A recent report by IBISWorld has outlined certain small business sectors that are currently thriving and are expected to continue to do well over the next several years, regardless of the current state of the economy. While there are always a host of factors that can affect business sector predictions, these industries look strong and the potential for growth is certainly present. Here are some of the top small business sectors that are growing fast and are predicted to flourish in the immediate future.
Despite a significant downturn in both the construction and home-building industries, environmentally friendly (or green) building has seen stable growth throughout the recession. In fact, according to IBISWorld, the sustainable building industry has experienced an annualized growth of almost 29 percent since 2002, with continued growth expected. This is due in part to a rise in consciousness about the importance of sustainability overall, supported by a growing trend in which building codes have begun to require/encourage the use of sustainable materials.
In spite of the downturn, certain small businesses in the personal health sector have remained strong for a variety of reasons, including popular health trends, an aging population, recognition of certain health risks, and the like. This has led to really strong performances in everything from the yoga and Pilates market to certain self-tanning products.
According to the IBISWorld report, the solar panel industry has sustained an annual revenue growth of 32.3 percent from 2002 to 2012. Not only is this in line with a growing emphasis on sustainability and green initiatives, but this industry has also been helped out by a dip in silicon costs and other market factors.
According to IBISWorld, the social media gaming industry is expected to see around 22 percent annual growth over the next five years or so. This is hardly surprising, given the proliferation of social media forums that have emerged in the past couple of years. The popularity of smart phones, which significantly boost the accessibility of these types of games, has only strengthened this trend. It’s predicted that in 2012, around 250 start-ups and small companies are expected to enter this market.
IBISWorld is a market research organization specializing in long-range industry forecasts.
Neiger, Chris (Investopedia). “Fastest Growing Small Business Sectors.” San Francisco Chronicle (SFGate). 6/21/12. (6/24/12.) http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/06/20/investopedia84485.DTL.