Technology Dominates Top 10 Boom Industry List

OK, so the economy stinks. That’s not news.

What IS interesting are the places where the economy doesn’t stink, as evidenced by research from IBISWorld USA and outlined by the Wall Street Journal today in a blog feature called the “Top 10 Thriving Industries”. In other words, these are industries with good past, present and projected future revenue growth. Unsurprisingly, as the WSJ points out, a majority of the boom industries (eight out of 10) are in the technology sector.

At the top of the list? Voice over IP (VoIP) technologies, with 194 percent revenue growth from 2000 to 2010, and projected growth from 2010 to 2016 of 17.4 percent. Following VoIP in boom technologies is wind power in the number two spot, followed by e-commerce and online auctions, environmental consulting, biotechnology, video games, solar power, third-party administrators and insurance claims adjusters, correctional facilities and, finally, Internet publishing and broadcasting in the number 10 spot.

So with VoIP showing up in the top spot, it only makes sense that what it’s replacing would be in the top spot of the recent “Top 10 Dying Industries” list, as determined by IBISWorld and recently blogged by the WSJ.

At the top of that dubious list? Wired telecom carriers, who are, of course, being pushed to obsolescence in part by voice over IP technologies. In a similar vein, as newspaper publishers have achieved a rank on the Top 10 Dying Industries list, Internet publishers – who are largely responsible for the death of newspaper publishing – show up on the boom list.

“Meanwhile,” writes the WSJ, “Demographic shifts are also adding to the list of fastest-growing industries. Insurance-claims adjusters are in a growing sector as the Baby Boom generation ages. Unfortunately, a growing population also increases the need for prison guards, as correctional facilities make the list of thriving industries.”

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Tracey Schelmetic is a contributing editor for virtual-pbx. To read more of Tracey's articles, please visit her columnist page.

Edited by Jennifer Russell