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Revenue from e-commerce and online auctions grew at a cumulative rate of 468.9% from 2000 to 2009, according to a new study, making the category the third-fastest growing industry behind voice-over Internet protocol and search engines.
Revenue from e-commerce and online auctions grew at a cumulative rate of 468.9% from 2000 to 2009, according to a new study from IBISWorld. That puts the category as the third fastest growing industry behind voice-over Internet protocol and search engines.
The fastest growing industries by cumulative revenue from 2000 to 2009, according to IBISWorld are:
- Voice-over Internet protocol providers, or VoIP (first revenue recorded in 2002), 179,035.8%
- Search engines, 1,655.9%
- E-commerce & online auctions, 468.9%
- Online dating and matchmaking, 248%
- Tank & armored vehicle manufacturing, 244.7%
- Petrochemical manufacturing, 221.2%
- Mining support, 186.7%
- Wireless telecommunications carriers, 183.4%
- Biotechnology, 182.1%
- Warehouse clubs and supercenters, 146.5%.
IBISWorld also ranked the top industries by forecasted cumulative growth for the next decade. According to IBISWorld, e-commerce will slip to number four. From 2010 to 2019, IBISWorld ranks the following industries in order of growth rate:
- VoIP 149.6%
- Retirement & pension plans, 133.7%
- E-commerce & online auctions, 124.7%
- Environmental consulting, 120.3%
- Video games, 112.9%
- Trusts & estates, 105.7%
- Search engines, 100.9%
- Recycling cacilities, 80.9%
- Land development, 72.7%.
While the technology and innovation industries that have thrived in the past 10 years are expected to continue their run through 2019, the winners of the next ten years will also share the stage with a recovery in financial services and increasing social concerns, IBISWorld says.
IBIS World also ranked the worst performing industries from 2000 to 2009. They are:
- Men`s & boys` apparel manufacturing, -89.1%
- Clothing accessories manufacturing
- Money market & other banking, -73.3%
- Broad woven fabric mills, -72.7%
- Women`s & girls` apparel manufacturing, -71.4%
- Apparel knitting mills, -70.9%
- Leather tanning & finishing, -70.0%
- Manufactured home dealers, -67.4%
- Circuit board & electronic component manufacturing, -63.9%
- Recordable media manufacturing, -63.7%.
Many of the industries that have not performed well struggle with competitive pressures ranging from overseas supply sources to substitute products from other industries, according to the report.
Over the next years, IBISWorld predicts the following industries will be the worst performing:
- Wired telecommunications carriers, -52.0%
- Tank & armored vehicle manufacturing, -51.9%
- Vacuum, fan & small household appliance manufacturing, -34.4%
- DVD, game & video rental, -32.8%
- Photofinishing, -31.5%
- Lighting & bulb manufacturing, -26.8%
- Telecommunications resellers, -25.3%
- Synthetic fiber manufacturing, -24.6%
- Wire & spring manufacturing, -24.5%.
IBISWorld says the industries that will perform the best over the next decade are those that develop innovative products, keep prices competitive and improve upon efficiency.