Launching a successful business as an entrepreneur means identifying unique opportunities in growing industries. A startup can be difficult, let alone overcoming the growing pains in order to stick around well into the future. Let’s take a look at the fastest growing industries of 2019.
Urban transportation alternatives to ride-sharing services are gaining popularity in major cities across the United States. 60% of the world’s population will live in urban areas by 2030, so the category is ripe for growth. Even major companies like Ford are getting in on the industry. Ford acquired e-scooter startup Spin for $100 million in November of last year. That acquisition has brought increased interest in providing e-bikes, e-scooters, and e-skateboards to urban dwellers.
Video games are no longer for having fun or playing against friends. They can also be used to help treat several medical conditions. Digital therapeutic products on the market right now can be used to improve asthma and COPD treatments. They’re also handy for outpatient treatment for substance abuse. Pediatric ADHD and depression may also be addressed by this technology in the future. Software programmers who want to break into their own business might consider this category. The only downside is products will require approval from the FDA before they can be deployed.
The United States legalized hemp for growing in the United States last year. That has led to a growing industry of products that contain cannabidiol, or CBD. CBD is a natural component of cannabis and hemp that is non-psychotropic. CBD products claim to help with several conditions such as anxiety, anti-inflammatory, and pain-relieving. CBD can be delivered in a variety of ways including oil, lotion, soap, beauty goods, or edibles. CBD has also appeared in snacks like coffee and ice cream, and by 2020, it is expected to be available in a wide variety of foods.
Achieving a healthy diet is about more than just eating right and exercising. Personalized nutrition can help people lose weight by making data-driven decisions about what they eat. A genetic blueprint can help identify problem areas in nutrition for people at the genetic level. More than 15 million people in the United States have already undergone some form of genetic testing.
The Internet of Things has expanded and connected our world in ways never thought possible before. The demand for new technology for taking care of the most vulnerable members of our population is booming. Startups in this category range from tracking fertility to providing new products for taking care of babies. The only downside to this category is that funding might be hard to come by.
For a look at more up and coming industries for entrepreneurs, be sure to check out this Motley Fool stock advisor review. You’ll gain valuable insight into how start-ups are performing, helping you spot growing companies on their upward market trajectory. Investing in young start-ups can be a great way to get started if you are struggling with an idea of your own.