Top 5 fastest growing industries worldwide in 2017

In the world economy 2017, the factors of growth and prosperity are complex and constantly changing. The catalysts for change may be fundamental factors such as emerging technology, the needs of the global population, changes in regulation or new methods of monetization.

We are now going to announce Top 5 (five) fastest growing industries Worldwide, to see and examine the fact behind its hasty growth and what issues are emerging that could affect its long-term prospects:

Construction industry:
The construction industry is roaring like a hurricane and the authorities assume to move forward. The Bureau of Labor Statistics projects the construction and development industry as one of the fastest growing industries of 2017 and with job growth, the industry will have a leading employment rate across the economy.

It is also projected that the industry will remain undeveloped and boom together by 2020 and reach an estimated growth rate of 4.5% over the next 5 years, making construction the top leading industry of 2017 in terms of improving the pay and employment sector.

In the United States, the construction industry is projected to reach about $ 1.2 trillion over the next five years (by 2020).

Cloud computing industry:
Cloud computing technology is relatively new to the market but there are a variety of organizations, both public and private, that have begun to embrace the use of this technology. Cloud computing is basically a commitment to computing services including software, networking, servers, storage, databases, analytics on the cloud using the Internet.

The $ 46.8 billion investment was spent on cloud services last year and is expected to double in the next few years. With a current value of $ 263 billion, industry growth is projected to grow at a compound annual growth rate (CAGR) of 18% in the next forecast by 2020. More than 80% of CFO executives say cloud computing will have the most measurable impact on their business in 2017.

Online retail industry:
Today, we live in a world where people are so engrossed in smart technology like smartphones or gadgets, even in their daily lives they approach it while shopping or celebrating cab service or it may be about ordering food. Everything starts and ends with the smart time saving technology of online retailing.

Online retail is one of the fastest growing industries in this line of giant technology and is projected to grow tremendously in the years to come. China is the largest market for e-commerce, followed by the United States, although India is one of the fastest growing e-commerce industries in the world.

In Asia-Pacific, about 5 percent of total retail sales will be online by 2021, with 80% of business coming from smartphones, up from 64.5% in 2016. It is also estimated that the online mobile retailing sector is close to growing. At a CAGR of 16% (approximately), to strike $ 1 trillion by 2020, up from $ 545 billion in 2016.

Marijuana Industry:
Marijuana, also known as cannabis and hashish, is associated with a well-fashioned lifestyle as it is illegal in most countries because it is a psychoactive drug. In 2015, 42% of Americans consumed cannabis, up from 51.2% in 2016. About 11% used it in the previous year, and 7.5% used it in the previous month. This makes it one of the most widely used illicit drugs in the world and in the United States. However, recreational marijuana laws have been legalized in more than twenty-five states and more than seven states that have certain forms of legal marijuana for medical purposes.

A new report released by market research experts includes a precaution that the legal cannabis market or cannabis market value was estimated at $ 7.3 billion in the previous year (2016) and is now projected to grow at a compounded annual growth rate (CAGR). 16.9%. Marijuana sales reached $ 4.5 billion in 2016 and are now expected to reach $ 13.2 billion by 2020 in the coming years.

Music streaming industry:
Today, ‘The Internet’ or ‘Net’ (common name) is one of the most important needs of mankind. People use the net for different purposes depending on the need. In the music streaming industry, the Internet gives listeners professional-free access to select and listen to millions of songs on a monthly payment, and sometimes totally free if they wish to watch commercials.

The growth of music streaming is being seen globally, including in small markets and others that are being destroyed by piracy. In the United States, the music streaming industry’s revenue grew 56% billion in the first half of last year (2016), accounting for about half of the industry’s sales in the US. With sales of 1 271.2 million in 2016, South Korea has emerged as one of the top 10 largest music industries in the world. With the eruption of piracy, the Chinese market shrunk to 22 22 million in 2010 from $ 209 million in 2004 but since then the main source of recovery, China has again elevated itself in the top 10 music industries in the country in 2017.

The global music industry grew at a CAGR of 5.8%, generating revenue of $ 15.4 billion in the previous year (2016), compared to $ 14.6 billion in 2015. According to IFPI, this is the fastest growing music industry growth since 1998.

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