With the US economy currently in the longest continuous period of expansion and with GDP forecast to grow at 1.9% during 2020, businesses and investors are hopeful for a successful year. But what are the predicted highest growth industries for the year? We look at the industries below and their relevance to overseas investors and businesses.

  1. With an increasing number of states legalizing the production and sale of marijuana, in 2020 industry revenue is predicted to grow by 25.2%. However, as the production and sale of Marijuana is still a federal crime, those seeking to work within the industry will not be eligible for visas to enter the US.
  2. Specialty online sales are expected to be a major growth area during 2020. Significantannual growth is forecast within the industry, with the highest performing sectors being online vitamin, men’s clothing and toy sales growth at 15.0%, 10.5% and 10.9%, respectively. With robust consumer spending expected to continue, further driving the long-term rise of e-commerce, the supply chain efficiencies that drive e-commerce are becoming much more accessible. With these reduced barriers to entry, more specialty online operators are beginning to command a sizable share of the e-commerce market. Consequently, these industries represent an excellent opportunity for those seeking market entry to the US. Industry operators could particularly benefit from the E-1, E-2 and L-1 visas.
  3. The Automated Guided Vehicle (AGV) Manufacturing industrymanufactures mobile robots used for material handling and tracking, in addition to other commercial uses. The industry is expected to grow 19% in 2020 alone as AGVs expand beyond traditional markets. AGVs have recently garnered interest from the Retail Trade sector, in particular across supermarkets who are utilizing AGV for maintenance tasks. There are no licensing requirements, government regulations or resource constraints that are significant enough to prevent companies from entering the industry. However, the high cost of establishing manufacturing facilities and sourcing skilled employees could prove too high barriers to entry for some.
  4. The Field Service Management (FSM) Software industry develops software that assists in the coordination and dispatch of field agents and technicians. The software has farreaching applications across several sectors since its core function is to boost efficiency among labor-intensive industries. During the year, FSM software developers are expected to expand the accessibility of their product to small and medium-sized businesses given the near ubiquity of mobile internet connected devices. In turn, as the FSM Software industry expands into niche markets, with industry revenue forecast to grow 13.5% by year-end 2020. With the largest industry players being large multinationals including SAP, Oracle and PTC, new entrants to the market will require significant differentiation to target niche areas.
  5. The Social Network Game Development industrycontinues to expand its market share within the broader Video Games industry. This is inherently linked to rapidly shifting technological trends and standards, including faster mobile internet connections, improved smartphone capabilities and software advancements in augmented reality, cloud gaming and the proliferation of mobile devices meaning that highquality video games are no longer limited to gaming consoles and PCs. The industry is forecast to grow 12.8% in 2020 as game developers continue to capitalize on improving mobile technology and expanding social networks. The industry provides significant opportunities to new entrants due to the robust growth, relatively low barriers to entry and start-up costs are not substantial, so significant capital investment is not required. Industry operators could particularly benefit from the E-1, E-2 and L-1 visas.
  6. The Wind Power industry is expected to outperform the overall economy in 2020, with the industry expected to reach a stage of maturity where industry operators shift from construction and installation efforts, to operational and efficiency efforts. As a result, the industry is forecast to grow 24.3% in 2020 alone. Although this industry is benefiting from growing concern over greenhouse gas emissions, the removal of beneficial tax credits, significant capital outlay, high costs of expertise and long lead-in time of projects, means the industry is out of grasp for many new entrants. However, those seeking to transfer employees from overseas could benefit from the high degree of specialist knowledge and see new entrants, especially within the services and knowledge segment of the industry.
  7. The United Statesis expected to become the largest producer of crude oil in 2020 largely due to the influence of the Hydraulic Fracturing Services industry. Despite volatility in oil and gas prices, demand for new well development in 2020 is expected to be the primary driver of industry growth. As older, traditional wells become less productive, oil and gas extraction operators are incentivized to use fracking services for greater extraction of oil and gas. In turn, the industry is forecast to grow 27.8% in 2020. However, new entrants are confronted with the immense difficulty of competing with established industry operators, especially the industry’s three largest players: Halliburton, Schlumberger and FTS International. Smaller companies can succeed in this industry, though most are confined to smaller, less-complex projects and regional markets.

 

At Davies Legal, we represent clients in connection with all types of immigrant and non-immigrant visa applications. We offer competitive fixed fee billing and an assurance that your case will be handled only by your designated, fully licensed US immigration attorney. Call now for a free no obligation quote.

 

 

 

 

 

 

 

 

 

 

 

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Published: 31st January 2020