Building a business is about being in the right place at the right time with the right idea, and then applying hard work, self belief and consistency into driving that business forward.
Watching market trends is important in knowing what the next ‘big thing’ will be. Retrospective is a fine thing, and there have been many fantasy millionaires with the woulda shoulda coulda mindset. But the real entrepreneurs are those who take the risk, work hard, put their time and money where their mouth is, and demonstrate a discipline that helps them get over the most impossible of challenges.
Knowing where to follow those trends comes from having an open and enquiring mindset – reading between the lines, observing rather than being drawn into social media conversations.
For example, as smoking rates have fallen around the world, the market demand for e-cigarettes, and other vaping products such as vape coils have risen dramatically. A quick internet search will highlight how the vaping market in the US was valued at $18.47 billion in 2021. This is expected to grow year on year to reach $104.51 billion in 2028.
Vaping falls within the health and fitness sector. Since covid the health and medical sectors are full of innovative new products and ideas. 3D printing, artificial intelligence, algorithms and access to cloud technologies have caused an explosion in new inventions and innovations designed to improve the health of nations across the globe.
You only need a tiny slither of this multi trillion dollar market to create a niche product that is going to fulfil a tangible need and improve people’s lives.
Another sector to keep an eye on is the housing and construction sector.
Global construction revenue is expected to grow steadily over the next few years. I 2030 it is projected to be more than twice as big as it was in 2020. The size of the construction market stood at $6.4 trillion in 2020 – in 2030 this is expected to grow to $14.4 trillion.
With the drive by governments all over the world to ‘go green’, the global renewable energy market – otherwise known as clean energy – is attracting interest and investors on every level.
Valued at $881.7 billion in 2020, this market place is set to be worth not far short of $2,000 billion by 2030, as more and more of the earth’s natural resources are harnessed to help power the world. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are just some of the alternative sources of energy that are being redirected to help reduce the world’s reliance on fossil fuels.
Artificial intelligence is a technology that is creeping into every area of industry. In 2020 the market size was valued at $62.35 billion, with a growth forecast to reach $997.77 billion by 2028. With increased computing power, availability of more data, better algorithms and better tools, Artificial Intelligence is set to dramatically expand its capabilities over the next few years.
And you can’t put a price on helping yourself… or can you?
The self service industry was valued at $28.01 billion in 2020, and is predicted to reach $68.01 billion by the end of 2026. As covid has erased the personal face to face service, and encouraged people to ‘help themselves’ to goods and services, self service automation has taken hold and inspired the inventors of the world to come up with innovate, socially distanced methods of delivering products to the end user with minimal human interaction.
Whatever inspires you, keep on top of market trends – your passions might just lead to the next big thing!