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TheStreet) -- If you read the print edition of a newspaper, still make calls over a landline or plan to rent a tuxedo for an upcoming wedding, you are doing what many of your friends and neighbors gave up long ago.
IBISWorld, a market research firm, recently compiled a list of 10 industries that may be on the "verge of extinction in the United States." Within its database of close to 700 industries, about 200 are in decline, with the ones selected having seen large and steady drops in revenue and number of establishments. From the beginning of 2011 to the end of 2016, these industries are likely to deteriorate further.
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"People might think that we are coming out of recession and these industries have hit bottom, so therefore everyone should be going up," IBISWorld Senior Analyst Toon van Beeck says. "But that is definitely not the case. A lot of these revenues peaked in about 2000 and since then they have declined year over year."
He explains that while economic cycles, the ups and downs of bull and bear markets, often swing every eight to 10 years, "industry life cycles can be three to 50 years where they go from maturity into decline." The industries singled out by the firm "are really at the end of their decline phase or they are in rapid decline."
Most of the industries share common reasons for their bleak prospects, including damage from advances in technology, industry stagnation and external competition, he says.
Because labor costs and regulations are high domestically, many manufacturers send their production to foreign countries. Downward price pressure from domestic wholesalers, retailers and consumers forces U.S. producers to cut costs to offer a competitive price. Many firms that cannot outsource have a difficult time competing.