(ThyBlackMan.com) This year, we are about to see innovations across many industries. If you want to start a business or if you just want to know about the high-growth industries for starting a business this year, here are seven industries to keep an eye on. We have also highlighted the business opportunities, possibilities of growth and potential challenges associated with each of them.
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Digital Healthcare
Digital technologies in the healthcare industry are constantly evolving, even while the market is still struggling with digital transformation. Many new applications come and go every year, but the technology that drives these innovations is the same.
Opportunities: Healthcare apps, AI-powered nurse or virtual assistants, fitness coaching, and interactive digital games.
Growth: The digital health market will cross $423.11 billion globally by 2024.
Challenges: Proving the effectiveness of a digital healthcare product or service is a tough job. With that said, getting through the government’s several testing programs and regulatory approval process is also not easy.
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Renewable Energy
Global carbon emission is rising and it’s a clear indication that the world needs a comprehensive set of policies to achieve the required reduction in carbon emissions. Cities will need more energy to support growth for billions of people and renewable energy is the solution.
Opportunities: From solar panel distribution to biofuel production and manufacturing of power storage solutions, there are many ways to start a business in the renewable energy industry.
Growth: The global renewable energy market is set to grow at a compound annual growth rate of 4.28% until 2025.
Challenges: In the renewable energy market, one of the biggest challenges entrepreneurs face is the commercialization of technologies.
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Drone Technology
Unmanned flights may end up being one of the most promising technology in robotics. With a connected computer and cameras on board, drones can go to places where other machines can’t. The use of this technology will not only improve law enforcement, but it will also help farmers, security agencies, retail, and transportation market.
Opportunities: From photography to security surveillance, research and agricultural surveys, drone business ideas are limitless. Entrepreneurs can build their own technology or they can use already available resources to make improvements in existing services.
Growth: The number of certified and FAA registered drone operators has already reached 100,000 and it will continue to grow.
Challenges: Limited flight endurance, lack of traffic management system, and payload capacity are some of the biggest challenges entrepreneurs face in the drone market.
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E-Commerce
The minimum investment, maximum profit idea in E-commerce business is attracting more entrepreneurs. Anyone can start a business online while working from home. Thousands of people are selling products online under different categories like furniture, jewelry, utility products, accessories, electronics, and fashion apparel online.
Opportunities: From selling products online to providing easy shipping, packaging, and logistics solutions, the E-commerce industry has many opportunities for new entrepreneurs.
Growth: As per the report by Statista, retail e-commerce sales are set to hit $735,358 billion revenue mark by 2023 in the United States.
Challenges: Some of the biggest challenges in the E-commerce industry are finding the right products, beating the giant aggregators, generating quality traffic and leads, and achieving profitable long-term growth through a simple business model.
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Cybersecurity
One of the most promising business areas of the modern-day corporate space, the Cybersecurity industry, will emerge as a highly rewarding business opportunity in the coming years. Major growth is expected in areas like endpoint security, network security, cloud security, application security, web, and database security.
Opportunities: All the fields mentioned above including the web and wireless security areas are expected to see explosive growth in the next five years. New entrepreneurs can pick any of the business ideas mentioned here: cybersecurity consultancy, solution architect, cloud engineering, analyst and security auditing.
Growth: The cybersecurity market is expected to reach $251 billion by 2023.
Challenges: Talent shortage is probably the worst nightmare for any new business and in the cybersecurity market, the lack of skilled human resource is a major challenge. With that said, managing disconnected business tools is also an issue new entrepreneurs face in this industry.
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Cannabis
With legalization being widely anticipated, there will be new discoveries revealing new benefits and properties of CBD-based products. New products will also be created for niche markets. Overall, there’s no shortage of ideas and potential products in this market. Currently, the use of CBD is widespread in products ranging from edibles to cosmetics and oils. Currently, the use of CBD is widespread in products ranging from edibles to cosmetics and oils. The manufacturing process of these products is busier than ever before. If you are interested in viewing a current list of equipment for an extraction lab, and how this is used, check out Pure Cannabis Labs and similar websites.
Opportunities: Like any other consumer group, pot users need portability and convenience and creating a product that addresses these challenges can be a good idea. Mobile apps, accessories, blogs or forums can also be successful as long as they bring value to the user.
Growth: The legal marijuana industry is expected to grow more in 2021 as a report from December 2019 suggest that the industry grew to $10.4 billion in the United States and experts believe that investment will increase in 2021 and beyond.
Challenges: Even if you keep the legal battle aside, marketing is probably the most challenging part of the cannabis business.
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Beverage manufacturing
Consumers have become highly opinionated and well-educated about what they eat and drink. While millennials crave creativity, they also care about natural and organic products. Beverages in both premium and ultra-premium ranges are doing well in terms of sales, and when associated with a social cause, they turn out to be the preferred choice of consumers.
Opportunities: New business owners can set up their own beverage manufacturing unit which requires capital and a complete strategy for the entire manufacturing, quality, testing, distribution, and storage solution. Business owners can also create products such as biodegradable packaging solutions or edible straws or cups.
Growth: Reports say that the global nonalcoholic beverage market will reach $1.60 trillion by 2025.
Challenges: On the other hand, factors such as strict rules and regulations related to the contents in beverages and consumer awareness regarding health hazards may hamper this growth.
Staff Writer; Jay Brown
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