How to Fast Growing The Industries

Launching a business can be incredibly challenging, but there are ways to prepare yourself for the tough road ahead. If you do your research and enter an industry with a high annual growth rate, your startup will have a better chance of succeeding.

To help you get started, here are eight industries that are currently ripe for growth.

Artificial intelligence (AI) may have been the stuff of science fiction years ago, but today it’s used in everything from voice-recognition programs to virtual assistants such as Siri and Cortana. Though it’s not a new concept, it’s continuing to boom in the current market. According to GoBankingRates, a Bank of America Merrill Lynch report stated that AI analytical research will be a $70 billion market by 2020 (up from $8.2 billion in 2013).

The popularity of virtual reality (VR), which allows users to become immersed in a 3D digital world, is exploding. In fact, GoBankingRates reported that VR will be a $1 billion market by the end of 2016. Thanks to its variety of applications ranging from video games to health care, the industry will most likely continue to thrive.

Unmanned aerial vehicles (UAVs), commonly called drones, are making quite a landing in the business world. ABI Research predicts that more than 90 million consumer UAVs will ship during 2025, with a compound annual growth rate of 30.4 percent. Moreover, research indicates that by 2025, consumer drone revenue may reach $4.6 billion. Learn more about the business applications of drones.

This fast-paced industry has grown significantly in popularity and accessibility in recent years. With the right technical skills and equipment, just about anything can be 3D printed, from auto parts to kitchenware. GoBankingRates reported that the 3D printing industry was valued at $5.165 billion in 2015. Learn more about 3D printing’s impact on the business world.