7. Travel Agencies
After a rough few years, the travel industry has been slowly recovering since 2010, given the strong opportunity in the cyber world for travel-related assistance.
While the "era of storefront travel agencies is entering a long-term decline," it is being replaced by online agents, which offer a "relatively high-profit, low-cost way to handle transactions," the report says.
"This segment of the industry has grown significantly and will likely continue to display strong growth during the next five years. Major operators will continue to acquire global, regional and local websites to improve their revenue and profit, and capture a larger share of this growing area. Furthermore, many firms will enter the industry, increasing demand for loans associated with data storage and labor requirements," the report says.
IBISWorld estimates revenue will grow 6.1% to $20.7 billion in 2013. From 2013 to 2018, industry revenue is forecast to increase at an annualized rate of 2.2% to $23 billion.
8. Translation Services
Translation services is a growing area due to globalization and an increasing number of non-English speakers in the U.S. Businesses taking advantage of the increasingly global marketplace are looking for translation services as they expand into new countries, often requiring services to adapt websites and marketing materials to the new region, the report notes.
Industry revenue has increased at an annualized rate of 2.4% to $3.2 billion in the five years to 2013. In 2013, IBISWorld expects industry revenue to increase 3.4%.
While technology has helped automate the process, the services still remain labor-intensive. "Some competition exists through programs and free Internet websites, but these systems often give translations that do not provide a cultural context," the note says.
-- Written by Laurie Kulikowski in New York.
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