Are you a businessperson looking for a new challenge? Or are you a student looking to intern or work for a start-up? If it’s the latter, then you’ve come to the right place. This article will help you to understand the most prospective business markets for your business. Once you have a better idea of what opportunities are available to you, you’ll be able to focus on where you want to be! In this article, we take a look at the five most prospective business markets for your start-up. These are the businesses that are most likely to welcome your business with open arms in the coming year.
Online retail is on the rise, and Canada and the United States are leading the way. Canadians spend almost $6 billion and Americans spend over $5 billion on online shopping annually. Software and system integrations have led to significant growth in the online retail market. Digital channels, including internet, mobile apps, and wearable devices, have created exciting opportunities for retailers. According to a report, if the online retail market in the U.S. were a country, it would be the 13th largest in the world.
This growth is largely due to the rise of ecommerce shopping, which is increasing at a rate of 6 percent annually. Ecommerce sales in the U.S. set a record in 2016, growing at a rate of 6.6 percent, according to a report.
The eCommerce industry is experiencing rapid growth, and it is likely to continue to do so in the coming year. This industry is forecasted to grow at a rate of 6.6 percent in the United States in 2017, according to a report. Ecommerce sales grew by a record US$23.9 billion in 2016.
The mobilecommerce industry is also experiencing rapid growth. It is forecasted to grow at a rate of 11.2 percent in the next five years, according to a report. In fact, for every $1 that is spent on digital shopping in the U.S., $1.50 is spent on mobile commerce. This is partly due to the fact that one out of every three smartphone users in the U.S. is under the age of 25.
Healthcare & Medical Device (HMD)
Healthcare and medical device manufacturers are experiencing robust growth in the current market environment. According to a report, the global medical device market could grow by a whopping figure of 38 percent over the next five years, driven by the growing number of personalized medical products and devices.
While the growth of the market is expected to be strong, it will be challenged by the growing number of startups in this industry. The spending power of the healthcare market is high, with the average patient in the United States spending more than $1,500 on their medical care in a given year.
Advertising & Marketing
Advertising and marketing has seen a sharp rise in importance in the last five years, largely as a result of digital transformation. This has led to a rise in the number of brand advertising campaigns across all forms of media. According to a report, global advertising spending is forecasted to nearly double in the next five years, from $135.3 billion in 2016 to $213.4 billion in 2022.
This growth is largely due to digital transformation, including the adoption of new digital technologies by consumers and marketers. For example, video advertising is growing at a rapid rate, with video ad spending set to nearly double in the next five years, from $54.8 billion in 2016 to $98.1 billion in 2022.
Live Event Promotions
Live Event Promotions is one of the most prospective businesses for your startup. It is forecasted to experience strong growth of 24.9% in the next five years, according to a report. This growth is mainly due to an increase in the number of people participating in live events, such as concerts, sports events, and conventions.
As you can see from the list above, the most prospective business markets for your business are in online retail, e-commerce, m-commerce, healthcare & medical device, advertising & marketing, and live event promotions.
However, don’t forget about the brick and mortar business as there are still plenty of opportunities in that market as well.