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Five Industries to Keep an Eye On in 2021

Five Industries to Keep an Eye On in 2021

Running a successful business requires owners to stay updated on their industry’s latest developments. For those passionate about their work, this “chore” can feel more like a hobby where they can kick back and scroll through publications.

Though keeping on top of any given entrepreneurial field can be time-consuming, it always pays to stay informed. In other words, a graphic design business won’t just keep their offices equipped with the latest design technology—they’ll also keep an eye on design trends, from color to spacing and platforms, and from VR to 3D printing– even potential new clients.

Five Industries to Keep an Eye On in 2021

Top entrepreneurs are constantly looking to expand their business, and often consult groups that compile lists of top industries set to boom at the end of each fiscal quarter or year. For those looking to get ahead in 2021, keep an eye on the industries listed below.

Sports Betting

Since the 2018 PASPA federal repeal, sports betting has slowly expanded in the US. Now, each state has begun to determine its legal standing in regards to punting. So far, eighteen states allow sports betting, with another four expected to join in the coming year.

This means that even major brands may only be live in a handful of states, as they work to reach requirements set forth by local agencies. Take FOX Bet for example, which currently offers sports wagers in Colorado, Pennsylvania, and New Jersey, though the sportsbook is set to expand to other states in the coming years.

As trusted brands touch ground state by state, micro-economies that surround sports betting are also set to boom. At a local level, in-person betting opportunities are likely to touch ground at bars and other establishments where sports are watched. The jump to provide mobile and online betting options will also see major contracts emerge with web design and developer groups.

Internet of Things (IoT)

By 2025, eMarketer predicts that there will be 75 billion IoT devices worldwide. As more remote features are tacked on to houses, cars, and other essential facets of day-to-day life, the IoT boom offers a plethora of opportunities for entrepreneurs.

Though it’s easy to imagine IoT as Amazon’s Alexa device, the market leans more toward industrial-grade utility than in-home assistance. Entrepreneurs working in manufacturing, logistics, and transportation fields should seek to incorporate IoT devices, or at least prepare for their impending integration.

Grocery Delivery

Grocery delivery is one of the primary industries that has been growing in 2020. According to Statista, between August 2019 and June 2020, grocery delivery and pickup boomed from a worth of $1.2 billion to $7.2 billion.

With little signs of slowing down, grocery delivery provides opportunities for entrepreneurs working in app development and user design. This industry is one of many set to cater to those working in virtual offices remotely.

Five Industries to Keep an Eye On in 2021

eSports Gaming

Esports has gained steam in recent years with the emergence of games like Fortnite. Streaming services like Twitch and the briefly-lived Mixer have brought big personalities and gaming channels to homes across the world.

Showing no signs of stopping, eSports will see a variety of related industries flourish. Those working in game development, similar to sports betting, will have ample opportunity to jump on board. Those working with media rights, event organization, merchandising, and advertising will have a heyday as the industry expands worldwide. Given the global nature of eSports, multicultural and multilingual personnel will be crucial to establishing international standards.

3D Printing

Much like IoT, 3D printing tends to bring to mind the playful and creative aspects of the industry. While there are plenty of zany solutions offered by 3D printers, their function is more utilitarian than exploratory.

Those working in medical or research and development fields should keep a close eye on 3D printing. While 3D printers offer immediate solutions for small businesses that manufacture at a low volume, a study carried out by Sculpteo predicts biomedical and R&D proof of concept efforts will guide the 3D printing market in the future.

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by Dirk DeBie // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.