Top 6 Industries for Startups in 2024

The Fastest-growing Industries to Start a Business in 2024

The world continues to experience economic crises and economic crashes. As a consequence, the expansion of several industries has slowed. Luckily, certain industries have been able to maintain constant revenue growth. Despite the economy-depressing pandemic, some businesses are doing well thanks to continual technology developments. The sectors are becoming the fastest expanding industry, based on their current tendency. Professions are changing at a rate that is too quick for slow-moving economies to keep up with. Industries and vocations that were in high demand a few years ago are no longer available. As the world evolves, you must ensure that you are equipped and updated with the necessary abilities. The current fastest-growing sectors are eCommerce, Healthcare, EdTech, Streaming Services, Logistics, and Leisure and Entertainment. Keeping up with the fastest-growing sectors that will urgently demand labor in the future is a great strategy to stay in the spotlight and remain effective.

eCommerce

The pandemic has made shopping offline simply impossible and now it is even more difficult for someone who has never bought anything online. In 2020, because of quarantine restrictions, most sales went online. As a consequence, eCommerce has risen to the best industries for startups, attracting a slew of investors seeking possibilities. Retail eCommerce sales in the United States were 710 billion dollars and this figure is predicted to rise by over 65% in 2024. Global eCommerce sales are expected to reach 4.921 trillion dollars this year, according to estimates. The increasing online traffic from smartphones and tablets is a major contributor to this surge. Today, 80 % of the world’s population owns a smartphone, making it easier to shop online, particularly with capabilities like one-touch assets. Neither to include the fast speed of social commerce shopping through social media, which makes it easier for people to purchase and accounts for 3.4 % of all eCommerce transactions. Mobile app development is also on the rise, pushing eCommerce as a new method for conducting online transactions using a smartphone or tablet. Mobile applications are expected to become the main platform for internet commerce and the latest big thing in the startup world.

eCommerce is one of the fastest-growing areas in which to establish a business due to the high demand for online shopping and delivery services. It presents a huge potential for startups in 2024 and the years beyond. The market is becoming increasingly congested, implying that rivalry is increasing. Consider starting with a branded niche-specific product if you’re thinking about launching an internet business. So can specialize in a specific area and then go forward with your approach. From the standpoint of investment and human allocation of resources, it is fairer. In addition, when it comes to integrating an eCommerce shop into your operations, businesses have two options whether to use a pre-built system or construct their own platform from the ground up. You can target all of your company’s goals with a tailored solution, but you’ll have to commit more time and money. Custom web stores may approximately cost anywhere from $60 to $300 thousand, depending on the size of your company.

• A simple version with the core characteristic set with responsive layout may take from 3 to 6 months of development and will cost you about $60+ thousand.
• A medium variant with additional components and a design of a larger complexity may take from 6 to 9 months and the product’s approximate cost will be $90+ thousand.
• A big version with complex multi-tier website creation, design, and support may take 9 months of development and support on an ongoing basis and cost about $300+ thousand.

Rohlik

Rohlik is a supermarket delivery service based in Europe. The company’s differentiators include a large online inventory and same-day delivery. The Czech startup raised $119 million in November 2021 and was designated as a “unicorn” with a $1.2 billion value. They want to use the capital to grow throughout Europe, including Germany, France, Spain, and other countries.

Healthcare

It’s no surprise that medical science and the healthcare sector have had a banner year, but the main potential for start-ups has been in medical technology. The virus has accelerated the speed of digital change in the healthcare industry, with medical professionals and computer specialists collaborating to develop new methods to provide better treatment. Healthcare is one of the best startup industries nowadays. Many innovative companies are attracted to the burgeoning business potential in healthcare software development services and technology. Telemedicine, which allows for remote medical support, has been one of the most promising technologies. Essentially, telemedicine is the use of digital interactions between patients and care providers to overcome physical and geographical limitations. While it was first considered necessary to give distant treatment during the pandemic, it has lowered healthcare expenditures and can literally save lives because you don’t have to mix with infected individuals. As per Market Analysis Report’s latest Telehealth Market Size and Analysis study, the industry is expected to expand to $16.7 billion by 2025.

Telemedicine isn’t the only part of the healthcare industry that’s flourishing. This year, a slew of applications have exploded onto the scene, many of them the result of research into business requirements and a dash of nobility fueled by a desire to assist in these trying times. Many people have overlooked serious health concerns that require hospital attention, according to The Washington Post. As a result, one of the primary tasks is to make medical tools and recommendations broadly available. Doctors and other medical personnel, for instance, are finding educational applications appealing because they allow them to retain and deliver important research and information in real-time. Chatbots and AI-enabled symptom checks, enhanced reminder applications, and healthy living apps are all significant areas in the healthcare business. The technology also assisted to monitor health at home during quarantine using an AI-powered healthcare chatbot, which resulted in significant cost savings.

Medallion

Medallion is a USA-based startup, launched in 2020. Medallion’s goal is to employ software to address back-office processes that patients, in this example, never see yet are critical to the relationship. Healthcare practitioners must be licensed in the state where the patient is situated, whether they are physicians, nurses, or mental health counselors. This can be a difficult undertaking, given that there are more than 150 distinct state-level boards that license physicians in the United States, each with its own set of standards. People may use the Medallion portal to enroll and authenticate providers, track compliance standards, and connect to important programs like Medicare. Smart notifications keep teams informed about essential facts, allowing professionals to focus on patient care rather than worrying.

EdTech

Digital technology has already changed the conventional way we educate ourselves for a long time and for this very reason the field of Educational Technology has already become one of the hot industries for startups.

Whether it’s simple online access to study materials, online classes or courses, adaptive learning, or gamification, there’s something for everyone in this field. The online education market is booming and with the emergence of COVID-19, investment in this industry worldwide has increased like never before. So, according to EdSurge research, venture capital interest in EdTech solutions is very strong. Venture capital reached $16.1 billion in 2020, where two-thirds of the total came from China, second place went to the United States, and third place to India. In 2020, global Venture capital investment in the United States totaled $2.2 billion across 130 acquisitions, up from $1.7 billion in 2019. Many education entrepreneurs are attempting to seize market possibilities in order to develop alternatives that can both sustain and rethink existing educational paradigms in the long term. What is more, it is predicted that by 2025, the online education business is going to be worth $350 billion, and it is only in the United States. As HolonIQ stated, the worldwide EdTech industry will reach $404 billion by 2025, with the market for educational applications increasing by 26% in 2024.

The pursuing are examples of educational technology solutions that are now causing a stir in the industry:

• Online Courses
• Social-Emotional Learning apps
• Language Learning apps
• Immersive Tech
• Coding and Technology
• Early Childhood Learning
• STEM apps
• Learning management systems

As the virus spread, a billion and a half pupils were compelled to leave their usual classrooms. Lots of institutes like universities, colleges, and schools were forced to make speedy solutions in order to meet the requirements of students, parents, and teachers. Technological solutions have improved in effectiveness and accessibility, and they can now expand to millions of users across a variety of industries, including pre-kindergarten, K-12, kindergarten, and school, higher education as well as corporate and customer learning. The need for a variety of digital learning tools for both corporate trainees and regular consumers looking to improve their skill sets has begun to rise. According to a poll conducted by the Times Higher Education, 63% of university executives believe that entire university courses would be available for online study by 2030. Researchers from the Massachusetts Institute of Technology discovered that the dropout rate for online courses had risen to 96%. This means that modern methods of training using digital technology still have room to develop and improve, and therefore this is a great solution for a startup. In 2022, companies and businesses will have a great chance to make a difference in the lives of teachers and students. In lots of countries, there are already online courses teaching pupils about non-traditional issues like diversity and sustainability.

A brief list of business ideas to pursue in EdTech:

• Customized solutions
• Live classrooms
• Education platforms
• Instructor courses
• Miscellaneous LMS development services
• Online certification systems

Consider tech-enablers with suitable skills if you want to invest in e-learning and education.

Kalam Labs

Gamification appears to be the flavor of the season, with businesses from many industries using gamified solutions to attract users. For a long time, EdTech entrepreneurs have been attempting to crack the gamification code, but no one has yet achieved product-market fit. Kalam Labs, situated in Bengaluru, is a further new business on the market that is using the live gaming format to deliver education.

Kalam Labs, which launched in June 2021 and is still in beta, provides K-12 instruction through a live multiplayer game-streaming platform. The firm develops a gamified curriculum for kids aged 6 to 14, with a concentration on science, technology, engineering, and math (STEM). Learners here essentially play live games with instructors, who then use live videos and chats to educate them through the educational ideas presented in the games. The company claims to have more than 10,000 YouTube users and 1,400 paid subscribers. The three-month membership costs about $25.

Streaming Services

During the lockdown, television viewing and online streaming have increased significantly and continue to grow in demand. Increasingly, more and more people are becoming advocates of the concept anywhere, anytime on any device. The appeal of binge-watching among customers is yet another factor driving interest in streaming services. By 2025, research at Reportlinker expects the global video on demand market to grow at a CAGR of 12.2%, adding 1.16 billion users. The bulk of streaming services are managed by huge corporations like Netflix, Disney+, and Amazon Prime, however, there is still room for startups. Soundcloud, for instance, was a startup before being acquired by Spotify, a music streaming service. Moreover, as a result of the COVID-19 outbreak, the whole industry of video streaming increased by around 10%. So, if you have a unique approach to improving a streaming service, this may be the sector for you. In March 2020, Netflix had a 50% increase in first-time installs and Twitch has seen a 31% rise in viewing as per Grandviewresearch. In point, Hulu, Sling TV, and Pluto TV are among the notable players who have benefitted from the pandemic’s forced confinement.

Video on-demand service providers are expected to enhance their offers and acquire more users as watching patterns change. The loss of movie theatres around the country has prompted a shift to online video providers. For the first time, major production studios such as Universal went online. This was the case with Trolls 2, a $20 internet premiere. Such growth is likely to persist, making streaming services one of the most promising markets for new businesses. Entrepreneurs may use this method to uncover a plethora of possibilities that are lying in plain sight.

Restream

Restream, a Ukrainian startup established in 2015 in Vinnytsia by Alexander Khuda and Andrew Surzhynskyi. This platform streams live concerts, online meetings, sports, and video game match to multiple internet platforms at the same time. Big tech businesses like Microsoft, Activision, Wargaming, and Ubisoft are among its clientele. Back in 2018, the company’s market value reached $17.8 million. As per Restream’s website, over eight million videos to users across the world every month. The platform allows users to broadcast live streams to Thirty different social media networks, including Facebook, Twitch, Twitter, YouTube, and LinkedIn. LinkedIn recently collaborated with Restream to broadcast its events and conferences via Wirecast, Switcher Studio among other streaming platforms. Most Restream users merely utilize the platform’s free services, while those that need to make films with their own branding and stream them to public Facebook pages spend $16–83 each month to subscribe. Customers that pay may also study streaming data and send real-time text messages to the audience.

Logistics

As globalization hits the pinnacle and e-commerce develops at an accelerating rate, aided by the coronavirus epidemic, the logistics business is seeing unprecedented technological change. The logistics industry is now among the best startup industries. Companies that provide platforms for fleet monitoring, data warehousing solutions, dealer management systems, and other sorts of software make up the Logistics industry. As logistics has become more and more complicated, firms are increasingly turning to logistics-focused businesses for an integrated, end-to-end solution. The iPhone, for case, is made up of parts from vendors purchased from suppliers in 43 countries spanning six continents. According to McKinsey, the overall value of bidirectional distribution will expand at a 7 percent annual rate from $600 billion in 2019 to $840 billion by 2025. Moreover, DHL has developed a Start-up Lab, where it collaborates with creative startups to reimagine inventory management. When time passes, it’s more crucial than ever for a new entrant to be proactive and spot the next great thing for their company immediately. And here’s a summary of the main technologies that are expected to have the largest influence on logistics today, so you can appropriately invest in the logistics strategy. If you look at the most recent freely released sector studies from Gartner, PwC, McKinsey, or DHL’s Logistics Trend Radar, you’ll see that various technology and supply chain trends are covered.

• IoT
• Artificial Intelligence
• Robotics
• Last-mile Delivery
• Warehouse Automation
• Blockchain
• Big Data & Data Analytics
• Cloud-based SaaS Solutions
• Elastic Logistic

Wareteka

Wareteka is Ukraine-based, founded in 2019 online platform for finding on-demand warehouses. Users may utilize the site to search, acquire, or rent warehouses depending on their business requirements. Users can register to identify warehouses where their items can be distributed. The service works overall in Ukraine and offers proper storage conditions from foodstuffs to pharmaceuticals with proper temperature conditions. As per its website, the service has more than 30 logistics providers and 51 thousand vacant pallet positions.

To prevent unnecessary expenditures, the platform may also supply complicated logistical services. A 3PL provider employs cutting-edge technology to provide effective supply chain management and is responsible for all aspects of the supply chain (import/export, customs, storage, delivery, and so on). A 3PL takes care of any complications that arise, allowing you to get the most out of the storage and transit of your products.

Leisure and Entertainment

Entertainment and leisure are unquestionably among the best businesses to invest in. Due to the pandemic’s confinement of individuals to their homes, internet services outside of work are sweeping the globe. Many of us were forced to acquire digital technologies overnight and hunt for social activities, workouts, and dating opportunities online. As a result, the way enterprises in the conventional leisure and entertainment industry function has changed. Businesses seeking to launch a new product in these markets began exploring for fresh prospects. As gyms were forced to close, demand for online alternatives such as fitness monitoring applications soared. Virtual reality applications and platforms are also emerging, suggesting a new way of working out for stay-at-home customers. That tendency appears to be on the rise, allowing us to welcome a new era of gamified fitness. Similarly, virtual dating and video chat services are booming because they let people adjust to new social conventions while they’re quarantined. With rising unemployment rates, interest in dating apps is on the rise, as subscriptions to dating apps may become a method to save money on household expenses. This might be an interesting place to work if you have a unique product or service. For illustration, the Alamo Drafthouse Cinema chain began as a small business before becoming one of the most successful in its area. With certain firms already established, this area may not be the simplest to break into, but if you can provide something unique, it may be worth the time and effort.

DMarket

DMarket is a Ukrainian-based startup, launched in 2017. It is a blockchain-based platform for trading virtual assets. Users can buy or sell Steam blockchain items for USD and DMarket Blockchain items for DMC. Its site describes the service building connections between the real and virtual worlds, creating a cross-chain platform that accumulates several metaverses for brands, influencers, video games, e-sports organizations, broadcasters, and various organizations. DMarket connects the entertainment industry with the global meta world.

So, What Should We Expect from 2024?

The preceding year altered how we utilize technology, assisting in the resolution of real-world issues. Concurrently, the globe felt the need for change, with regular people and business owners adjusting to the new restrictions imposed by the lockdown. This gives rise to certain business niches while deprioritizing the others. In a study of entrepreneurs in the United Kingdom and the United States conducted by the Angel Investment Network, three quarters felt optimistic about the next 12 months, a striking change from a year ago, especially given that over 60% reported growth being hindered by the pandemic. So to prosper your startup regardless of external circumstances it is quite important to choose a suitable industry to invest in a proper toolset and, of course, a team of professionals.

Conclusion

Startups wishing to introduce a new product should turn to the EdTech, eCommerce, Streaming services, Healthcare, Logistics, and Leisure and Entertainment industries for digital technology and innovation. Technology specialists may come to the rescue, helping to reimagine existing businesses and build new, enticing prospective solutions. Contact inVerita’s team if you’re considering starting a business in one of the fastest-growing sectors.