If you’re selecting your own stocks for your portfolio you know that research takes a lot of time. You can maximize your efforts by focusing on great industries before narrowing down your search to companies within those industries. We know that selecting stocks can be frustrating so we’ve highlighted five booming industries to help you make the most of your time and your investments.

Artificial Intelligence

Artificial Intelligence (AI) is one of the most exciting topics in tech right now. AI applications are proliferating throughout a number of industries, from search engines such as Google to wealth management.

Artificial intelligence gives companies a competitive edge, which means that more and more developments will be made in that field.  AI capabilities help ensure success, not only for the other industries that apply it, but for investors as well. Investors who ignore AI will likely kick themselves for missing such an opportunity.

Electric Cars

There’s no mistaking that electric cars are having a great impact on the automotive industry. A clear example is Elon Musk’s success with Tesla. The company’s sad 12-month electric-vehicle sales are up about 160% as consumers snap up the more economical Model 3. On the other hand, traditional automakers are scrambling to get their own vehicles up to speed. It’s no wonder automakers want to create their own more environmentally friendly models to meet the public demand for sustainable modes of transportation.

Entertainment

Entertainment is a key component to the lives of the modern day consumer. And the Walt Disney company has tapped into this market with intense success. The company’s fiscal 2018 studio entertainment revenue soared as it released hit after hit from its Marvel, Pixar, Disney, and Star Wars studios, setting records for that year. Parks and resorts, and media networks revenue streams are also showing growth, rising 9% over the same timeframe.

Solar Power

The solar power generation industry also continues to strengthen with nearly 50% in annual revenue growth over a five year period. Government incentives and requirements for local utilities to acquire a percentage of their energy from alternative sources have fed the industry’s growth. The reduction of equipment costs has also been a factor. With a promise of clear skies ahead, investors might look to invest in companies such as SunRun.

Marijuana

Marijuana stocks are incredibly exciting at the moment. You’ll certainly want to take a look at the best marijuana stocks on the market. Considering the growing number of countries and states that have legalized pot in some form, the the global marijuana market could be worth $150 billion or more within the next 10 to 15 years.

We hope that this list of exciting industries will provide you with some compelling ideas on where to search for quality stocks. And while not every company in each of these industries will deliver enormous returns, the underlying momentum in each of these areas at least provides a great boost for the companies operating within them. And this, of course, will also increase your odds of discovering a great stock.

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