The fastest growing industries in the United States have continued to bring in revenue and provide jobs even during these difficult economic times. Recently, the research firm IBISWorld identified the top 10 fastest growing industries for 2011 and predicted how they would continue to grow through 2016.
So, if you are looking for long-term job security, you may want to consider a career in one of these fields:
1. Voice Over Internet Protocol Provider Services.
Voice over Internet protocol, also called VoIP, refers to protocols that carry voice data over packed switched networks. For example, the program Skype effectively allows you to use your computer as a phone, but with added benefits, such as webcam chat.
According to IBISWorld, the revenue growth for this industry was 193.9% between 2000 and 2011. Last year’s revenue was reported to be $12,498 million. This industry is expected to grow by 17.4% from 2011 to 2016.
2. Internet Publishing And Broadcasting.
As the traditional publishing and broadcasting industries continue to decline, their online counterparts have earned their place among the fastest growing industries. By providing books, magazines, guides, radio programs, TV shows, and other works directly online, niche markets can be targeted at a fraction of the cost that traditional methods would incur.
IBISWorld identified revenue growth of 25.2% between 2000 and 2011 for the Internet publishing and broadcasting industry. Last year’s revenue growth was $32,573 million. The forecast revenue growth from 2011 to 2016 is estimated to be 6.8%.
3. Wind Power.
Wind energy can be converted into useful forms of energy through the use of turbines, windmills, windpumps, and other equipment. According to the World Wind Energy Association, wind power was only responsible for around 1.3% of global electricity consumption in 2009. However, the use of wind power has been steadily growing in the past few years, boosting wind power past solar power on the list of fastest growing industries.
Industry revenue growth increased by 16.9% from 2000 to 2011, according to IBISWorld. Revenue growth for 2011 equaled $3,388 million. This industry’s revenue is expected to expand by 11.2% from 2011 to 2016.
4. E-Commerce and Online Auctioning.
While most e-commerce still deals with the purchase and sale of physical objects, a big chunk of electronic commerce now deals with virtual items. These virtual items can include special clothing for online avatars, membership on private message boards, or access to premium site content in general. And online auction websites, such as eBay, are a staple of everyday life for many people around the world.
From 2000 to 2011, this industry experienced growth of 12.2%. E-commerce and online auctions brought in $95,005 million in revenue for 2010, according to IBISWorld. The predicted revenue growth for this industry from 2011 to 2016 is 9.4%.
Biotechnology, also known as biotech, focuses on using organisms and bio-processes to meet human needs. This field has applications in engineering, technology, manufacturing, and medicine.
Biotechnology is a part of ordinary life today, from the genetically modified food we enjoy to some of the medications many of us take daily.
Revenue growth of 11% was reported for the biotechnology industry from 2000 to 2011. IBISWorld found that this industry produced $86,971 million in revenue in 2010. Forecast revenue growth is 9.6% for the period spanning 2011 to 2016.
6. Correctional Facilities.
Correctional facilities, more commonly known as prisons, are essentially recession-proof, thus earning them a place on the list of fastest growing industries. This is especially true in the United States, which has the highest known incarceration rate in the world and holds 23.4% of all prison inmates globally, according to a report published by the International Centre for Prison Studies in 2009.
A big trend in this growing industry is the privatization of prisons. As traditional prisons continue to become overcrowded, the private sector is increasingly stepping forward to provide correctional facilities.
Revenue growth for this industry was 9.1% from 2000 to 2011. IBISWorld reports $34,373 million in revenue for this industry in 2010. Correctional facility revenues can be expected to grow by 7.5% from 2011 to 2016.
7. Environmental Consulting.
Environmental consultants often make sure that their clients are complying with environmental regulations. However, they can also be employed to help homeowners or businesses who want to become “greener.”
The environmental consulting industry is benefiting from increased demand for environmentally-friendly goods and services. Revenue growth for the environmental consulting industry was 7.7% from 2000 to 2011, according to IBISWorld. Revenue growth in 2010 equaled $18,153 million and forecast growth for 2011 through 2016 is estimated at 9.4%
8. Third-Party Administration and Insurance Claims Adjustment.
These experts help clients navigate the complicated world of insurance policies and claims. They help file paperwork, investigate liability, determine damages, research claims, participate in negotiations, and take care of other technical matters.
According IBISWorld, “insurance policy volumes will rise, particularly within the business-oriented sector, contributing to the need for claims adjustment services.”
In the period spanning 2000 to 2011, this industry grew by 6.9%. IBISWorld reported $57,530 million in revenue for this industry in 2010. The forecast revenue growth for third-party administrators and insurance claim experts is 7.7%
9. Video Games.
Video games are often appreciated for their entertainment value, but they also have many practical applications for job and professional skills training.
According to findings presented at the 2008 Convention of the American Psychological Association, a person’s dexterity and problem-solving skills can be improved by certain types of video games. Several studies of laparoscopic surgeons found that surgeons who played video games could perform surgical procedures faster and with fewer mistakes.
Additionally, video game consoles such as the Wii are now also being targeted to older consumers as a means of staying in shape physically. Many new titles, such as Wii Sports, require the player to move their arms and body during gameplay.
This industry experienced revenue growth of 6.2% from 2000 to 2011. Last year, the video game industry produced $38,622 million in revenue. IBISWorld predicts growth of 8.3% for this industry through 2016.
10. Solar Power.
Just like wind power, the third item on our list of fastest growing industries, solar power seeks to take a naturally abundant form of energy and turn it into an easily useable form of energy. In the case of sunlight, this means electricity. Solar power is now being used both industrially and by private homeowners.
IBISWorld recorded revenue growth of 2.7% for this industry from 2000 to 2011. In 2010, the solar power industry produced $69 million in revenue. From now to 2016, revenue growth is expected to reach 7.9%.
The bottom line on the fastest growing industries…
As IBISWorld Senior Analyst Casey Thormahlen pointed out, what the top 10 fastest growing industries have in common is that they are fueled by “one or more of four drivers: Internet growth, environmental issues, cost cutting and evolving technology.”
These are four drivers that play a major role in the business world today. If you can find a career that harnesses those factors, you’ll be enjoying job security for years to come.