LOS ANGELES--(BUSINESS WIRE)--The recession wreaked havoc on a myriad of businesses across the US, however, several industries experienced strong revenue growth despite the economic downturn. Industry research firm IBISWorld identified the top 10 fastest growing industries from 2000 to 2016.
“After compiling the list of fastest growing industries, there were some apparent trends,” explained IBISWorld Senior Analyst Casey Thormahlen. “Each industry on the list experienced growth as a result of one or more of four drivers: Internet growth, environmental issues, cost cutting and evolving technology.”
It is no surprise that voice over internet protocol (VoIP), e-commerce and online auctions, and Internet publishing and broadcasting top the list. Each is being supported by the increasing popularity of the Internet for communication and business transactions. The growth of these industries will benefit major players like Comcast (CMCSA), Time Warner Cable (TWC), Cox Enterprises, Vonage (VG), Amazon (AMZN), eBay (EBAY), Google (GOOG) and Facebook.
Growing environmental concerns and favorable government assistance has boosted wind and solar power generation. A continued focus on lifting energy self-sufficiency and reducing greenhouse gas emissions is expected in the next five years, benefiting companies like Next Era Energy (NEE) and Xcel Energy (XEL). Additionally, increased government regulation with regard to the environment has opened up vast opportunities for environmental consulting firms to help clients with compliance.
Third-party administrators, insurance claims adjusters, and correctional facilities have all been experiencing growth as private and public entities seek out alternatives amid a slow growing economy. As insurance operators look to cut costs and improve profitability, they are outsourcing work to claims adjusters and administrators like Aon Corporation (AON), Marsh & McLennan Companies (MMC) and Willis Group Holding. Similarly, as government budgets tighten, correctional facilities are turning to less expensive options, such as the privatization of facilities like Corrections Corporation of America (CXW).
Biotechnology and video games are an unlikely duo, but both industries are benefiting from constantly evolving technology and product developments, like genetic engineering and 3D video games. Although each industry has taken considerable steps to cut costs in the past few years, diversified product lines and increased demand from an aging population (video games are seeing more female and older players) are key revenue drivers for both industries. Companies that stand to benefit include Syngenta (SYT), Monsanto (MON), Genentech (RHHBY) and Activision (ATVI).
About IBISWorld, Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit www.ibisworld.com or call 1-800-330-3772.