by Lolade Odeyemi
Business oriented individuals in the 21st century, are without doubt strategically scouting for opportunities to tap into thriving and flourishing industries that would shield them from the fear of investment loss.
Globally, there are numerous booming industries, which have consistently remained very relevant in revenue generation amid the harsh economies of the world, due to their indispensable services and offerings.
As such, the spotlight has been on some specific industries that have driven humongous earnings for smart entrepreneurs and investors in recent times.
To this effect, Inc.com tracked some fast growing companies in specific industries with their revenue per industry sector, signaling a safe harbor for investors and entities looking for fertile industries to invest in.
Here is the list of the top ten most profitable industries
The health sector is unarguably one industry that endlessly services the inevitable needs of people which entails tending to illnesses, providing numerous and as such, there is no question of revenue generation, which explains why this industry has a place on the list of the top ten most profitable industries. At $21.8 billion, the health industry ranks first in terms of 2013 revenue, with a 135 percent three-year growth rate. Findings have also revealed that although, the industry isn’t the fastest growing, but in 2013, it was the biggest.
- IT Services
Information Technology industry came in second on the list and there is no doubt that there is a reward for technological innovations and advancement. For delivering services ranging technological services, the industry has been able to sustain profitability. Just last year, the combined revenue of the Inc. 5000-listed IT firms hit $19.3 billion. Also, reports showed that the industry’s three-year revenue growth rate is 122 percent.
- Business Products and Services
Scooping the third spot in the list of most profitable businesses, the business products and services industry offering office items chairs, computers, and supplies has proven to be a tough industry despite the recession that hit a while back, sending some industries under. According to calculations, companies in this industry in 2013 recorded combined revenue of $18 billion.
The energy industry hit the fourth position on the list of 2014 most profitable industries, recording a growth of 168 percent between 2010 and 2013. As a vital provider of a very essential commodity, the energy industry can’t help but respond to demand which leads to massive supply and revenue generation. This industry also raked in $17.5 billion in combined revenue of different energy firms in 2013.
- Financial Services
Ranked fifth on the list, the financial industry that offers a range of monetary and financial management services raked in whooping revenue of $17.2 billion in 2013. Also, all the financial service companies on the Inc. 5000 grew 112 percent.
- Human Resources
This is one industry that might not instantly come to the mind of investors as a profitable venture, which handles activities for growing companies, especially recruiting, hiring, and benefits administration. However, it is without a doubt subtly booming industry with a three-year revenue growth rate of 112 percent. Findings also showed that every Inc. 5000 HR Companies combined raked in $12.3 billion in 2013.
- Logistics and Transportation
Logistics and Transportation is one large industry that sees to the execution of life’s daily activities, which includes movement of human, and luggage, thus the large revenue potentials. The sector made a collective $11.1 billion in 2013.
- Consumer Products and Services
Although ranked as number eight on the list, the Consumer products and services industry has been rated as the fastest-growing industry on the Inc. 5000. The industry, which provides a range of edible and inedible consumer goods, also pulled in $10.7 billion revenue in 2013 and will certainly not witness any major drop following steady demand .
Although the construction industry saw a great plunge during the great recession, as major constructions became the least on any agenda, the industry still wangled its way out of the snag to grow 88 percent over the last three years and raked in $10.3 billion.
Mobile phone activities that include calls, text messages, internet usage became more popular in the 21st century making the telecommunications industry a very prominent and lucrative one. The industry ranked 10th position on the most profitable industry list and all the telecoms companies on list drew in total revenue of $9.4 billion.