Are you thinking about starting a business but aren’t sure which industry offers the best chance of success in 2021? This article explores some of the biggest industries in 2020 that aspiring entrepreneurs might consider when starting a new venture.
Home Healthcare Services
Home and healthcare service industries always seem to be on an upward trend, especially with the Boomers generation approaching retirement. Thanks to this trend, you can expect home healthcare services to experience rapid growth in the next ten years, continuing its current trajectory.
Between 2008 and 2018, the industry experienced an increase of 511,300 employment opportunities, and projections show that the industry will see 713,700 additional jobs over the next decade. Experts also estimate the industry’s output at $115 billion by 2028 (from only $56 billion in 2008).
Online Grocery Sales
The online grocery sales industry experienced a 74.5% growth in revenue between 2019 and 2020, thanks to the worldwide pandemic. The industry’s growth over five years might also be attributed to the increased use of the internet by domestic consumers.
Improved broadband connections and higher per capita disposable income have also led to an annual revenue increase of 24.1% in this industry in the last five years. IBISWorld projected that the industry would see a 72.7% revenue increase in 2020 alone, thanks to the increased consumer health concerns during the COVID-19 (coronavirus) pandemic.
Online Education and Remote Learning
The COVID-19 pandemic has caused many people to turn toward online education and remote learning opportunities. It has given EdTech companies a massive opportunity as traditional learning institutions try to adapt to remote learning.
In China, for example, Zhang Bangxin of TAL Education experienced a $1.7 billion wealth increase when his company partnered with 300 public schools to stream free classes.
Various education firms are launching e-learning courses and building systems to help teachers track student progress and analyse performance. As the coronavirus pandemic continues to wreak havoc, more schools and colleges are moving online.
The trend could be a great marketing opportunity for EdTech firms and the online education sector as a whole.
Global Commercial Real Estate
The Global Commercial Real Estate industry encompasses buying, selling, renting, and operating owned or leased real estate.
It may include income-generating residential properties and commercial properties, or real estate services, like property management, brokerage, and valuation.
The industry experienced a 3.8% fall in revenue (to $3.2 trillion) between 2015 and 2020 with COVID-19 uncertainties shifting economic performance. Analysts expected revenue to fall by 25.8% in 2020 alone. However, the industry will likely grow significantly over the next five years as the global economy recovers from the effects of the coronavirus pandemic.
Final Thoughts
The COVID-19 pandemic has affected many industries in 2020, leading to millions of jobs lost, and much uncertainty. However, some industries are booming, such as online education, grocery sales, and gaming platforms.
These adaptable platforms continue to flourish amid the pandemic, and there is still hope for any entrepreneur looking to start a business in 2020. You can contribute to the economy in any of these industries if you keep calm and leverage the power of technology.