Entrepreneurship thrives during periods of significant upheaval. When the Covid-19 pandemic wreaked havoc on our lives, it also expedited the growth of several fledgling industries and created new niches for quick-thinking entrepreneurs to launch and grow lucrative firms.
We compiled those promising areas for you after looking through the latest data and interacting with experts. Continue reading to find out which industries will produce the next wave of fast-growing businesses, and where you can put your money in.
1. Workplace Virtual Reality Training
When the Covid-19 pandemic hit, virtual reality and augmented reality technologies were all on their way to being incorporated into the workplace. Startups are now creating simulation models to teach employees a variety of skill sets(hard and soft skills), such as installing solar panels and handling customer service complaints, as well as spotting workplace prejudice and governing with compassion.
The sector continues to pique the interest of venture capitalists. According to professionals, global VC investment in AR and VR businesses set a new high of billions in 2019, with 600 deals. And, unlike in-person or online training, VR pledges to train more people in less time. Simulators also allow learners to practice circumstances that would be difficult or dangerous to recreate in real life, and the data they collect can provide employers with a clearer picture of their employees’ progress.
2. The Beauty Industry: Plant-Based Hair Extension
Plastic braids, sometimes known as hair braiding, are popular among African-American women, however, they can cause itching and irritation. Plant-based hair extensions, a fresh twist on the problem that uses materials like banana fibre, present a viable answer at a time when customers are increasingly looking for plant-based items.
According to market research firm Nielsen, Black Americans spent $473 million on hair care in 2017, representing a high market opportunity for plant-based hair extensions. The amount of money spent by women on haircare spans Millions. Therefore, the beauty industry is worth the risk.
3. Tech: Services for Digital Accessibility
Many businesses constructed websites and apps on the fly as significant areas of global commerce went online, with little regard for accessibility. As a result, there have been significant compliance issues.
Integrating closed captioning on videos for deaf and hearing-impaired users and alt text on images for blind and visually impaired users who use screen readers show that your company cares about the people with disabilities, whether they’re consumers or potential workers.
There are many automatic methods for board compliance auditing your website, however, these services are believed to miss the majority of the difficulties that impaired people face. Startups that can assist software engineers in identifying and fixing accessibility issues on their websites and apps have a once-in-a-lifetime chance to remedy a widespread issue.
4. Automotive Industry
Automobiles are a discretionary item, and sales will be heavily influenced by customer attitude. Except for tractors, which continued to rise strongly during the first wave, the industry saw a sharp drop in sales. Consumer morale is now low, and demand for non-essential items is anticipated to decrease further as a result of the unsettling scenario. Now, I know that things are getting frisky with time, but investing in this shouldn’t give you a hard time.
If you are looking into investing in full-automotive or spare parts, all you need is to work with a reliable source. You can team up with injection molding Pennsylvania and get great value for your quality products. However you choose to go about it, all you need is to be smart in the investment. But remember, people are now looking to be invested in automobiles, think ahead.
5. Healthcare Sector
In 2020, the pharmaceuticals industry was one of the best-performing sectors in the stock market, providing considerable profits to investors. There are strong hopes that the sector will remain in focus in 2021, as demand for life-saving pharmaceuticals and immunity-boosting supplements continues to rise, and people are more focused than ever on purchasing healthcare products.
Furthermore, with the vaccination campaign in full gear, there is a strong motivation for listed pharmaceutical businesses as India prepares to welcome many more vaccine types. In a word, the healthcare sector as a whole will continue to grow at least until the number of Covid-19 instances decreases dramatically, and investors may be confident in the sector.
Your investments will not go to waste if you get into the market. All you need to know is what area of the Pharmaceuticals you want to venture into.
6. Telecommunication Sector
During the global pandemic, one of the most crucial services and sectors was telecommunications. It has been a critical facilitator in assisting government and healthcare officials in timely communication, tracking advancements, as well as adopting work from home and keeping the economy afloat. Because existing consumers’ demand for bandwidth is predicted to increase, telecom will likely continue to be one of the best-performing industries.
The Bottom Line
In periods like this, investors should stick with solid companies – those with strong balance sheets and led by market leaders – because they are the ones most likely to weather the storm. Furthermore, investing in equities without an investment portfolio or a distinct loan portfolio is akin to driving a car without brakes. So, you need to understand the basic requirements and how the market works before you invest. Be wise!
