The fastest growing businesses tend to be the companies that appear to peer into the future, grasp what tomorrow’s customers need and start producing it today. While there’s no crystal ball for businesses to peer into, research tends to suggest areas of business that might experience the most growth. So what industries are expected to grow the most for Australia in the next few years? Data compiled by SkillsTalk and the Creative Enterprise Australia (CEA) suggests the fastest-growing industries in Australia lie in these five categories.
Industries that are creative in nature are responsible for more jobs than mining, agriculture and tourism in Australia, according to the CEA. While many creative start-ups are already going strong, government efforts to focus on the arts could help expand that even more, the data suggests. Creatives are in the second fastest growing industry in the country, with the segment responsible for 6.2 percent of jobs.
As the economy grows, more Australians are looking to invest — which means more opportunities for businesses in the finance sector. According to SkillsTrend, the growth will help create more demand for companies that manage funds — an area that is also growing faster than the neighboring Asia-Pacific economies.
Opportunities for banks are also growing, the data suggests. A key to the growth is creating smart, yet simple platforms for customers to create transactions on securely and easily.
The always dominant agricultural segment will continue to play a role in Australia’s economic future, SkillsTalk suggests. The growth will likely be fueled by an increased demand for organic food as consumers continue to become more wary of what’s inside their fridges. A growth in Asia will likely mean more exported foods, while cotton will also continue to be an important part of Australia’s economic makeup.
Like many other developed countries, the population in Australia is aging as the baby boomers hit retirement while the younger generation is beginning to pattern towards parenting later in life. That translates into a large bubble of older residents looking for health care, aged care homes and even education options catering towards an older generation.
While technology is becoming increasingly important to every business sector, the category itself is still growing, Anthony Fensom suggests. The category is one of the top ways individuals under age 40 have created their own wealth. From software to hardware, companies that can identify a pain point and meet it have a good chance at getting a foothold in the economy.
Data suggests that Australia’s economy is currently one of the fastest growing in the world. Getting a foothold inside a segment primed for growth can help businesses set out on the right foot.