Starting a new business can be an exciting and rewarding venture, but only if you choose the right industry. Sure, traditional sectors like food service, retail, and tech are still popular and profitable choices, but there are also many emerging industries with tremendous growth potential you may want to consider as well.
Read on to discover six rapidly growing sectors so you can make a truly informed decision about your next entrepreneurial pursuit.
Health and Wellness Tech
The health and wellness market is expected to grow from $335 billion to a whopping $1,103.22 billion by 2028, and technology will play a vital role. Wearable fitness devices, telemedicine platforms, and mental health apps are on the rise, and the trend is expected to continue. This is a great sector to enter if you want to create a business that helps people live healthier while staying at the forefront of technological advancements.
To start a health and wellness tech business, you’ll want to learn all you can about the industry’s needs and regulations. Depending on your focus, you might need to collaborate with healthcare professionals or software developers. Having a degree in healthcare is a plus, but it is not necessary to start a business in this sector.
Green Energy and Sustainability
The world is becoming increasingly eco-conscious, and now is the time to tap into this trend. People are actively seeking ways to reduce their carbon footprint, so if you care about the environment, this is the perfect industry to get into now.
Think solar and wind energy, eco-friendly products, or sustainable agriculture. These can not only be profitable ventures but also a way to contribute positively to the environment.
To enter the solar or wind energy market, you’ll need to understand the technology and invest in solar panels or wind turbines. If you’re considering developing sustainable products, you’ll need to source eco-eco-friendly materials and partner with ethical suppliers.
The field of artificial intelligence (AI) is expanding at an astonishing pace. In 2020, the market size was around $62.35 billion but is now expected to grow at a compound annual growth rate of about 40% from 2021 to 2026.
From healthcare to finance, AI is slowly but surely revolutionizing industries by automating tasks, analyzing data, and making predictions with unprecedented accuracy. Whether it’s developing AI-powered chatbots for customer service, creating machine learning algorithms, or offering AI consulting services, there’s a wealth of opportunities waiting for ambitious entrepreneurs interested in AI.
To venture into this increasingly competitive market, you’ll need not only a solid foundation in computer science and machine learning but a unique selling point, too. Aside from pursuing a degree in this field, you can also enroll in online courses to learn the fundamentals.
Looking for something more practical (and predictable) to break into? Pest control is a market with promising growth. In 2021, the market was valued at $22.1 billion but is projected to reach $35.05 billion by 2030. Pests can cause serious and sometimes irreparable property damage, so both homeowners and businesses are prepared to pay a premium to keep their properties safe.
If you’re considering entering this market, you’ll need licensing and training, the right equipment, chemicals, and safety gear. Investing in pest control software that streamlines your management operations is also a good idea, as it can give you a competitive edge. Based on our research, the go-to pest control software options at the moment are Briostack, Jobber, FieldEdge, and a few more.
Sustainable or ethical fashion has been on the rise for years, and considering how eco-aware consumers are becoming, this trend is set to continue. Starting a sustainable fashion brand or repurposing vintage clothing can be highly profitable as consumers are actively seeking out these options.
As a bonus, it can also positively contribute to the environment. To enter this field, start by educating yourself about eco-friendly fabrics and ethical production practices. To create a brand, you’ll need to source sustainable materials and establish partnerships with ethical manufacturers.
The world has gone digital, so the need for cybersecurity has become paramount. Both businesses and individuals need protection from cyber threats, so starting a cybersecurity firm or developing innovative security software can be a lucrative venture.
Entering this industry requires in-depth knowledge of cyber threats and security protocols. You’ll not only need the right certifications, but you’ll also have to stay updated on emerging threats and continuously improve your solutions.
The opportunities, however, are numerous: you can start a cybersecurity hardware development company, develop security software that addresses specific vulnerabilities, offer cybersecurity consulting services or insurance services, and more.