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Learning how to judge when an industry is thriving versus flailing is not only a handy skill but one that can lead to lucrative results for you in terms of finances. If you happen to be looking to switch up careers or start your first real career, you want to be sure it’s in an industry that is growing and shows promise. Maybe it’s not a new career that you are working on, rather you are looking to make some sound investments in strong industries.
Regardless of your reason, here’s a look at three growing industries that you may want to do some research on.
When it comes to the fastest and largest growing industry out there, the technology industry is one that has topped lists for the last few years, if not the last decade. Let’s face it, without technology, many of these other growing industries wouldn’t be expanding at the rates they are. Technology is a driving force behind much of what is happening around the globe, and with it evolving on an everyday basis, it’s a field that truly can’t be stopped or matched.
There are statistics that show the technology industry will have job growth of 120% between now and 2026, and will enjoy a 10-year stock market gain of 295.88%. How do you argue with numbers like that? As for the key areas to watch, they include big data, artificial intelligence and machine learning, and cloud computing.
Here’s an industry that is growing extremely fast, with much thanks to another growing industry. The healthcare industry is one that is heavily benefiting from all IT and technology is doing for it. Technology is able to streamline the administrative end of things, plus provide all new tools, technology, medical devices, and wearable devices that are causing a lot of excitement and promise.
Some of the fastest growing areas in healthcare include personalized health, health data management, and biotechnology.
Hemp and CBD Industry
Then we have an industry that many might not even consider when they are thinking of growing industries. The hemp and CBD oil industry is one that is making all kinds of headway thanks to the easing of regulations in the United States. The products are now becoming mainstream, and are easily accessible to all. Reports show that CBD sales are expected to grow by 107% each year between now and 2023.
Manufacturers and companies are able to buy CBD oil wholesale, or even hemp seeds that they can then grow right here in the United States with ideal soil and climate conditions. The end result is high-quality products that address all kinds of various health issues and concerns.
Three Sound Choices to Keep Your Eye On
Not only are these three industries all enjoying a period of growth, but there also seems to be real sustainability here, and the indicators show that they are in for long-term growth. Obviously, this is key when looking for a new career, or even the smartest place to make investments.