Biggest growth industries for start-ups
Entrepreneurship has become the talk of the town, with budding entrepreneurs making it big in the start-up world.
Launching a new business is dependent on a number of factors, starting from the industry you are aiming for the scope available in the market. While the idea might look like an on the surface, it is not.
Top industries for start-ups
Have you been bitten by the entrepreneurial bug but don’t know where to start? Well, we are here to help you decide! Below are some of the fastest growing industries to kick-start your business in:
- Artificial Intelligence (AI):
Artificial intelligence has taken the tech world by a storm and it is unlikely to witness a halt. Machine learning and AI have become an integral part of our lives, with virtual assistants like Cortana and Siri entering our smartphones and automated customer service representatives corresponding with us on live chat. The future of AI looks bright; in fact, the artificial intelligence market is expected to grow by leaps and bounds in the coming year. In fact, according to com, the growth of AI has been estimated at $1.2 trillion by 2020.
Since the AI industry is standing in line for an explosive growth in the coming years, this is one of the best industries to start your business venture in.
The e-sports industry has had a major breakthrough in the past decade, which has led it to become a mainstream area of business. As estimated by SuperData Research, the e-sports market is expected to grow by a whopping rate of 26% by the year 2020. With a rise in the e-sports industry growth, advertisers and investors have finally started investing in this sector, widening the scope of the industry.
The e-sports industry has, recently, become a widely sough-after option for start-ups. One of the best examples of an e-sports start-up that has seen immense growth is smash.gg. Founded in 2015, the e-sports start-up has raised $14 million till date. As per VentureBeat, smash.gg runs 2,000 odd events per month, handling everything starting from fundraising to promotions.
- Beauty Tech:
The amalgamation of beauty and technology is an interesting notion and has been doing well on the business front. The beauty tech industry has come up with new innovations that incorporate machine learning and industrial automation in the production of beauty products such as shampoos, perfume and makeup accessories. Ever since the wave of beauty technology trends hit the cosmetic market, beauty tech has started on its journey to become a booming industry. A great example of what beauty tech companies are establishing can be seen in the venture brought on by Function of Beauty, New York. The start-up has raised $12.2 million from venture capitalists and has designed shampoos for its customers based on the Function of Beauty hair quiz they took. The company took cue from its customers’ responses in the hair quiz to design a customized shampoo for them, using machine-learning algorithms. Ground-breaking, isn’t it?
According to IBIS, with the introduction of beauty tech, the overall beauty industry is expected to be worth $27.8 billion by 2022.
- Influencer Aid:
Influencer aid or influencer marketing is a type of marketing that focuses on influential people, instead of the target market as a whole. Influencer marketing identifies social media influencers who have an influence over the target audience and design marketing techniques around these influencers. This has become a hot-spot for many entrepreneurs as the industry is comparatively new and few start-up enthusiasts have tapped into its potential. Start-ups that bring together brands and influencers together on the same platform can use influencer aid to their advantage and make their venture a big success. Social media’s influence is perpetually following an upward graph, which has led to the commercialisation of influential people pertaining to this platform. As suggested by IBIS, the revenue generated by the influencer aid industry is expected to make a leap of 2.2% by Tribe has been donned with the credit of being world’s fastest growing marketplace where brands connect with micro-influencers.
- Green and Renewable Energy:
The scarcity of energy resources that our planet is going to face in the future is not a secret anymore. The green and renewable energy industry has not only foreseen the consequences we might have to suffer but have also come up with a solution for it. This industry has gained immense popularity, especially because of the non-renewable energy resources’ status and its fast-fading existence. Many prominent organisations like Alphabet (parent company of Google), Apple and Facebook have vested their support in this industry. Since this industry is relatively new in terms of size and growth, this is one of the best industries for entrepreneurs to grab a foothold in.
- Software Services:
We are living in the digital age with every aspect of our life dependent on one technology or the other. In this tech-savvy era, software services have a huge market and audience. This is the right time for people with the entrepreneurial bug to enter the software services zone with their business ventures.
- Data and Analytics:
Data Analytics is an emerging treasure box for entrepreneurs, especially with its rapid growth rate. According to com, the revenue generated by Big Data market is expected to take a leap from $42 billion in 2018 to $103 billion in 2027. This speaks volumes about the plethora of opportunities available for start-up ideas to flourish.
The value of entrepreneurship has sky-rocketed owing to the passion of several individuals coming up with innovative ideas and the determination to make it big. This has been a major attribute for colleges to come up with degrees pertaining to the subject of entrepreneurship.
The way ahead
According to study .eu, Germany ranks first as the most favourite destination to study at for international students. Moreover, it is the entrepreneurial hub of the world. In fact, in a ranking released by US News, Germany has grabbed the first rank in Best Countries: Entrepreneurship. This is proof enough that Germany is the hotspot for entrepreneurial endeavours and the best place for start-up enthusiasts to start their journey.
GISMA Business School is offering a course in MSc Innovation, Strategy and Entrepreneurship to help budding start-up enthusiasts understand the dynamics of the entrepreneurial domain.
If you too are passionate about starting a business venture of your own, sign up for the course now!