What are the Most Popular startup industries today?
Have you ever had a plan, but didn’t have the right direction to follow? Similar is the situation when you plan on having a business of your own but don’t know where to go, which industry to choose & how to get started.
To get the right answer, you, the startup owner, have to carry out a survey, analyze the overall business world, and decide which industry is an ideal match for your expertise.
But to help get a basic understanding of what are the different fields in the startup industries, here is the brief.
According to eMarketer, online retail sales will reach $6.17 trillion by 2023, with eCommerce websites taking up 22.3% of total retail sales. The driving force behind this massive growth is arguably online shopping being the most popular online activity.
As you can see, an eCommerce startup can take on many different forms, with some of the most successful companies including Depop, a platform for reselling clothing items, and Unbranded, which offers low-cost items that are “unbranded.” There are a variety of ways to get started in the e-commerce industry, whether you run an online marketplace, auction, or distribution company.
Below are Popular Startup Industries in 2022
1. Delivery Services
There has been a massive increase in demand for food delivery services in the industry since 2020. In particular, the meal kit delivery service industry has seen tremendous growth owing to the increasing number of people staying at home. With a market value of $10.26 billion in 2020, the industry is projected to grow at a compound annual growth rate (CAGR) of 13.0% through 2028.
Even so, while startups like HelloFresh and Blue Apron serve as excellent examples of strong food delivery services, there are many other avenues to explore. Many potential delivery startup ideas are hugely lucrative, such as food delivery, restaurant delivery, and cannabis delivery.
2. Healthcare Tech
The global healthcare IT market size was valued at $74.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.7% over the forecast period (2028), according to Grand View Research. This could result in a value of $166.0 billion by 2028.
Two of the most successful and impactful health tech startups are Innovacer and Pharmeasy. Innovative Acer provides a platform that uses artificial intelligence to analyze health data. Healthcare centers use the product to manage populations’ health. To collect, research, and provide insight on patient health, the company has developed a data activation cloud-based platform. There are four products offered by InNote – InConnect, InGraph, and in care.
A pharmacy ordering platform that lets users order diagnostic tests and medicines online is called PharmaEasy. The app allows users to order medications from local pharmacies and collect samples from local labs for diagnostic testing at home. They can upload pictures of their prescriptions to the site and order from local pharmacies. Users can also book diagnostic tests with home samples collection and search for diagnostic tests. Supplements and other healthcare products can also be purchased from the platform.
3. Artificial Intelligence (AI)
Artificial intelligence (AI) is the next booming industry for entrepreneurs. AI is considered to be the most promising industry for substantial growth by 60 percent of entrepreneurs. There are three subsectors of the AI market: hardware, software, and services. While AI software accounts for the largest share of all three AI industries (88%), it grows at the slowest pace. In 2019, $39.9 billion of the AI industry value was recorded. Interestingly, the industry is projected to grow at a compound annual growth rate (CAGR) of 42.2% between 2020 and 2027.
Despite this, starting an AI startup has many advantages, including the ability to utilize the technology in many different industries. One example is Pymetrics, which uses artificial intelligence to match employers with talent. Secure uses AI technology to fight identity theft. Both of these are examples of AI companies that span multiple industries.
4. Educational Technology (Edtech)
The Internet of Things (IoT), artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) are all examples of edtech (VR). Blackboard, an online teaching resource, and Teachers Pay Teachers, a platform that allows teachers to buy and sell resources with other teachers, are two of the most well-known tech companies.
According to Grand View Research, the tech market was valued at $89.49 billion in 2020, with a projected compound annual growth rate (CAGR) of 19.9% until 2028. This business is poised for innovation and expansion, with a growing demand for virtual education tools and materials.
5. Financial Technology (Fintech)
The next fast-growing startup industry on our list is fintech. Fintech is likely to develop in the coming years, making it an attractive market for tech-savvy entrepreneurs. Fintech was valued at $127.66 billion in 2018, with experts predicting that the business will be worth $309.98 billion by 2022. Fintech accounts for 7.1% of the IT industry, making it the most concentrated group of companies operating within a single sector.
Furthermore, Ant Financial, the world’s most valuable unicorn business and a subsidiary of e-commerce behemoth Alibaba AliPay, is a fintech firm. Other successful fintech companies, such as Venmo, Robinhood, InnoPitch, and Klarna, provide a variety of financial services to their users through the ease of an app.
Shared mobility is the last but not least on our list of the finest startup sectors. Ride-sharing, bike-sharing, ride-hailing, and car-sharing are only a few of the subsectors of the shared mobility economy. Lime and Populus.ai are two excellent examples of successfully shared mobility startups.
According to FNF Research, this industry was valued at $99.08 billion in 2019 and is predicted to grow to $238.03 billion by 2026. As a result, you may anticipate a slew of fresh and intriguing startup prospects in this field.
Apart from the traditional field, a lot of other abstract fields like art, creativity, etc have scope for startups. You have to be willing to take the plunge and jump. Once your course is set, and the wind is in your favor, you will get the success you have worked for.
Related Article: 15 Best Startup Tools in 2022