Which industries are expected to thrive and grow the most over the next decade? Small-business financial solutions company Fundera analyzed data from the Bureau of Labor Statistics, market research firms and investment firms to find out.
Technology, unsurprisingly, comes out on top. "Technology is at the heart of nearly everything we do and experience these days," Fundera reports. Tech companies outperformed other industries "across the board" in Fundera's analysis.
"A decade ago, tech investors mainly invested money in communication tools, social networks, and software as a service," the report says. "Now, the universe of companies that call themselves technology companies has grown tremendously."
Health and energy place second and third in the ranking, respectively. The health industry secures nearly a quarter of total venture capital investments, and the energy sector is poised to see revenues grow more than 8 percent over the next decade, according to the report.
If you're planning to start a new business, or to join one that's expected to flourish, here are the top 10 booming industries.
Forecasted revenue growth: 2.2 percent
Forecasted job growth 2016 to 2026: 108 percent
Stock market 10-year gain: 125.82 percent
Best sub-sectors: Autonomous vehicles, electric vehicles, smart cities
Forecasted revenue growth: 1.6 percent
Forecasted job growth 2016 to 2026: 106 percent
Stock market 10-year gain: 56.44 percent
Best sub-sectors: Online brokerages, online design services, real estate tech
Forecasted revenue growth: 1.6 percent
Forecasted job growth 2016 to 2026: 107 percent
Stock market 10-year gain: 66.49 percent
Best sub-sectors: Fintech, cryptocurrency
Forecasted revenue growth: 2.4 percent
Forecasted job growth 2016 to 2026: 108 percent
Stock market 10-year gain: 214.23 percent
Best sub-sectors: Hotels, sustainable food providers
Forecasted revenue growth: 0.8 percent
Forecasted job growth 2016 to 2026: 113 percent
Stock market 10-year gain: -11.41 percent
Best sub-sectors: Residential housing, big infrastructure, construction tech
Forecasted revenue growth: 1.2 percent
Forecasted job growth 2016 to 2026: 103 percent
Stock market 10-year gain: 186.72 percent
Best sub-sectors: E-commerce, pop-up retailers, personalized retail
Forecasted revenue growth: 1.8 percent
Forecasted job growth 2016 to 2026: 109 percent
Stock market 10-year gain: 211.77 percent
Best sub-sectors: Gaming, virtual reality, streaming television
Forecasted revenue growth: 8.1 percent
Forecasted job growth 2016 to 2026: 115 percent
Stock market 10-year gain: 9.07 percent
Best sub-sectors: Oil and gas, mining, fracking, sustainable energy
Forecasted revenue growth: 2.3 percent
Forecasted job growth 2016 to 2026: 121 percent
Stock market 10-year gain: 185.31 percent
Best sub-sectors: Biotechnology, health data management, personalized health
Forecasted revenue growth: 1.9 percent
Forecasted job growth 2016 to 2026: 120 percent
Stock market 10-year gain: 295.88 percent
Best sub-sectors: Cloud computing, machine learning/A.I., big data
Forecasted revenue, forecasted output and venture capital investment were among the factors Fundera considered in deciding which industries are expected to generate the most money, products and jobs over the next 10 years. Their full methodology is available to read here.
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