BOSTON (TheStreet) -- Bad news for some is almost always good news for others, especially in the business world.
Recently TheStreet, using data provided by Los Angeles-based industry research firm IBISWorld, looked at 10 industries that are "on life support" -- sectors failing to adapt to the times and standing on the precipice of extinction.
Now IbisWorld has taken a look at the other side of the coin -- 10 industries it believes will be among the fastest-growing over the next five years.
IBISWorld Senior Analyst Casey Thormahlen walked us through the firm's projections and the reasoning behind its picks:
Privatized prisons are a big business that's only getting bigger -- a grand slammer, if you will.
The prison industry's $34.4 billion in revenues last year is part of total revenue growth of 9.1% from 2000 through this year, IBISWorld says. Total revenue growth from this year through 2016 is forecast at 7.5%.
"America has the highest per capita incarceration rate In the world," Thormahlen says. "We are also seeing a lot of state governments moving closer to the privatization of their facilities. We are seeing a lot of benefit for private correctional facilities."With a year-after-year double-digit increase in prison populations, crime will continue to pay for private jail keepers and companies such as The Geo Group
Thormahlen says that as states struggle with their budgets, more may take their cue from places such as Arizona, which last year tried to enforce a (since-repealed) law requiring that all prisons be privatized. Florida is among other states working to hand off responsibility for running its jails. VoIP Innovative companies such as Vonage Cable companies including Comcast "You are seeing more people opt for bundled systems, where they get their cable telephone and Internet all in one package," Thormahlen says.
The growth in Voice over Internet Protocol providers in the U.S. correlates to the steady demise of traditional "landlines."
Innovative companies such as Vonage
Cable companies including Comcast
"You are seeing more people opt for bundled systems, where they get their cable telephone and Internet all in one package," Thormahlen says.With nearly $12.5 billion in revenues last year, VoIP providers saw revenue growth approaching 194% from 2000 to this year. IBISWorld predicts an additional 17.4% growth through 2016.