Every entrepreneur started with a dream of starting their own business and being their own boss. But with so many options, which industry should you choose in this fast-paced landscape? Why not give yourself an edge by considering a billion-dollar industry?
This blog post will explore five billion-dollar industries that show no signs of stopping in 2022 and are free to explore.
Cybersecurity Products And Services
The acceleration of digital transformation across different industries resulted in the rising demand for cybersecurity. Statistics show that the number of data breaches during the third quarter of 2022 significantly increased by 37%. These breaches exposed approximately 15 million data records globally, leading to an increased demand for cybersecurity products and services.
Gartner explains that the global information security market is expected to reach $170.4 billion by 2022. Ultimately, it’s clear that the need for cybersecurity will continue to climb in the foreseeable future, given the endless technological innovations.
Competition may be tough, considering how saturated the market has become, but you can still offer several products and services. If you decide to join the industry, you can choose between cloud security, infrastructure protection, and other related products and services.
When you’ve finally found your unique positioning in the market, you must invest in your team’s expertise and capabilities to stay ahead of the fast-changing regulations in network security.
Over the past year, there’s been a significant increase in the consumption of personal entertainment and digital gadgets for households. With more than 4.7 million people working from home at least half the time, public interest in at-home devices like fitness equipment, voice-assisted devices, and more continues to grow.
The International Data Corporation (IDC) reported that at the end of the third quarter of 2021, the global market for smart home technologies grew by 10.3%. The smart home market is also expected to reach $48.15 billion by 2026.
And as more Americans open their homes to automation, the demand for devices that help improve their overall productivity will continue to grow as the years go by. Ultimately, the home technology industry still has a lot of growth potential.
Telemedicine is another one of the top growing industries this year, thanks to patients and physicians recognizing its great benefits. Besides convenience, telemedicine allows healthcare providers to improve treatment outcomes and helps insurance companies lower costs.
A recent survey from Frost & Sullivan shows that the industry is expected to see a CAGR of 38.2% from 2023 to 2025. And though telehealth remains a relatively new discipline, practitioners and leading providers continue to work hard to ensure stringent industry standards.
If you decide to join this industry, you can create a future-proof business and continue to expand in the coming years.
In 2022, the niche industry of on-demand services surpassed the projected growth rate of 52%. Analysts from the market research and analysis firm Technavio revealed that the increasing internet usage in the country is one of the key drivers for on-demand home services.
Some of the most remarkable providers in this market include Uber, Netflix, GrubHub, and Amazon. These four companies saw that consumers have a large desire for near-instant gratification and were quick to supply them with instant services like same-day deliveries.
With recent surveys saying that nearly 96% of customers would rather prioritize customer experience over actual products, there will continue to be a demand for better customer service that only this niche industry can provide.
Last on our list of billion-dollar industries is green energy. Today’s cultural shifts show that climate change and global warming have become a real concern for the up-and-coming generation, which means people are investing in green technology and alternative energy sources.
From solar-powered houses to electric cars, people are moving away from the synthetic and toxic to the natural and green. Green energy is such a tour de force that it’s now worth as much as the fossil fuel sector.
The Center for Climate and Energy Solutions revealed that renewable energy is the fastest-growing energy source in the US, with demand increasing by 42% between 2010 and 2020 alone. Despite its size, entrepreneurs still have room to make their mark and clean up the Earth simultaneously.
There are many more billion-dollar industries you can choose from. Nevada Corporate Headquarters can get you into whatever industry you want. As a full-service business formation company, we can help you form different businesses and more. You’ll never have to go at it alone, from tax services to business funding and credit, legal services, business plans, and the like.
Our comprehensive asset protection strategies are second to none, from business entity formation to accounting and taxes, building business credit, and estate planning. They are proven to help businesses successfully launch and grow.If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. Contact us today and go from business idea to open for business.
If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. From business entity formation to accounting and taxes, building business credit and estate planning, our comprehensive asset protection strategies are second to none and are proven to help businesses successfully launch and grow. Contact us today and go from business idea to open for business.