With the advent of technology, growth industries are budding without any halt and the global economic structure is flourishing as well. This is a piece of good news because these growth industries play a major role in employment and they uplift the nation’s GDP (Gross Domestic Product). A growth industry is relatively a new industry in the market, which has not existed before. It is the result of endless supply and demand chain. When there is a high demand for a particular product or service, a new industry is introduced and they start supplying the same to the people in need.
Here are the top 5 growth industries worth eyeing for a bright future in 2020
1. Infrastructure: Nowadays, there is a drastic growth in infrastructure development, which is due to the rapid growth of various businesses. A business organisation or enterprise needs a proper infrastructure to run its operation and day-to-day activities effectively. There is always a demand for infrastructure while doing a business. Infrastructure varies from domain to domain, which also depends on the location and service/product.
2. Finance: Unequivocally, smartphones have changed our lives drastically. Now, it is easier for a person to get financial services on cell phones. This has emerged into the rapid development of numerous fintech companies that are aiding students and individuals to get loans and other financial help within a matter of seconds.
3. Automotive: The Indian automotive industry is the world’s 4th biggest and India is currently the world's 4th largest manufacturer of cars. India was also the 7th largest manufacturer of commercial vehicles in the year 2018. Did you know that the Indian automotive industry is expected to reach Rs. 16-18 trillion by 2026? All these facts provide evident support that maintenance of the automotive sector is inevitable and is about to boom in 2020.
4. Healthcare: The Indian healthcare industry is estimated to enjoy an increase of Rs 8.7 trillion by 2022 from Rs 4.2 trillion of 2017. The growth is at an average CAGR of 16-17%. Healthcare industry has established itself as one of the biggest growth industries and one of the major sources of revenue and employment.
5. Technology: How can we forget about this one? Technology will always be in the news as it evolves regularly and this industry is so huge that cloud tech, mobile internet, and other digital payments could add almost $550 billion a year to the economic value by 2021. Students are showing heavy interest in technology and it is predicted to surpass every other industry by 2030.
If you want to excel in your career and do something great, make yourself future-ready by honing your skillset. Stagnancy can slow down your effort to achieve what you have been dreaming for years.
