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Many businesspeople decide to create a start-up based on an idea or concept pertaining to a product or service. However, startups and serial entrepreneurs alike may establish a company based upon the growing industries that outweigh others. Researching the right start-up industries can help you identify the industry you are most passionate about and the areas you may be unfamiliar with.
If you want to launch your own startup but aren’t sure what industry best fits you, the first step is to research each industry to see which is most suitable for you and offers you the most opportunity. We then compiled this list by analyzing the startup industries for entrepreneurs to determine their current value, growth rate, and key factors that are driving them.
1
Worldwide retail ecommerce sales in 2020 amounted to roughly $4.28 trillion, and that figure is estimated to grow to approximately $5.4 trillion in 2022, per Statistica. The main reason why online retail e-commerce sales have been expanding at such a rate is largely because of its popularity among consumers. Some of the best e-commerce startups are Depop, a platform that allows clothes to be resold, and Unbranded, a company specializing in offering a wide variety of low-cost items that are not trademarked. As you can see, an e-commerce startup can take on many different forms. Whether your startup operates as a marketplace, auction, or distributor, this industry is as limitless as your imagination and goals.
2
The food delivery service industry has seen a surge in demand since 2020. With more people than ever opting to remain autonomous at home, meal kit delivery services in particular have seen unceasing growth. This industry, valued at $10.27 billion in 2020, is projected to have a CAGR of 13.0% until 2028. However, while meal kit delivery service platforms like HelloFresh and Blue Apron are exceptional examples of successful food-delivery startup entrepreneurs, there are many other routes to take in this industry. Shopping delivery, catering, cannabis delivery, and more are all potential routes that you could go down, and all of these avenues provide great business opportunities.
3
The global healthcare IT market amounted to $74.2 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 10.7% over the 2018–2028 period. This would result in a market value of $166.0 billion by 2028. Two organizations that have had a significant impact on the healthtech sector are Apervita and ChronicCareIQ. Apervita is an online platform that permits healthcare providers to share information securely. ChronicCareIQ is an online platform that alerts healthcare professionals of changes in health status.
4
Next on the list of prosperous industries for entrepreneurs is artificial intelligence (AI). Sixty percent of entrepreneurs believe that AI is the most promising tech industry for phenomenal growth. The AI industry is characterized by three distinct sectors: hardware, software, and services. Nonetheless, AI software happens to be the slowest-growing industry in this field, at 88 percent. One of the advantages of starting a business specializing in AI is that it's highly adaptable to a variety of different industries. Companies such as Pymetrics employ AI to match jobseekers with career opportunities. Socure utilizes AI software to protect against identity theft. Both of these are examples of how AI is used across a variety of industries.
5
The virtual reality market earned 15.81 billion U.S. dollars in 2020. When people keep on living in their homes, the demand for personal entertainment goes up, and the virtual reality market grows. The virtual reality market is far beyond the video game industry, with movies and off-the-wall vacations an integral part of the industry's growth. Virtual reality jobs are projected to reach 23 million by 2023. Have you already heard of the Oculus, owned by Meta? Other companies with solid reputations, like iTechArt and Unity, are also gaining ground. Other big-name IT companies are fighting for market shares, including Microsoft and Samsung. Startups with a creative edge do well in VR, as many companies are attempting to define the area's ecosystem from scratch.
6
Edtech can be composed of a number of technologies, such as the Internet of Things (IoT), artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). A few of the most popular edtech companies are Blackboard and Teachers Pay Teachers, a website that enables teachers to purchase or offer materials. The edtech sector was valued at approximately $89.50 billion in 2020, with an expected compound annual growth rate (CAGR) of 19.9 percent until 2028, as per Grand View Research. In partnership with the huge need for virtual education and edtech tools and resources, this industry is primed for innovation and development.
7
The virtual reality market earned 15.81 Fintech is next on our list of fast-growing startup industries. The fintech market is an industry expected to grow, making it an excellent choice for savvy entrepreneurs. According to industry experts, the fintech industry had a worth of $127.66 billion in 2018, and experts expect that by 2022, the industry's worth will skyrocket to $309.98 billion. Fintech accounts for 7% of the tech industry, from M downwards. The largest unicorn startup in the world is AliPay's subsidiary, Ant Financial, a company well known for being a fintech venture. Even despite this, a staggering number of other companies, such as Venmo, Robinhood, and Klarna, offer various financial services via an app to their customers.
8
The pandemic disrupted the logistics industry around the world, but it increased the need for this industry as well. More people than ever before have turned to online shopping to escape the crowds and potential dangers of public marketplaces. Now, the entire global supply chain market is projected to grow at a compounded annual rate of 11.2 percent between 2020 and 2027. Although large international companies, such as Cisco and Alibaba, lead the world in supply chain management and logistics, there are undoubtedly opportunities for startups to enter the business. Entrepreneurs should focus on multiple niches in the sector to exert sway over its magnitude.
9
The real estate industry went through a vast change during the COVID-19 pandemic, as homes were considered to be viewed digitally and competition had caused prices to rise. The median home price in 2022 will be $357,300, with houses only on the market for an average of 38 days. The mortgage crisis spurred the creation of solutions. Although Keller Williams and RE/MAX keep the largest market share in the real estate market, opportunities for new buyers are abundant as there is a shift taking place in home buying from the brick-and-mortar world toward the virtual one.
10
Startups looking to scale should consider business-to-business (B2B) software as an industry to take advantage of. According to UserGuiding, 56% of B2B companies are incorporating digital marketing into their strategies, which would include some form of digital software. Look to companies such as Salesforce or Hubspot to understand how large a B2B software company can grow. You'll find several subsectors to get started with, including email, websites, customer tracking, and data analysis.
