If you’re looking for inspiration for your next big business idea, consider these current trends.
Being at the right place at the right time with a great concept is just half the battle; the other half is putting in the necessary effort, believing in yourself, and staying the course to see the business through to success.
You may learn a lot about the next “big thing” by keeping an eye on market trends. To be sure, looking back is a wonderful quality, and there have been plenty of fantasy billionaires with the would, should, and could frame of mind. The true entrepreneurs, though, are the ones who are willing to take a chance, put in the hours and the money, and have the self-discipline to overcome seemingly insurmountable obstacles.
The ability to read between the lines and focus on the big picture, rather than getting sucked into the minutiae of social media chats, is what will lead you to the best places to track the trends.
For instance, the global decline in smoking rates has led to a meteoric increase in sales of e-cigarettes and ancillary vaping products like vape coils. Finding out that the vaping industry in the United States was worth $18.47 billion in 2021 only takes a few clicks of your mouse. This is projected to increase annually, finally reaching $104.51 billion in 2028.
To put it simply, the vaping industry is part of the health and fitness industry. The medical and health industries have been a hotbed of innovation ever since covid. New ideas and innovations to improve the health of nations around the world have proliferated thanks to 3D printing, artificial intelligence, algorithms, and cloud computing.
A small slice of this multi-trillion dollar industry is all you need to make a product that actually helps people.
Housing and building is another area to monitor.
Revenue from the construction industry around the world is forecasted to rise gradually in the coming years. Predictions put its size in 2030 at more than twice what it was in 2020. The construction industry is projected to increase from its current size of $6.4 trillion to reach $14.4 trillion by 2030.
Clean energy, or renewable energy, is gaining attention and investment on a worldwide scale as governments throughout the world push for a shift toward using less fossil fuel in their energy production and consumption.
As more of the world’s natural resources are used to generate electricity, the market for such goods and services is expected to grow from its current value of $881.7 billion in 2020 to just under $2.0 trillion in 2030. Alternative energy sources such as solar, geothermal, wind, bioenergy, hydropower, and ocean power are being diverted to assist lessen the world’s dependency on fossil fuels.
The use of artificial intelligence is rapidly expanding across all business sectors. The market was estimated to be worth $62.35 billion in 2020, and experts predict it will increase to $997.77 billion by 2028. Over the next few years, Artificial Intelligence is expected to significantly boost its capabilities as a result of advancements in processing power, the availability of more data, improved algorithms, and improved tools.
Self-help is priceless, but is it really free?
In 2020, the self-service market was worth $28.01 billion, and by 2026, that number is expected to more than double to $68.01 billion. Covid has eliminated the personal face-to-face service and encouraged people to “help themselves” to goods and services, giving rise to self service automation and inspiring inventors around the world to develop novel, socially distant means of delivering products to the end user with minimal human interaction.
Stay abreast of market trends regardless of what motivates you; your ideas could spark the next big thing.
