Achieving success doesn’t always require being a big company in a popular industry. Many small businesses succeed by simply tapping into a growing economic sector as a supplier or provider of outsourced services.
The US Bureau of Labor Statistics has used employment data to predict which industries will hire the most people in the next decade. Here are the top eight hottest industries.
- Management, scientific, and technical consulting services tops the list. This industry provides information about increasingly complex matters. Companies pay for this knowledge, making consulting services the number one growth industry—expected to grow 83 percent by 2020.
- Services for the elderly and disabled are expected to grow 74 percent by 2020. More hiring is obviously expected at in-patient facilities as the US population ages. In addition, as the Baby Boom generation retires, a rise is anticipated in sales and installation of technology products that aid mobility and independence.
- Home health care services comprise an industry expected to grow 46 percent by 2020. In addition to the growth of in-patient services, many seniors will also require in-home assistance.
- Computer system design and administration. Computer systems continue to evolve as the most important resource for most businesses. Improving system performance and expanding mobile computing are among the reasons computer services are expected to grow 45 percent by 2020.
- General merchandise stores, such as Walmart and Target, are expected to grow 41 percent by 2020. A newcomer doesn’t want to compete with these behemoths but a new company might consider providing products or services to them.
- Physician offices are expected to grow 34 percent by 2020. A population that’s living longer obviously requires more health care. In addition, a nation of obese individuals also encounters more health issues, such as Type II Diabetes. Growth companies include those offering health related services by referral from physicians.
- Nursing care facilities are expected to grow 24 percent by 2020. More homes for the elderly are another consequence of an aging population. Companies that sell to such facilities can tap into this market.
- Employment services are expected to grow 19 percent by 2020. As economic globalization continues, employment trends shift among occupations. Companies that provide training and help people find jobs become increasingly valuable resources.
New ventures should tap into affiliation with the fastest growing industries. Here we exposed the hottest segments of the economy for the next decade. Now, you should start thinking about incorporating a business that can leverage on this trend.