- 16th April 2018
- Posted by: Manolis
If you’re thinking about starting a business, you’ll want to consider ones that are picking up speed. New technology and trends mean there are many industries that are thriving today — the perfect place for you to begin your journey.
We did some research to help you get on the right track. Here are 10 fast-growing industries to check out.
- Wearable technology
We’ve grown to rely on technology, carrying our smartphones with us everywhere we go, tracking our steps, reading news articles, connecting with people on social media and more on various applications. Because of this high demand, wearable technology is now thriving; and there seems to be a gadget for practically everything. From sports watches that count the number of calories burned and stairs climbed to baby monitors and cramp-relief devices for women, there are countless ideas that succeed in this industry. According to Markets and Markets, “the total wearable computing market is expected to reach up to $34.61 Billion by 2020.”
The fitness industry has become one of the latest trends. New gyms are opening up everywhere, and there’s now an abundance of fitness gurus from yoga instructors to personal trainers. The industry’s revenue, according to IBISWorld, is currently $30 billion, and its annual growth rate for 2011 to 2016 was 2.4 percent.
3. Artificial intelligence
Artificial intelligence (AI) may have been the stuff of science fiction years ago, but today it’s used in everything from voice-recognition programs to virtual assistants such as Siri and Cortana. Though it’s not a new concept, it’s continuing to boom in the current market. According to GoBankingRates, a Bank of America Merrill Lynch report stated that AI analytical research will be a $70 billion market by 2020 (up from $8.2 billion in 2013).
4. Virtual reality
The popularity of virtual reality (VR), which allows users to become immersed in a 3D digital world, is exploding. In fact, GoBankingRates reported that VR will be a $1 billion market by the end of 2016. Thanks to its variety of applications ranging from video games to health care, the industry will most likely continue to thrive.
Unmanned aerial vehicles (UAVs), commonly called drones, are making quite a landing in the business world. ABI Research predicts that more than 90 million consumer UAVs will ship during 2025, with a compound annual growth rate of 30.4 percent. Moreover, research indicates that by 2025, consumer drone revenue may reach $4.6 billion. Learn more about the business applications of drones.
6. 3D printing
This fast-paced industry has grown significantly in popularity and accessibility in recent years. With the right technical skills and equipment, just about anything can be 3D printed, from auto parts to kitchenware. GoBankingRates reported that the 3D printing industry was valued at $5.165 billion in 2015. Learn more about 3D printing’s impact on the business world.
7. Fraud detection
Increased cyberattacks now mean fraud detection is in high demand. Businesses of all sizes (and even consumers) can benefit from a cybersecurity expert, so there’s a ton of business-to-business potential for startups in this field. The industry is currently estimated to be worth $1 billion, and there was a 24.6 percent annual growth rate from 2011 to 2016, according to IBISWorld.
Online shopping has progressed rapidly over the years. Thanks to sites like Amazon, eBay and Etsy, it’s easier than ever for aspiring retailers to set up shop and sell their goods to a global customer base. IBISWorld reported that the e-commerce industry has an annual revenue of $295 billion.
9. Health care
With all the changes happening in the health care industry, it makes sense that business opportunities are also growing quickly. Startups in the field are improving health care by offering services such as digital doctor’s appointment booking, in-home care and mobile pharmacy ordering. The industry’s annual revenue, as reported by Statistic Brain, is $1.668 trillion.
10. Education technology
Education technology, called edtech for short, is also booming. Innovators are working to make education affordable and available to everyone through videos, feedback platforms for educators and online courses. According to The Atlantic, the industry was worth more than $8 billion in 2015. “All of these industries are moving toward technology, but health and education are the two major industries that touch everyone,” said Susan Zheng, CEO and co-founder of talent platform Planted. “They’ll have huge impacts on society as a whole.”