What are the top ten startup industries today? The tech and service sectors are the fastest-growing industries with strong projected growth over the next eight years. In many areas of the country, service and tech are rapidly replacing traditional industries whose growth has slowed or declined. Understand the trend and you can capitalize on the startup potential for the next ten years.
Best Growth Projections
The top ten start up industries list is topped by Computers. Computer ownership passed the 820 million mark in 2004 with projections forecasting one billion in 2007. The U.S. now has more than 220 million PCs, or 27% of the world market. PC usage is growing rapidly in China, Brazil, India and Russia. The Bureau of Labor Statistics research indicates strong job growth in tech-related services by 27.8% through 2012. The leisure and hospitality sector will grow by 17.8%, accommodation and food services by 16%, transportation 14% , finance 10% percent, and the service sector by 15.7%.
Software Remains The Best
Information technology will be fueling growth through the 21st century. Demand for software innovations by individuals, businesses, organizations and governments will never stop, pushing incredible 68% growth rates. This means if you are a software engineer, you can be assured your top ten startup industry forecasts look good.
As the software innovations increase, hardware makers will provide newer, faster and better machines to do the job. Networking hardware, communications, wireless technologies and security are the best areas with overall growth rates projected at 55%.
Management, Science And Technical Consulting
Business is definitely more complex now then just five years ago and will continue to be increasingly complex. Demand for consultant services will continue to increase, providing solid growth opportunities for both sole proprietorships and small business owners employing up to 50 employees.
Consultants will not only help business deal with tech issues to make it all work, but with business plans, budgets, and global strategies as markets continue to expand. Advancing tech will level the playing field somewhat, providing smaller companies virtual presences throughout the world.
Child Care Is in the Top Ten Startup Industries
As more moms remain in the workforce, two-income families working 40-60-hour weeks will need more day care services, making child care one of the fastest-growing business sectors at 43%.
Movies come and go quickly, but associated businesses are keeping pace with change, providing bigger, and better home viewing experiences to satisfy a growing trend. Cable programming and narrowcasting will expand, offering viewers increasing programming options that will number into the thousands on screens 65 inches or bigger. Both the movie and television industries will require continued increasing technical support and innovation not only from engineers, software designers and data processing but from marketers, production studios, distributors, advertisers and IHPs as competition for the market share tightens.
The music business will continue to grow as more and more people discover that using online services and iPods frees them from the chain of endless CD purchases, allowing the freedom of customized music.
Jobs today are increasing competitive and more demanding. Overworked employees are hard-pressed to do all the tasks they are increasingly assigned. Outsourcing and temps will remain the norm as companies struggle to stay competitive and deal with bloated benefit programs not designed to compensate for longer-lived American workers. Growth rates in employment services are expected to increase above 50%.
Home Health Care
As baby boomers age and medical advancements continue extending life spans, health care will continue to grow at a steady rate of 5% a year. Hospitals, hard hit by budget cuts and rapidly spiraling costs, will turn increasingly to the use of temporary employees or the use of experienced personnel part-time in order to control benefit and wage costs. More affluent retirees will option for health care at home which could boost the growth rate for the industry to more than 50%.
Should Social Security be privatized, the need for financial advisors should exceed the 45.7% growth rate predicted by the administration. Projections of $54 billion a year to be invested, means that the personal financial advisor business is wide open to innovation and growth. This means financial advisors are apt to remain in the top ten startup industries lists for the foreseeable future.
Leisure And Recreation
Baby boomers and succeeding generations will to continue to spend heavily on entertainment and recreation. Retiring baby boomers will have plenty of disposable cash for sports, recreation and other retirement-related activities. Succeeding generations who have little thought for the morrow could well continue to spend at increasing rates, rationalizing that they won't have anything to retire on anyway. Both attitudes will push the growth rate for this sector to more than 30%.