GDP increase of US amounted to just 3.2%. Facts like these lead to the conclusion that people like to travel and engage in leisure spending.
If you’re about to open up a business, it’s important to know what the fastest growing industries are, so that you can become successful quicker. This article compiles a list of the most resourceful and fastest growing industries in the world, so keep reading if you’re interested in making more money.
Top fastest growing industries in 2019
Knowing the most profitable industries out there is helpful when you’re about to choose your first startup. Some of these industries are more attractive to customers and bring more profits. Here are a few examples.
More and more people use the internet, whether via a mobile phone or a laptop. People buy things from the internet, share personal details, even find their soulmates. It’s only natural to assume that the internet also provides ample space for malevolent people looking to steal assets or identities.
That’s why antivirus programs have been invented. They are part of every good cybersecurity strategy and they protect your computer against viruses, adware, and malware. If you dive into the cybersecurity industry with your business, the future of your startup might be pretty much guaranteed because there will always be a need for smarter antivirus programs and firewalls.
Since the travel industry is booming, the transportation industry has to follow suit. This industry involves moving people and cargo from place to place and an excellent business example, in this case, would be Uber.
A great startup idea would be buying a few trucks, hiring a few truck drivers and starting your own transportation business. You can also get into aviation or train industry, creating apps or developing better infrastructure for other businesses.
Anything related to hotels, restaurants, and catering will always be a fast-growing industry. The global population is increasing and all these people need a place to eat, drink or stay.
If you have a decent budget, you can start by opening a small coffee shop in your neighborhood. You can also go for a restaurant if your budget is higher and make it themed, so you can stand out from the crowd. Take advantage of Google Places and other mobile apps to promote your coffee shop and bring in more clients.
This is another fast-growing business. Cryptocurrency focuses on digital assets. This involves creating a medium for exchange goods over the internet. Bitcoin is a good example in this case and this business has been started back in 2009.
Cryptocurrency will definitely be used more often in the future, so starting a business in this field is going to be pretty profitable for you, as long as you do it properly.
5. Renewable energy
There are higher demands from every country to find alternative energy sources which don’t involve burning oil, coal or gas. That’s why more and more companies focus on creating electric vehicles such as cars or bikes.
Since everyone is going to make a smooth transition from carbon-based fuels to renewable energy, you can stay ahead of your competition by diving into this field right now. For example, your business can focus on producing some of the best electric scooters, electric skateboards or even electric cars, if your budget is higher.
There are other renewable energy sources you can take advantage of such as solar energy. Today’s solar panels are not as efficient as they could be, so your business can focus on improving their effectiveness. If you do that, your solar panels will sell like hotcakes since everyone is looking for cheaper energy sources.
Since the global population is increasing, there is a higher need to accommodate all these people. That’s why the construction industry is booming because more residential properties are required in each major city. At the same time, more commercial and office spaces need to be built, so that these people have a job and a place to buy stuff from.
Your startup could be based on the construction industry. You could be involved in finding affordable workforce for building skyscrapers. You could also transport materials or put together a team of engineers and architects responsible for developing the greatest construction projects. The possibilities are endless.
7. Artificial intelligence
There’s nothing more attractive than artificial intelligence at the moment of this writing. This field involves creating autonomous robots capable of performing an enormous amount of tasks on their own.
Artificial intelligence can power our future cars, so we never need to touch the steering wheel. It could replace doctors and nurses, performing complex surgeries faster and with a greater success rate. Artificial intelligence can also provide unlimited answers to your questions almost instantly, without even having to do a Google search.
Although this industry is quite complex and you need a programming background to be successful, it’s one of the highest paying industries out there. Your startup can be based on studying artificial intelligence and making significant improvements in a chosen field.
8. Virtual reality
Especially if you’re into gaming, this could be your dream industry!
Virtual reality focuses on creating artificial scenarios, characters and environments for various purposes, particularly for video games. On top of that, people in this industry also focus on designing better hardware to simulate the reality quicker, easier and more accurate. For example, what if you could design a mobile phone accessory that creates holograms out of the blue and can be used for educational purposes? You can learn more about cell phone accessories and components here.
What’s your preferred industry?
These are the fastest growing industries in the world today and as you can see, all of them are exciting and profitable. Which one caught your eye? Would you rather be a successful programmer bringing vital improvements to the artificial intelligence field or design the latest virtual reality gear?
Don’t forget to post your ideas in the comments below and check out our other articles related to startups and profitable industries!