In the last decade, the landscape for business has changed drastically. Industries that seemed like they’d stay at the top forever have fallen, while small niches have risen beyond our imagination.
Here are nine industries set to explode over the coming years that you should keep an eye on:
Online retail
The online retail space is forecast to grow by dramatically over the next few years, reaching over $8 trillion dollars by 2026. It’s no secret that most shopping is now done online, even when it comes to items such as groceries or prescriptions. Online retail is much easier to start unlike brick-and-mortar locations as you don’t need to worry about physical locations, expensive overheads, staff and rent, instead just focusing on creating and selling your products. Most courier firms will deliver to almost anywhere in the world, meaning you can turn your company global as soon as you’re ready.
AI
It’s estimated that as of 2020, the Artificial Intelligence industry had an estimated worth of over $60bilion dollars. The last few years have seen a colossal rise in AI usage and implementation in a variety of industries. From artists and designers using it to bolster their visual work, musicians, and producers to help create, mix, and produce songs, and tech companies using it to create programs and write code. AI usage has divided society fairly dramatically, but it’s difficult to play down the importance of the tech and the speed in which its grown with the entire industry estimated to be worth over $2 trillion dollars over the next decade.
The Rabbit R1, an AI personal assistant device, is just one illustration of how this technology could transform our daily interactions.
Travel
Whilst travel used to be just for the wealthy, the rise of budget airlines, expanded public transport routes, and sites like Airbnb, travel is accessible to almost everyone and has become more popular than ever, especially with the younger generation. Whether it’s influencers creating content, businesses sending their teams on work trips, or just individuals looking for a break, the travel industry is perfect to move into for those budding entrepreneurs.
Food
Vegan, vegetarian, gluten-free, carnivore, allergen friendly. Lifestyle and dietary choices that used to be incredibly niche are more popular than ever, and there’s a market right there waiting to give people who need it more options. In the UK alone, there are estimated to be over three and a half million people that follow a vegan diet, meaning almost 7% of the population, and it’s only growing. Find a culinary niche, create the most delicious food you can, and market it to the masses. There’s no better time than now.
Delivery and shipping
2020 saw the rise of brands like Just Eats, Post Mates, and Uber Eats as people were forced to stay at home and many restaurants, café and culinary brands were forced to change their business models and survive. More people than ever are using delivery services and couriers to receive their goods over traditional brick-and-mortar locations. While the high street is still holding fast, it’s clear that the future of retail is the internet, so it’s worth getting into the world of delivery to get ahead of potential competitors.
Information technology
It’s estimated that around 70 million desktop computers are set to be shipped in 2024, almost 200 million laptops, and around 150 million tablets. To say the world has gone digital would be an understatement. There are around 6.8 billion smartphone users worldwide, and with that, comes the need for tech support, innovation, and creativity. We’ve come a long way since people were still figuring out how to use Microsoft Word…
Sports clothing and equipment
Despite taking a massive hit during the global pandemic of 2020, the UK fitness industry is still valued at over £1.8 billion pounds. As of the end of 2022, the British Government estimated that 63.1% of people in England aged 16 and over were ‘physically active’. The fitness industry isn’t going anywhere it’s clear, and as more and more people take up the hobby, there’s an increased need for equipment and fitness fashion, giving budding entrepreneurs or businesses looking to expand a great place to start.
Green manufacturing and energy
The future is green, and there’s no denying it. With the 2050 carbon-neutral deadline looming faster than ever, more brands, businesses, and individuals are doing their part to help reduce carbon emissions and help heal the earth. From food to plastic production, all the way through to vehicles and even events, going green is the focus. Whether it’s launching and eating more plant-based products, recyclable or compostable packaging, or even affordable energy sources, now’s the time to take advantage of the green revolution and put yourself firmly ahead of the pack when it comes to the environment.
Property
Remote working has changed the landscape of property forever. More people are moving out of the city and into the suburbs and countryside, fewer offices need huge amounts of space for massive teams and more individuals need hotdesking and short-term rental solutions for their workspaces. The hybrid working system looks like it’s only going to grow over the next few years, and there’s no better time than now to get into the world of property and capitalise on the shift.
