Several industries are outpacing economic recovery, a new study reveals.
Market research organization, IBISWorld has compiled a list of the top 10 standout industries based on their contributions to the economy as a whole, absolute revenue growth and establishment growth over the past 10 years, as well as performance expected through 2017.
The findings provide important insight into new market opportunities for small businesses – illustrating a wide array of products and services that are on a forecasted growth trajectory.
From pilates and yoga studios to online eyeglasses and contact sales, the study’s results may surprise you.
Some interesting findings include:
1. The hot sauce production industry is hotter than ever. Demand for hot sauce is being driven by demographic consumption trends, immigration and international demand from Canada, the United Kingdom and Japan.
2. Social media and game development are the seemingly perfect, and profitable union. From poker and board games to virtual farming and zombie eradication – we can expect accelerated growth of the social network game development industry in years to come.
As Internet usage and social media continue to flourish, the market is ripe for developers offering a cheap alternative source of entertainment. Major players including Zinga, Inc., Electronic Arts Inc., and Walt Disney may soon see an influx of competitive pressure from scrappy, agile and talented startups.
3. The United States is demanding green energy. Reports indicate that 2011 saw more than double the solar panels installed from the previous year, and 2012 has already started to look even stronger. The study, released by GTM Research and the Solar Energy Industries Associations confirmed that the solar industry pulled in $8.4 billion last year.
So it’s no surprise that solar panel manufacturing made the list this year. “The dramatic rise in energy costs and an increasingly vocal, environmentally conscious public have led to the growth of green industries,” according to IBISWorld.
See below for a quick look at the top 10 fastest growing industries of 2012.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit www.ibisworld.com or call 1-800-330-3772.