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The 4 top industries for startups in 2020

There are a number of industries that are showing the most potential for growth and profit at this time. If you are hardworking, passionate, creative and determined you could be on the path to developing a very profitable company, giving you more leisure time to enjoy the things you like to do, including playing and winning Grand Vegas casino bonuses. Below are 4 of the industries trending right now and worth getting on board.

The transportation industry

Businesses In the transportation industry are particularly popular at this time. There has been a considerable advance in the transportation industry with things like self-driving Teslas, Lyft, and Uber, and things do not look like they will be slowing down. 

We all rely on transportation be it for personal trips, product delivery or company use, there is always a constant demand.   Transport is becoming more and more connected with and to technology and there is a move away from the traditional services and a shift towards new ideas.

The projected growth of the transportation industry

A growth rate of more than 20 percent is expected between 2018-2025 in the ride-sharing market.

The international on-demand transportation market is predicted to reach approximately $300 billion by 2025, with a compound annual growth rate of 19.8 percent.

How to stand out from the crowd

Today the idea of transportation is about making life easier, about accessibility and technology.    It is important that your company stands out from among the big companies.  It will be useful to look at the trends today and see what the current problem areas are and how you might tweak them.

For instance, the rideshare app, Nomad rides, is challenging Uber by putting their drivers first. That is, they are charging passengers 20 percent less and at the same time paying drivers 20 percent more of the profits.  This gives them a competitive edge and may well push them to the frontline.

Technology industry

Technology startups are as popular as ever.  With companies like Apple, JP Morgan, and Samsung being at the very heart of them.  Using the latest technology gives companies access to customer information and enables them to do research and keep them one step in front of their competitors.

The projected growth of the tech industry

A growth of around 6 percent is expected in the “in-vehicle” tech market in 2020, bringing it to $18.5 billion.

The expected growth rate of the global information tech industry is 3.7 percent in 2020, bringing it to $5.2 trillion. 

It is expected that 44 percent of businesses will increase their tech spending in 2020, an increase of 38 percent from 2019. 

How to stand out from the crowd

Trying to stand out in the tech industry may seem like an impossible mission, especially when your competitors are companies like Apple. But the thing to do is to be more focused.  Rather than trying to target the general market, it may prove more profitable to try targeting a specific group, or industry and  be more specialized.

A good example of this is a bank app called, Even.  It chose to focus its tech efforts on providing financial services and help to those people in the lower financial strata and those living below the poverty line.  Generally, people in this demographic are not serviced by regular banks. By choosing to target this market, Even has no real competitors.  

Remember also that there are technology businesses that are incredibly successful outside of Silicon Valley.  There are many very successful businesses working remotely and thereby avoiding high costs of living and working in those more expensive areas.

Health and the Medical Industry

Businesses in the health and medical industry are in vogue now.  The traditional types of services and care facilities are less attractive to customers today.  People are looking for more convenience and more personalized service.  By 2030 those in the over 65 - year bracket is expected to double, a result of the aging boomers, and there will be a huge increase in demand for health and medical care.

The projected growth in the healthcare industry

It is expected that global health care will rise at a compound annual growth rate of 5 percent between the years 2019 and 2023.

Medical costs are predicted to increase during 2020 by 6 percent.

How to stand out from the crowd

There are areas in the health industry that offer opportunities for those looking to enter the field. The high prices of medical care and insurance is a place where startups can make some headway.   Also specializing more in biotechnology and more personalized health, rather than on the traditional models, will be more in line with what people are looking for now.

An example of a company doing this is GoodRx, a telemedicine platform. Taking into account the high cost of prescribed medicines and the burden this placed on people they developed their business model.  Using the latest technology, they track down up to the minute pharmacy drug prices and then are able to offer people a better price. A price their customers would not be able to access themselves.  GoodRx is offering real and necessary service.

Going Green

Green products and services have been popular for a while and it is likely this will continue.   More and more people are becoming conscious of the importance of global warming and the importance of sustainability and this is entering into the consumer purchasing market.   Green products are gaining in popularity due to their sustainability and their low impact on the environment.

The projected growth for companies involved with green products and services.

There was a huge growth in consumer- packaged goods between 2013-2018 and 50 percent of this growth was from sustainability marketed products.

It is predicted that sustainable product sales will reach $142.4-$151.1 billion by 2021.

How to stand out in the crowd

One of the difficulties in this industry is people’s intentions.  One study carried out showed that 65 percent of people interviewed said they want to purchase sustainable products but only 26 percent actually do buy them. Finding a way to reduce this figure could be the answer to making this industry more profitable.

An example of a successful green business is, Imperfect Produce. They are fighting food waste and have closed the “intention-action gap” by going directly to their customers.  They do not try to attract people to their website, they have chosen to set up stalls at farmer’s markets and on college campuses.  Coming to the consumer reminds them that they are able to fulfill their goals without having to search out the necessary information.

Have a business plan

Having a business plan is at the root of your business’s success. A creative idea and good data is obviously important too.  However, it is necessary to follow the correct steps: that is have a financial plan, good marketing and distribution strategies and one that can be tweaked and adjusted for future growth.

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