Are you passionate about coding and developing software? Even if you grew up in a family of developers, or just fell in love with codes, you may wonder which industries are really profitable so you can start a business without risking abject failure. Profitable industries don’t necessarily mean you’re knee-deep in money but they’re ones that produce high profits compared to low initial investments.
In this article about most profitable businesses and specifically the software development industry, you’ll find out whether it’s a good option to pursue. In the meantime, here’s some good news for you.
The Bureau of Labor Statistics recently reported that the software development sector of the economy is expected to grow 21% from 2018 to 2028. The report also noted that this rate of growth is faster than the average for all occupations. In other words, the tech industry is booming.
Furthermore, Evans Data Corporation projects that with 23 million software developers in the world in 2018 (with roughly 4 million in the U.S), the figure will increase to 27.7 million by 2023. Those figures include anyone involved in creating software to include coders, team leaders, managers, and CTOs (Chief Technology Officers).
Because software developers create applications to run computers and other devices, there’s a growing demand for their services. Consumers use social media platforms and software to communicate with family and friends, shop and run businesses. By living in an information age, there are no signs that the software industry has reached its peak.
Developers, programmers, coders, and software engineers will continue to evolve software systems to meet customer demand. Why? There will always be a need to develop cloud storage, build apps, and cash in on techy-geeky expertise.
Additionally, today’s organizations are building a coding network: teams with diverse skills called DevOp professionals collaborate to deliver high-tech products. The need for DevOps is on the rise to increase efficiency and improve product quality. At the heart of the operation is to solve challenges with new technology and expertise.
What’s more, the software development industry needs skilled testers to review products before they’re launched. They are an essential component of the development process to make sure applications don’t break down under real-time usage. They help streamline the software tech community for a cohesive effort to deliver better software to users.
In addition, as security tightens up in small and large corporations, developers and others need to stay on top of security breachers by cyber intruders. Sensitive information must be protected so customers feel safer when shopping, banking or surfing online.
As well, artificial intelligence that’s driving the market for self-driving cars, conversational speech techs, and digital transcription of voicemails all require software development skills.
Likewise, software development is strategically positioned to improve the efficiency of progressive web apps that don’t require downloading.
Knowing which businesses are most profitable helps a new business owner move forward confidently. As you can see, the future looks bright for software development. This industry and others can run on tight budgets without restricting a business’s income-making potential.
Perhaps now’s the time to find your niche in the marketplace and garner your share of the profit.