There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. The size of the virtual reality industry has practically doubled each year, from being worth $6.1bn in 2016 to $14.1bn in 2017. Are you looking to get a piece of the pie? Another thing that is making the ICT industry thrive is the market for cell phones. https://www.seekcapital.com/blog/fastest-growing-industries In many countries on the continent, access to financial services is very poor. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. You also have the option to opt-out of these cookies. South Africa has recently survived a recession and has come out in a pretty solid position. South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually. The South African Electrolytic Corrosion Committee (SAECC) states that this country’s ICT market was worth an estimated USD 42.6 billion (R468.4-billion) in 2013 with IT accounting for USD15.08 billion and communications technology accounting for USD27.18 billion. Review our, Water Bottling Equipment Industry in South Africa, Plastic Container Industry in South Africa, The Top 10 Soap Brands in the World (2018), South African Government Saves Textile Jobs through Production Incentives Programme, Top 10 Largest Gold Producing Companies in the World (2018), best south african investment opportunities, fastest growing industries in south africa, small business opportunities in south africa. Africa is the world’s fastest-growing continent for software developers. The 10 Fastest Growing Industries in the US. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Africa is fast becoming one of the most respected continents due to its growing economies and sectors. Manufacturing Industries; This is one of the fast-growing industries in South Africa, these industries focus on the production of various chemicals, clothing materials, spare parts for various automobile, insecticides, electronics, footwear, and … Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. 2019-2020 Revenue Growth. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. The strong financial sector is built on a foundation of concrete legal and physical infrastructures that promise stable economic growth. Then look no further than these. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Given the fact that the Kenyan capital, Nairobi is the largest city between the Egyptian capital, Cairo and Johannesburg in South Africa, it serves as the heart of transportation of Eastern and Central Africa. Wholesale, retail and catering/accommodations contribute about 15%. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. ... one big question among industry insiders has been whether local tech ecosystems are large enough to absorb them. Since the beginning of the industrialization of this country until presen… . Based on these transformations and the support from African Growth and Opportunity Act (AGOA), there are many opportunities abound within the textile and apparel industry in South Africa, everything from natural and synthetic fiber production to non-woven fabric, spinning, weaving, tufting, knitting, dyeing, and finishing. Companies: YDE (1995 – 2007), Über Flavour (2014 – present) Turnover : YDE had a turnover of R160 million at the time of its sale to the Truworths Group. [email protected]. Africa is known to take advantage of their growing youthful population and is forecasted to have the largest urbanization rate, surpassing China and India by 2034. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. Other heavy civil engineering construction. It is mandatory to procure user consent prior to running these cookies on your website. It covers all aspects of business operations, from the very specific to the very generic. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. According to the World Travel and Tourism Council, tourism contributes about 7% of the GDP and employment in South Africa. As per the market reports, the continent is forecasted to witness a rise in GDP by 6%+ annually between 2013 & 2023. Are you looking to get a piece of the pie? Experts forecast this will increase to USD 3.5 trillion by 2025. . Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. Then look no further than these fastest growing industries in South Africa. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. More information can be found at the, Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the. Situated in eastern Africa, Ethiopia has a whopping 107-million population with 30% made up of young people. Topfacts: 1. FinTech is one of the newest and fastest emerging industries in Africa. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. Many investment opportunities lie in developing access control systems/security equipment, systems, and software development in the banking and financial services sector, exporting hardware, silicon processing for fiber optics, integrated circuits, and solar cells. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. Students made up 4.7% of tourists from ‘other’ African countries compared with 0.6% from the SADC countries. The. 79 Figure 5.1 Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years Potential revenue growth from African manufacturers by 2025. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the, There are many opportunities in tourism, as it is one of the. 1. Manufacturing production increased by 2% in December 2017 as compared to the previous year and sees the highest utilisation of production capacity in radio, television and communication apparatus (85.4%), petroleum and plastic products (83.5%), wood products, paper, publishing and printing (82.9%), food and beverages (82.5%) and motor vehicles, parts and accessories (82.3%). It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. The second fastest rising economy of the world, Africa has been boasting a booming economy for quite a while now. Sub-Saharan Africa saw the world’s fastest rate of new broadband connections between 2008 and 2015, and mobile data traffic across Africa is expected to … Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” As for the average rate, it’s 5.85% and it ranges from 1981 to 2017, with 13.9% being the most economic growth that this country has seen, with-11.10% being the lowest rate recorded. Added to petroleum, its other major natural resources comprise of gypsum & natural gas. Afrihost finished … Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the fastest growing industries in South Africa. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to … It has registered immense growth to the point that it is now the second fastest-growing tourism industry in the world, only behind the Asia Pacific region. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. Africa’s 10 fastest-growing economies Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. Given the country’s vibrant public life and dynamic business sector, South Africa has no shortage of ideas, but a tone of pessimism is growing as many worry that the economy is stuck in a low-growth trap. Textiles and apparel is also the 3rd largest employer in the manufacturing sector and their 11th largest export. The agricultural industry cuts across both crop and livestock farming. Please refer to the help guide of your browser for further information on cookies, including how to disable them. More people are opening bank accounts, using online banking and swiping their debit and credit cards for day-to-day purchases, whereas previously cash was king.” But opting out of some of these cookies may have an effect on your browsing experience. 2. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. A nation with a proper and planned agricultural sector usually has enough to feed its citizens, and then extra to export for revenue generation. Textiles and apparel accounted for 14% of manufacturing in South Africa and is their 2nd largest source of tax revenue. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. Of all travelers, 74% were non-South African. However, as of 2013 Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023. It may come as a surprise that the Casino Industry is included, but it is actually a fact that this industry is fast growing. An insight into the Growing Industries in Africa for 2018! The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. Long-term projections for GDP from mining forecast it to reach USD2.07 million in 2020. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. Must Read: The Top 10 Soap Brands in the World (2018). The JSE’s fastest-growing company derives its income, perhaps ironically, from digging in the dirt. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. I would like to congratulate all the companies featured in this report, and I Afrihost finished … The market created throug… In 2017, this industry witnessed an upsurge of approximately 7.4% growth. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. Looking through the past years we can obviously notice that Africa has greatly evolved. . 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