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Business areas that will boom in 2018
Opportunities available for small business owners
Opportunities in virtual reality, automobile, and drone industries
Opportunities in content marketing, IoT, food, and solar energy industries
As a small business owner, it is prudent for you to be informed about business sectors on the rise. This can help you set up another revenue stream or align your business to serve these industries. From data analytics to eco-friendly energy, here’s a look at the 7 business areas are will boom in 2018.
From 2015 onwards when VR headsets were introduced into the mainstream by being offered along with smartphones, virtual reality has come to claim a larger and larger market share. Watching a movie has become a fabulous personal experience with a VR headset mimicking a movie theatre without any of the disturbance. hardware to make VR devices more compact.
The industry is predicted to grow from an estimated $7 billion in 2018 to an expected $75 billion in 2021 worldwide. Small businesses have tremendous opportunities when it comes to product design for this sector and redesigning bulky.
Automobiles are now being equipped with the ability to do the driving with no human intervention at all. Mainstream brands like BMW, Ford, and Toyota are already offering vehicles that can park themselves. In the next decade, we will see fully autonomous vehicles on the road. However, there is a lot of scope for technology companies to develop software that enables faster communication between sensors and helps differentiate between humans and vehicles on the road. Most importantly though, there is an immediate need to increase the overall safety surrounding autonomous driving, which offers a good opportunity for manufacturing businesses already working in the auto parts sector.
Having started off as a military tool, drones have since become a technophile’s favourite toy. Their utility has been varied with online delivery businesses testing to see whether they can use drones to deliver packages or videographers using them to take videos of large-scale events. More applications for drones in the pipeline are in the spheres of firefighting, construction, natural life preservation from calamities like forest fires, tsunamis, and floods. With India finally drafting rules for drone usage in India, there is a lot of opportunity for growth in this exciting new area when it comes to developing different drone prototypes and finding new applications.
Content is the backbone and driver of all marketing today. High visibility fields such as SEO, social media, and email marketing are all centered around content to be effective. For this reason, good quality content is in high demand. After all, this is what will propel any business into the limelight. Thus, small businesses are sure to have a lot of opportunity creating content for niche sectors, offering thought leadership articles and even SEO and SEM services. Firms that offer design and social media marketing along with content marketing will also find a lot of takers.
Additional Read: How Digital Business Owners Can Find Success
The last decade has witnessed many advancements in this sector, which has resulted in more reliable equipment as well as a reduction in prices for the end consumer. With lower costs associated with equipment such as solar panels, the economics have changed the dynamics of the market making green energy affordable. India has embraced the trend, and is set to become the third largest solar market this year itself. From working on technologies to increase the life of solar panels to enhancing their ability to convert light into energy, there is a lot of scope for small businesses. Another sub-segment is to make the solar batteries more dependable and longer lasting.
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IoT or Internet of Things is the network of physical devices, appliances, utilities and even clothes which are embedded with sensors and software to enable them to interact with each other and share data. Imagine your fridge sending a reminder to your phone to schedule the delivery of milk from an online platform, or better yet,
your fridge scheduling the milk delivery to coincide with your schedule to ensure you are home when it arrives. With high-speed internet and leaps in technology, IoT is fast becoming a reality. Small businesses can find great scope in developing the right safeguards against hacking and virus attacks, enabling routers to handle the high traffic, creating product designs.
According to the India Brand Equity Foundation, the e-food industry is all set to expand in the coming decade. Due to the change in work habits and the convenience of shopping on the smartphone, food e-commerce companies are an exciting and growing breed. With the recent acquisition of Whole Foods by Amazon in the USA in August 2017, other offline retailers are looking to tie up with online platforms to enable quicker delivery. The trend is sure to be witnessed in India too which already has a few players like Amazon Pantry, Big Basket and Grofers in the mix. Small business owners can find opportunity in providing better data analytics for the sector, supporting delivery schematics and storing groceries in specialized warehouses.
Additional Read: 6 Tips to Grow Your e-Commerce Business
Now that you know the sectors set to grow, it’s time to see how your business can serve these industries. Whether you are planning to diversify your business or cater to these growing industries with better technology, ensure that your business finances are in place, so that you can execute your plans smoothly.
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