THE TOP 10 FASTEST GROWING INDUSTRIES FOR 2024 LIST – PREDICTIONS
Find below the top 10 fastest-growing industries for 2024 list. The best-selling crisis-proof products & services predictions. Discover new business ideas for 2024.
Brought to you by Mau, Global Head of Strategy at eDigital.
You are about to find the fastest-growing industries that will skyrocket in sales and profits during 2024!
THE TOP 10 FASTEST GROWING INDUSTRIES FOR 2024 LIST – PREDICTIONS
THE TOP 10 FASTEST-GROWING INDUSTRIES OFFERING THE MOST TRENDING PRODUCTS AND SERVICES FOR 2024 – PREDICTIONS LIST
10. RENEWABLE HYDROGEN
Renewable hydrogen is produced when the energy generated from renewable sources such as the sun, wind, tides or waves, powers an electrolyser to convert water into hydrogen gas.
Renewable hydrogen is an odourless, colourless and lightweight zero-carbon gas.
Renewable hydrogen can then be stored, transported – and used when needed and offers the potential as a clean, safe and reliable fuel source.
Hydrogen production is becoming not only faster and cleaner but cheaper. It could sustainably power some of our states’ transport, agriculture and manufacturing sectors. While creating jobs across the country.
The Australian Government has opened expressions of interest (EOIs) for the Hydrogen Headstart Program, the largest-ever Australian Government-funded program for renewable hydrogen.
The program will provide up to A$2 billion of revenue support for large-scale renewable hydrogen projects. Australia has more than 100 hydrogen projects in the pipeline.
The Australian Government is investing in public infrastructure and low-emissions technologies and developing global hydrogen supply chains.
Only Australian companies can be the lead applicant for funding. However, international investors can partner with Australian companies to create project consortiums.
In an age where the binge-watch generation has taken over, brands are streaming professional, crisp live video flash sales through apps (especially on Amazon, TikTok and Instagram) offering live streaming. The rise of “Live stream” shopping (also known as live selling) is a rapidly growing online and e-commerce trend. Livestream shopping is a part variety show, part infomercial, part group chat — a format pioneered in China and Korea that has grown in popularity in the last couple of years.
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8. QUANTUM-POWERED APPLICATIONS
In 2024, Quantum-powered applications will influence key industries, especially in sensing, navigation, logistics, encryption and quantum simulation, whether it’s photonic, silicon-based or ion-trapped.
For example, Australian companies leading this fast-growing industry include:
- Nomad Atomics is developing field sensors based on cold atoms for navigation, and to find deposits of the minerals that we need for the energy transition.
- QuintessenceLabs offers quantum key generation, crypto-agile key management and quantum key distribution, and helps organisations build secure systems premises, in the cloud, or in hybrid IT ecosystems
- Q-Ctrl and Advanced Navigation are working on quantum-assured GPS-denied navigation, including at sea and in airborne applications. QuantX is also working in this area.
- The University of Melbourne has partnered with IBM to establish an IBM Quantum Hub which gives access to state-of-the-art quantum computing. The hub is researching a range of problems in practical quantum computing – everything from machine learning to materials, transport-optimisation problems, and quantum chemistry.
- Advanced Navigation combines artificial intelligence and precision robotics with inertial navigation for autonomous systems to operate in extreme environments.
- Diraq is working on silicon quantum dots, and Silicon Quantum Computing is developing atomic-scale integrated circuits.
- Q-CTRL provides quantum infrastructure software for performance management on quantum computers. IBM announced in May 2023 that this software would be available natively on their cloud quantum computers later in 2023.
- Quantum Brilliance is developing diamond-based room-temperature quantum computing systems and has worked with the Pawsey Centre (a supercomputing research centre), in Western Australia, to demonstrate applications and integration with high-performance computing. In 2022, Quantum Brilliance installed world-first diamond-based quantum hardware at Pawsey – and has been running algorithms on the room temperature accelerator, to demonstrate the potential for quantum accelerators in classical computing.
- Analog Quantum Circuits is developing fabrication processes to integrate amplifiers, attenuators, circulators, and other components “on-chip”, so future generations of quantum technologies can scale.
Quantum still has massive challenges as it is hungry for deep-tech infrastructure, precision machinery and foundries at scale. Building superconducting foundries that can make millions of devices is a big jump in risk and bravery – and it has to be deployed at the right time.
7. REPAIR, MAINTENANCE AND RENTAL
To find an opportunity in the repair/maintenance or rental industry, you need to think about a fast-growing product usage that depends on a high skill for repairing or maintenance or a product that people do not necessarily want to own as they may use it just once or on a few occasions during the year.
Some of the opportunities include:
- Clothing repairs. Some of the world’s top luxury high fashion brands such as Louis Vuitton (LVMH), Hugo Boss and Tommy Hilfiger are all set to launch their own clothing repair shops.
- Drone rental/repair/maintenance
- 3D printer rental/repair/maintenance
- Phone repairs
- Electric bicycle and scooter rental/repair/maintenance
Note: Most 3D printing uses plastic right now but metallic printing is only going to get better. We already have a few ventures into the 3D-printed food industry but it’ll get even more sophisticated in the near future. This means that food services can benefit from automation and cut back on the cost of employees.
6. FAMILY AND HOME
Go and visit your friends’ houses and look at what they use and consume. Do you see a business opportunity?
I know what you are thinking:
“I do not want to look like a weirdo looking at every single item my parents-in-law are using”
I am about to tell you the fastest-growing products and services families will be investing their hard-earned money in 2024:
- Kids-friendly apps. Kids can be your most loyal customers, but if you do not innovate fast, they will move to the next better thing. With most kids already having access to app devices, this spells a big business opportunity for anyone who can create products or design apps just for kids. And, if they also happen to be educational (for example the Reading Eggs app) or promote good health, you’ll win their parents over, too. You can start small by designing a few kid-friendly apps and see where your business goes from there.
- Pet services. Any new business that offers a unique way to deliver pet food, pet care, pet grooming or pet training is ready to make a buck in this fast-growing industry. The opportunity also includes new vet clinics and veterinarians with a different/ much better approach to the service they offer to pet owners. Due to the hurry and busy lifestyle, most pet owners find no time to take care of their lovable pets which makes pet care to be considered one of the best businesses to start in 2024. The pet care industry includes services like pet sitting, pet mobile grooming and even assisting people who want to grow farm animals like bees and chickens in their homes located in the city etc.
- Marriage counselling or therapy. We all know the story: the apparently “good” partner you choose turned up to be psycho. There’s now widespread recognition that mental health is important in the process of keeping a healthy marriage but also in the process of divorce/separation. Check with your local government about what skills you may need to offer support in this fast-growing industry where divorce rates are on the rise across the world.
- Home security systems, alarms & cameras. The industry already exists, it is mature and makes plenty of $. But if you can tap into a new offering, or give a spin to an existing service, you could enjoy grabbing some profits from this lucrative industry.
- Sustainable construction materials. The old days of building with bricks are gone and families want to build or renovate using sustainable materials that do not harm their health while at the same time protecting them from bushfires and/or floods. Make sense right? We spend a big chunk of time at home, we want to be healthy and safe and home.
- Upcycled furniture. A growing segment of the furniture market is no longer interested in mass-produced furniture (IKEA, etc) that after a few months (if lucky few years) ends up at the tip. New businesses that can offer upcycled furniture that is more sustainable, lasts longer and is affordable will win customers in 2024. Another opportunity is for furniture (especially sofas or rugs) that use natural fabrics that feel nicer on the skin and are great for the planet.
5. BUSINESS SUPPORT & SERVICES
Below are our predictions of the top fast-growing business support companies and business services firms for 2024.
- Venture Capital. This is our second fastest-growing mover in the business support and services industry. As new businesses are created and need to increase customer bases fast, they will need equity investment and cash. If you can group a bunch of angel investors, you surely will have an interesting business for 2024. Yes, Harvard and Yale’s endowments are not big enough to support the growth of so many new businesses.
- Virtual Assistants. From data entry to social media management, new companies and/or freelancers will capitalise on the need of big enterprise businesses to outsource work as much as they can. This trend will also lead to the popularity of time-tracking apps.
- Web and App development, design and testing.
- Event planning firms.
- Software migration and data migration services. Migrating from one platform to another is a pain and as technology improves, there’s going to be an increase in the need for migration services, so that platform users won’t lose data while moving across SaaS platforms.
- Data analytics companies.
- Data protection services. The use of smartphones connected to different grids of information has exposed phone users’ information to those who want to steal it. The need for data protection is growing rapidly. From credit-card numbers to customers’ personal details, more private information is online than ever before. Businesses need to protect that information, and individuals need to be careful with it. Right now, states are only now beginning to pass laws that require companies to have written security plans to prevent data breaches.
- Sustainability consultants. In 2024, consultants that help organisations make sure their environmental, social, and governance (ESG) processes are the centre of their strategy will win customers. This will include increasing transparency, reporting, and accountability. Businesses that show solid action plans of how to reduce any negative environmental impacts will be supported by customers. This includes checking supply chains and showing suppliers’ ESG credentials.
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4. NEW TECH
Below are our predictions of the top fast-growing technology services and products for 2024.
- Robots. The world’s robot population is growing fast and is expected to end at 30 million by the end of 2024. This is half of the Australian human population. From cleaning robots to humanoid robots such as the Toyota T-HR3.
- Artificial Intelligence. As more basic skilled occupations are automated, there would be impact and dislocation as a result of these technologies in the world of work. Artificial Intelligence is set to substitute basic labour or complement it in some way.
- Augmented Reality & Virtual Reality. The emergence of commercial AR & VR technologies has led to an increase in innovation, with a wide range of businesses looking for AR & VR opportunities in 2024 and beyond.
- Assistive technology. The market for assistive technology, products and services improves people’s functioning and independence. The assistive technology space is a huge, often untapped market with the opportunity to build a new business while making a difference in the world. Vast numbers of us struggle with some form of disability every day, but we often find that shops and businesses are inadvertently hostile to people’s needs. Changing that could be a quick way to build up a new, loyal customer base that appreciates your inclusiveness. New opportunities in this industry include anything from hearing aids to products addressing specific disabilities. A great example is Talov, an Ecuadorian accessible technology company that delivered the SpeakLiz app which uses AI to transcribe speech into text, and vice versa. The tool also listens out for things like ambulance sirens and cries for help to alert its deaf users. Following SpeakLiz’s app success, Talov set out to design and build a follow-up product, Vision, for blind users.
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Not all business opportunities in the Food industry will be equal in 2024. Some will make you money straight away and some others are long-term investments.
- Lab meat growers. Using techniques that come out of stem cell technology, scientists are already growing meat in the lab. Stem cells are placed on scaffolding and soaked in nutrients to grow. Groups that campaign for the ethical treatment of animals will like this fast-growing sector in 2024.
- Vertical farms. Single-story, high-tech greenhouses save significant amounts of water and increase productivity. So why not stack them up and make cities self-sufficient? The idea for vertical farms came from Dickson Despommier, an infectious disease ecologist and emeritus professor of microbiology and Public Health at Columbia University, who turned his knowledge of parasites into a way of looking at cities.
“Instead of the city behaving like a parasite, it should be a symbiont. The future city has to take a big lesson from nature and start behaving like an ecosystem.”
By that, Dickson meant zero-waste cities.
- Water-trading schemes. As water becomes scarce in more countries, wars and conflicts over water territories and land are already happening, pushing – especially poor – people to even illegally migrate to other countries. Considering the amount of water needed for agriculture, cattle farming and the contaminated rivers due to mining, governments will have to step in launching water-trading schemes that help them secure access to clean water. New commercial ventures that help farmers and people in general save and protect their local water and water sources will also flourish in 2024.
- Organic food & catering. Yes, that’s right, in 2024, people will pay premium prices for organic, chemical and pesticide-free food.
- Natural health boosters. Consumers will continue to invest their hard-earned money in natural health boosters in 2024, to keep any disease at bay. People will continue the trend of stockpiling some popular items in the form of tonics, powders, juices, vitamins or paying for organic produce delivery and more. Some of the most popular health boosters will be:
- Immune system boosters. People still have some pandemic leftovers and will look for immune system boosters. You should be able to make a profit by selling:
- Pepper: black peppercorn, sansho pepper
- Cassava (Yucca) and tapioca starch. Popular in South America and Asia as they contain high levels of saponins
- Turmeric, Ginger and Galangal
- Raw cacao (popular in all of Latin America, originally from Mexico)
- Seaweeds: kelp (wakame), spirulina, nori, dulse, combo or hijiki
- Lung health boosters. Most peoples’ lungs are weak because of three main reasons:
- Live in air-polluted cities because of polluting factories and vehicles.
- Lack of daily fitness routines
- A poor diet that does not include some of the world’s best lung health boosters.
- Immune system boosters. People still have some pandemic leftovers and will look for immune system boosters. You should be able to make a profit by selling:
Lung Health boosters are available packed wholesale as powder or tonics. You could bulk buy them and then sell them. Some of these plants are considered “weeds” and are already growing in the wild – depending on the season -, so learning how to forage could give you an alternative income by selling them to your local community, small local supermarkets or restaurants. Some of the top fastest-growing lung health boosters include:
- Althaea Officinalis – also called Marsh-mallow
- Artemisia annua plant, also known as sweet wormwood, is also used to treat malaria.
- Asclepius tuberosa – also called Pleurisy root
- Astragalus herb – also called Huáng Qí. A great plant to take as preventative medicine, but not in an acute illness.
- Elecampane root tea – used to reduce whizzing due to asthma or bronchitis
- Cordyceps fungi.
- Dioscorea batatas – also called Chinese Wild Yam. A strong inhibitor of viruses’ growth and reproduction.
- Ephedra Sinica – also called Ma Huang – (Popular in Traditional Chinese Medicine TCM to combat flu)
- Inula Helenium – also called Elecampane, Horse heal or Elfdock
- Ligusticum porteri – also called Osha herb
- Lingzhi mushroom – also called Reishi Mushroom
- Mullein leaf tea – used to reduce whizzing due to asthma or bronchitis
- Quillaja saponaria (Chilean soapbark tree) bark. It contains saponin used for the latest Novavax covid vaccine.
- Urtica dioica – also called Stinging Nettle
- Verbascum thapsus – also called Mullein
Always check with your doctor or herbalist expert before consuming any of these above herbs.
We expect dried herbs to continue their popularity in 2024 as noted by Brad Banducci, CEO at Aussie supermarket chain Woolworths.
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The famous Swiss-French architect, Le Corbusier used to say that the time travelling from home to the workplace was “overwork” and that it reduces in the same proportion the pretended free time people should have.
Similarly, the 60’s Situationists movement proclaimed: “Transport should not be a supplement of work but a pleasant activity”
Who said humans loved being cramped and moved along dark tunnels (subways) as rats running through sewage?
Also, commuters cannot see through public bus windows are they are covered with ad posters, losing their right to a “humanised” transport experience.
Luckily, in big cities, most trips are “short distance”, meaning more people are jumping into walking, scootering, cycling or shared commuting for a more enjoyable and dignified way of mobility.
Below are our predictions of the top fast-growing transport and mobility services and products for 2024.
- Electric cars.
- Car charging and/or battery swapping stations. Electric car owners already access hundreds of charging stations in the USA but far more will have to be built as the sector is growing super fast. The all-electric Nissan Leaf completely sold out before the car even arrived in U.S.A. showrooms. If you do not want to wait hours charging your car’s battery, you will be able to swap it for a fully charged battery at a battering swapping station.
- Car sharing apps and schemes. Car sharing (US) or car clubs (UK) is a model of car rental where people rent cars for short periods of time, often by the hour. They are attractive to customers who make only occasional use of a vehicle, as well as others who would like occasional access to a vehicle of a different type than they use day-to-day. The organisation renting the cars may be a commercial business or the users can be organised as a company, public agency, cooperative, or ad hoc grouping.
- Jetpack dealerships. You are not dreaming. Personal flight is already commercially available for recreational purposes right now. As prices come down, more people will try it. It may take probably a decade for lawmakers to allow people to fly for commuting purposes. I surely can bet you will fly to work instead of a tedious drive.
- Electric bicycles and scooters. Around the world, cycling lanes are popping up and bike shops are selling out. People will continue to find alternative ways of transport including electric scooters, electric bicycles or just normal bicycles.
Pomio – The new inflatable scooter that fits in a backpack.
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Below are our predictions of the top fast-growing health services and products for 2024.
- Wellness centres.
- Genetic testing (DNA testing/sequencing). Reading DNA gives clues to disease. The long-term possibilities of cheap DNA testing involve a better understanding of aging and endless possibilities for new ways to cure and treat disease. The idea is that you take a baby’s DNA and profile it in a very thorough way, which will make it easy to predict potential diseases and make a plan for the health of the baby.
- Stem cell therapy. Stem cell therapy replaces defective or damaged cells resulting from a variety of disorders and injuries such as Parkinson’s disease, heart disease, diabetes and more. Scientists are working on engineering human cells, tissues, and organs that can repair themselves. Basically, they’re trying to heal body parts using cells or tissue grown from stem cells, and by prompting regeneration with biologically active drugs that would essentially restart body parts by forcing new growth, among other approaches.
- Cryobanks. A cryobank is a great business opportunity for 2024 if you have the capital, knowledge and talent to set up a clinic that collects and stores human tissue for later use. This can include donor sperm, eggs, umbilical cord blood, stem cells, and embryos.
- Sperm/eggs banks. The sperm count drop is accelerating worldwide and is threatening the future of mankind. Yes, that’s right, we humans could face a reproductive crisis if sperm count keeps declining. New companies that can attract more sperm/eggs will grow in 2024.
- Elderly health support: You can think about new ways of offering living for the elderly (retirement villages), elderly care or home support in 2024. This is a whole industry in itself and growing super fast as the older segment of the world population increases, especially in developed nations with high levels of personal income.
- Natural health therapies. The natural health therapy industry will most likely exceed the mainstream healthcare industry in the near future. So, natural health experts and products will be in great demand.
INDUSTRIES TO WATCH OUT FOR IN 2024
- Human dead bodies as compost. Yes, that’s right. A cadaver/corpse turned into soil. Why? Human composting uses far less energy than traditional burial or cremation and it is one of the hottest industries right now with 6 states in the U.S.A. already permitting the new practice. Cremation burns fossil fuels and emits carbon dioxide and particulates into the atmosphere. Conventional burial consumes valuable urban land, pollutes the soil, and contributes to climate change through the resource-intensive manufacture and transport of caskets, headstones, and grave liners. On the contrary, the breakdown of organic matter is an essential component in the cycle that allows the death of one organism to nurture the life of another. Soil is the foundation of a healthy ecosystem. It filters water, provides nutrients to plants, sequesters carbon, and helps regulate global temperature.
- Psychedelic medicines. Think of magic mushrooms (psilocybin) to heal depression, ketamine helping people to stop drinking alcohol or MDMA assisting people with post-traumatic stress disorders.
This new year’s challenges and issues will offer new business ideas and opportunities for creative and smart entrepreneurs to succeed with new products, services and innovations.
You can also bring to market an already existing product in a new and/or innovative way. Think of a new way to sell it, deliver it, price it or consume it.
eDigital can help you conceptualise, plan, develop, run and optimise successful marketing campaigns that generate leads and sales for your brand.
The services we offer include:
- Strategic planning for social media and other digital marketing channels.
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- Celebrity and influencer marketing campaign strategy.
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- Consumer contests/competitions/giveaways.
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- Conversion rate optimisation. Also called “path to purchase” optimisation.
Contact us today and start boosting your leads and sales.
Final note: Want to reduce customer acquisition costs and dependency on paid media? eDigital‘s marketing strategy training will unmercifully review your marketing, help you build a marketing engine with channels and assets you own, stir your team’s thinking, bring new ideas for new conversion paths and boost customer lifetime value.
THE TOP 10 FASTEST-GROWING INDUSTRIES FOR 2024 – LIST
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