Since the Industrial Revolution, the world has been continuously changing and developing. Over the past decade, millions of individuals have switched their jobs in search of better opportunities in flourishing industries. Potential investors and business tycoons in the US have also shifted, updated their interests, and modified their investment portfolios. Every day, thousands of new developments and modifications appear on the international markets, impacting ongoing market trends. The IT and manufacturing industries in the European and North American markets have completely revolutionized global dynamics. Industrial development affects the financial conditions of target regions, economies, and individuals sustaining in that environment.
Why is industrial development essential for global economies?
Development is essential for economies and ordinary people working in various sectors of employment. With the influx of technology, many individuals updated their skillset to cope with ongoing advancements. Every developing and flourishing industry creates significant employment and opportunities for individuals from various sectors and backgrounds.
Over the years, the US has been among the top markets for individuals seeking odd jobs without prior work experience or qualifications. In the US alone, about 157.54 million are employed in various industrial sectors. Every year thousands of immigrants immigrate to North American regions in search of better opportunities and earnings. Many entrepreneurs start their small-scale and in-house businesses contributing to the local economy by employing workers on daily wages.
Every industry undergoes an inevitable revolution every decade to comply with ongoing global challenges and requirements. Industrial developments help individuals assess the world around them and how they can improve their skill set to be successful in the upcoming years. Continue reading to discover the growing industries of 2021, which are likely to make noticeable impacts in the upcoming years.
Which industrial sectors are performing exceptionally well in the global markets?
Around the globe, industries play a significant part in contributing to the betterment and development of societies. To comprehend industrial development, we divide sectors into industry groups, classified as industries and sub-industries. Since the early 18th century, many industries have appeared globally, dominating international markets and impacting individuals’ lives.
The strongly growing industries in 2021
Mentioned below are the five Growing Industries of 2021, which are likely to have a significant impact in the upcoming years.
- Health care industry
- Manufacturing and processing industry
- Online gambling industry
- Automobile industry
- IT industry
Health care industry
We all have grown up listening to “health is wealth.” The health care industry would never experience stunted growth or recession. About 22 million individuals are working in the health care industry in various capacities and roles. About 14% of the population of the US is involved in the health care industry, contributing to various research and development projects and life-saving medical facilities. Every year, millions of dollars are invested in developing vaccines, medicines, health care tools, and machines to serve better and combat deadly diseases. This sector’s health care professionals provide several patients with palliative, curative rehabilitative, and preventive care through well-researched and practiced methods. Medical research can never be stopped or terminated, making the health care industry the foremost and fastest-growing of the century.
Manufacturing and processing industry
Since the industrial revolution, the manufacturing and processing industries have continued to grow and develop. Over the years, various finished and unprocessed goods are shipped to and from every region of the World. Manufacturing and processing industries are responsible for producing and packing many edible products; those are classified among the necessities of human life. Individuals working in manufacturing industries are well-paid above the average pay scale to expedite the rate of production. According to a rough estimate, the manufacturing industry in the US caps about $1.8 trillion, contributing to various developing economies. About 14 million people are employed in the manufacturing industry in the US, making it one of the fastest-growing industries across the globe.
Online gambling industry
Who would have expected that online casinos and betting platforms would dominate land-based casinos and betting counters ten years back? According to statistics of 2020, the gambling industry of the US has a net worth of $2,178.29 million, expected to increase by 17-18% in the upcoming five years. The number of people gambling online in the US cannot be precisely predicted, as every day, thousands of avid gamblers sign up on multiple betting and gambling platforms. About 64% of Americans are involved in gambling in pursuit of winning jackpots and thousands of dollars in rewards and maximum payouts. There are about 2200 online casinos in the US, attracting seasoned gamblers throughout the day. After the outbreak of COVID-19, gamblers preferred staying back in their cozy living spaces and playing casino games online. Users can play more than 100 games in online casinos including, Texas Hold’em Poker, Bridge, Baccarat, Russian Roulette, Online Slots, Spin the Wheel, and much more.
According to statistics of 2021, the Car and Automobile industry of the US has a net worth of $82.6 billion, expected to grow in the upcoming years. Whether it be high-end sedans, sports cars, or four-wheelers, people of the US are crazy about buying new and expensive cars in the market. The Automobile industry also contributes significantly to the economy of the US by employing 1.7 million individuals. The automobile industry is expected to grow and develop to meet the steady rate and demands of urbanization and rapid industrial developments.
The IT industry is among the most developing sectors around the globe, contributing $1.8 trillion to the US’s value-added gross domestic product (GDP). According to the recent market statistics of 2020, about 3 million individuals are employed in the IT sector in the US. Since the influx of digital products and online production, thousands of businesses and organizations have accepted the digitalized methods and ongoing market trends. There is no doubt that the IT industry will continue to grow and employ more people in the upcoming decade. One can sit back and invest in setting up IT businesses and joint ventures integrating technology and automation as an investor.
YouTube: 14 Growing Industries of the Future [2021 Edition]
Photo credit: The feature image has been done by Gorodenkoff.
Source: Select USA / Theodore McDarrah (Forbes) / Lynda Laughlin, Augustus Anderson, Anthony Martinez, Asiah Gayfield (US Census Bureau) / Select USA / IBIS World / Select USA / Makada Henry-Nickie, Kwadwo Frimpong, Hao Sun (Brookings)