Identifying a market need is a crucial step in an entrepreneur’s journey—fortunately, several key industries are growing rapidly in such need in 2023.
Key Details
- Changing technology and shifting consumer priorities have made some industries, like artificial intelligence (AI) and travel sectors, expand over the last year.
- In 2023, shipping and delivery services, healthcare, travel and food, online retail, and AI industries are expected to continue their rapid growth, according to Entrepreneur magazine.
- For entrepreneurs looking for business opportunities, these industries have a variety of openings.
- Other sectors, such as insurance and legal services, are not stagnant and need an industry-wide shake-up—perfect for an innovative entrepreneur.
Why it’s news
When identifying a need for an entrepreneurial venture, startups often look to an industry already growing swiftly or needing a change. Despite economic uncertainty this year, many sectors are still seeing rapid growth, and several others have remained unchanged for years, posing an opportunity for innovation.
Technology has hastened explosive growth in several key areas. Online retail shopping, for example, has grown rapidly over the last year. Tech has made e-commerce more accessible and more engaging. The pandemic shutdowns prompted more shoppers to try out online options, and many continued using these alternatives after stores opened back up.
The travel and food industry also expanded after the pandemic. Consumers that had been hidden away indoors during the pandemic are more willing to spend on travel, food, and other experiences. While this travel bug may wear off eventually, the industry is expected to grow during 2023, according to Entrepreneur.
With the advent of generative AI, entirely new business opportunities are appearing, from prompt engineers who mastered AI commands to AI startups that provide automation for every industry, from healthcare to finance. AI startups in various fields are popping up to assist human workers in everything from writing tests to creating images to make healthcare breakthroughs.
While technology breakthroughs have already given these industries the sudden surge they need to grow, other sectors have become somewhat stale and need technological innovation.
Companies’ hiring strategies could use a refresh, especially as more businesses struggle to hire and retain talented staff. In 2019, the recruiting industry was worth $151.8 billion. While companies like LinkedIn, Indeed, and Monster.com still provide an avenue for job postings and job seekers to connect, some postings get hundreds of interactions, leaving human resources directors with the near-impossible task of selecting the best candidates.
The current system’s inefficiency means that hiring a new candidate can sometimes take months. This wastes both the recruiter’s and the applicant’s time—if the applicant is willing to stick around for that long.
Mundane and complex tasks like insurance filings or routine legal issues have yet to find a simple solution for customers. Understanding the legal process for wills or trusts is complex and challenging, and that is before the customer realizes how expensive these standard legal procedures can be. Already, one startup is trying to clear the mystery around legal practices. Trust & Will offers transparency in its pricing process and gives users options for “fill it out yourself” legal documents.
The insurance market is a massive industry, bringing in $1.2 trillion in 2020, Forbes reports. Yet, despite that money, insurance has remained relatively unchanged from decades ago. New systems that are more beneficial to the customer could help revolutionize the industry and tap into a whole new customer base.
