In recent times there has been a lot of surprising additions when it comes to growth. A lot of industries have been expanding their reach and at the same time established bigger and better results.
We present to you some of the fastest-growing industries in the US-based on the percentage of revenue growth established.
Wind Turbine Installation
Wind Turbine installation includes everything that involves creating a wind power farm. It includes site planning, transporting the parts and successfully assembling everything together.
The revenue is generated from new installations with wind capacity. And since wind energy generation has been expanding in the past couple of years it offers a lot of profit to be made. Since the government provides added incentive for creating ones and expanding to renewable energy.
Lawsuit Financing Market
This is a market that has been largely popular in the US for a long time now. However, its boom and expansion have been seen in the last couple of years. Based on the recent report that covers the period between 2013 and 2018, there have been more activities in regard to financing lawsuits than ever before. Predictions for the period between 2019 and 2027 state an even larger increase.
Most companies in the field were able to make a substantial profit. Baker Street Funding is a perfect example of a company’s exceptional work that they have provided as they have had a creative and modern approach that most of the contemporary companies are trying to adopt.
Social Networking Sites
This one is a no brainer. Only if you’ve been living on Mars in the past decided were you not been able to notice the increasing popularity of various social media sites. Platforms like Facebook, Twitter, Instagram and many more have been developing and the revenue that they have been generating is mostly made through ads and posts.
The industry needs operators and there are a whole lot of jobs to be had with social networking sites. Getting into this industry on time will guarantee success for the majority of workers involved in it.
Peer-to-Peer Lending Platforms
During the past five years, P2P has evolved into an industry that is worth $2 billion. It is staggering to think about it when you know that it began as a startup at first. As those startups were able to reach maturity, most of them have gone public and have gained enormous profits along the way.
P2P lending platforms facilitate loans from individual investors. They gather their money using the online platforms of operators in order to loan money to consumers of small businesses. The competition is high in this industry hence the fact that it is growing and gaining track really fast.
Medical and Recreational Cannabis Stores
With the legalization of medical marijuana in most states in the US and also the legalization for its recreational use in some, it has brought this industry to the highest nobody was able to predict. There are a lot of venders and stores that have been open since the election and the legalization.
Almost all of them are experiencing profit and are adding to the development of the industry. It also helps that the public has started to view marijuana use as something normal and not a demonized drug as before.
3D Printing and Rapid Prototyping Services
With the rapid technological development, lower costs of and a new application of 3D technology, this industry has been able to develop exponentially in the past five years. Many have been concerned when the prices of 3D printers started going down so companies decided to buy their own. Immediately bypassing the demand for acquiring such services.
Nevertheless, the revenue growth of the industry is expected to jump by 27% with a projected income of $309 million. This is also due to the fact that this industry is closely related to research and development expenditure within the manufacturing sector.
This is probably the most surprising entry on the list. But people like spending on luxury and it has brought to the rapid rise of massage franchises all over. Therapeutic and recreational massage services are sought by many now. Especially by the rich.
But an added factor, in this case, is related to health. There have been multiple types of research done that support the fact that relaxing massages can be good for a person’s health. Everyone wants to be healthy and hence the increased interest in this field. Additionally, not just rich people are getting massages and trying to lead a healthier life. With the improved economic environment that is seen in the US today, more and more people are able to indulge themselves with some luxury products and items.
Massage therapists are sole proprietors and all of them together are adding to the expansion of the industry.
Interesting related article: “What is a Franchise?“