Whether you're looking to revitalize old ideas or build something new, there are plenty of opportunities to enter industries with exciting futures. We looked at some of the most promising industries with impressive growth prospects. Here are five fast-growing markets to consider.
While it can be difficult to pin down everything that the AI industry encompasses, and projections differ depending on the source and its definition of AI, there's no doubt the industry is poised for explosive growth. Forrester Research estimates the AI industry – which it defines as "cognitive computing technologies" – will grow to $1.2 trillion by 2020 with a global GDP annual growth estimate of 3.5 percent, while other sources' more conservative predictions estimate the market will reach $70 billion within the same timeframe.
Deloitte LLP's internal analysis released in April 2017 stated that 52 of the Fortune 500 companies were testing or had deployed AR/VR products and solutions, and those numbers have only increased since then. Lindsey Vontz, content marketing manager for graphic design crowdsourcing platform 99designs, said mixed reality projects are among the fastest-growing categories on the platform in recent years.
Because of the promise of lowered costs and greater efficiency in fabrication and manufacturing, especially as the technology evolves, the industry has been growing steadily in recent years. The research group MarketsandMarkets expects the 3D printing industry to grow to $32.78 billion by 2023. If you have ideas for combining 3D printing with green building practices, an industry which is projected to grow at a rate of 23 percent annually, you've really hit the jackpot.
Mobile food businesses
Street vendors and food trucks in particular have a projected revenue growth of 3.7 percent over the next three years, which will bring the industry total to $1.7 billion. IBISWorld cites that the increase in the demand for street vendor reflects consumers' desire for more unique, gourmet food trucks – which have been popular in coastal and trendy cities for several years – but predicts the industry's second-tier markets will also experience a sharp uptick over the next couple of years.
Educational software and online learning
Additional reporting by Adam C. Uzialko.