The 10 fastest growing industries of the future
We recently gave you the lowdown on the top ten doomed industries, as reported by market research firm IBISWorld Inc. Apparently, if you’re in one of those sectors, you might want to think about bailing, because pretty soon they might not exist. But where to?
An astute reader pointed out that perhaps we should look into the fastest growing industries as well. So, we did, and found a list also recently compiled by IBISWorld. That one lists industries in the U.S. Another put together by Sageworks Inc. lists industries in Canada. That’s below.
We’ve also listed sample jobs found by combing through job posts and specific company websites in each sector of the first list. These are just examples of what jobs were posted at that time and are not a full representation. OK? OK.
Here are the 10 fastest growing industries according to IBISWorld:
- - IBISWorld says revenue and subscriber rates in the Voice Over Internet Protocol industry are growing exponentially and that the advent of 4G will open up new avenues
- for expansion.
Sample Jobs: engineer, software developer, installation, sales, systems analyst, technician, telephony architect (it’s a real thing, I checked) — plus the usual admin and accounting positions which apply to all sectors, of course (until those posts are taken over by robots).
Wind Power – Apparently, the demand for wind power generation is going to take off in the next five years.
Sample Jobs: engineer (Heavy on the engineering – structural, technical, civil, mechanical, chemical), risk management, project management.
E-Commerce & Online Auctions – People are increasingly comfortable with buying stuff online. IBISWorld says E-Commerce has shown massive growth in the past ten years, outperforming most retail sectors.
Sample jobs: Buyer, sales, web developer, marketing, application architect, solution architect, financial planner.
Environmental Consulting – People want to save the environment, or something. I don’t know. I haven’t heard much about this. Have you? IBISWorld says companies are seeking to reduce their carbon footprints through the implementation of environmentally friendly practices.
Sample jobs: engineer, biologist, wetland scientist, aquatic scientist, scientist of other sorts, geologist, hydrogeologist, geophysical technician, compliance analyst, research climatologist.
Biotechnology – We like to live, so this industry is probably not going to die any time soon and is only going to get bigger and bigger. IBISWorld points out that, “demand for cutting-edge medicines and treatments will result in strong growth for the Biotechnology industry.”
Sample jobs: chemist, patent agent, creative web marketer, protein engineer, tissue technician, quality assurance specialist, research scientist, technical writer.
Video Games – Apparently the gaming industry is banking on our continued desire to waste hours and hours of potentially productive time planting virtual farms, slingshotting birds at pigs, or killing zombies. And it will pay off as users increase and technology grows.
Sample jobs: designer, programmer, software developer, animator, audio engineer, writer, tech support, tester, market research analyst, dimensional model artist.
Solar Power – A continuing focus on green energy alternatives means the solar power sector is heating up. (Ha! See what I did there?)
Sample jobs: solar design engineer, electrical engineer, chemical engineer, electrician, environmental biologist, installer.
Third-Party Administrators & Insurance Claims Adjusters – IBISWorld says “Insurance policy volumes will rise, particularly within the business-oriented sector, contributing to the need for claims adjustment services. Increases in outsourcing activity by pension funds and direct insurers will also continue to drive growth. Furthermore, advisory and risk management services will benefit as businesses, insurers and individuals use these services to mitigate risks and hedge liabilities.”
Sample jobs: catastrophe modeling analyst, health and benefits consultant, researcher, actuary consultant, claim analysis specialist.
Correctional Facilities – Because people will always commit crimes. Also because, in the U.S. anyway, the industry is benefiting from an increasing federal and state government funding for private facilities and services. Privatized facilities are growing as prison populations grow.
Sample jobs: correctional and custody officer, correctional healthcare specialist, nurse, pharmacist, social worker, psychologist.
Internet Publishing and Broadcasting – As newspapers join the ranks of doomed industries, web publishing of every possible form is soaring. Broadcasting is catching up as television programs and movies are finding homes online, some exclusively.
Sample jobs: writer, editor, videographer, product manager, webmaster, graphic designer, web marketing manager, multimedia journalist. So, that’s the U.S. Meanwhile, last February, Sageworks Inc. compiled the following list of the 10 fastest growing industries in Canada. Sageworks says these sectors “have seen the highest sales growth and have maintained high profit margins since 2007.”
Interestingly, however, they also list Cut and Sew apparel manufacturing as a growth industry. (That same industry, however, has been marked for death by IBISWorld.)
I contacted Sageworks and was told the difference might lie in the distinction between Canadian and American companies. So, for a tie breaker I got a report from The Conference Board of Canada on Canada’s textiles and apparel industry, of which apparel manufacturing is a part. According to that one, in 2010, the industry recorded its first increase in production in ten years. Modest gains are expected this year. “However, energy and material costs are rising at the same time that growing competition from imports is limiting the ability of manufacturers to raise prices… the industry will record only a small increase in profits this year.”
Not exactly a glowing forecast. So make of this what you will.
The top 10 fastest growing industries in Canada, according to Sageworks:
1. Cut and sew apparel manufacturing
2. Offices of other health practitioners
3. Accounting, tax preparation, bookkeeping and payroll services
4. Computer systems design and related services
5. Commercial and industrial machinery and equipment (except auto and electronic) repair and maintenance
6. Architectural, engineering, and related services
7. Cattle ranching and farming
8. Offices of physicians
9. Death care services
10. Poultry and egg production
Good luck in your new career.
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