“Emerging Industries and Trends: Where to Invest Your Time and Resources in 2023”
Today, many business sectors that have been devastated by Covid-19 are slowly moving on the path of growth. When a new year dawns, let’s check in which areas growth can be expected. Many agencies are reporting that the world economy will go through a major crisis in 2023. However, business sectors that are likely to grow from 2023 onwards are listed here.
Pet care industry:
The pet food market has seen significant growth in recent years due to people’s newfound focus on pet care. In 2020, the total sales of the pet industry reached $103.6 billion, which is the highest rate in history. This represents a 6.7% increase over 2019 retail sales of $97.1 billion. Currently, the pet food market is around ₹4,000 crore and is expected to grow significantly over the next five years. India’s pet care industry is expected to reach ₹10,000 crores by 2025. This is prompting companies like Nestlé India and Emami to enter the sector. Therefore, various businesses in this sector such as pet food, pet breeding, pet care clinic, pet grooming etc. are likely to grow.
There is a wide range of businesses that fall under the pet care industry, including:
Veterinary clinics: These businesses provide medical care for pets, including routine check-ups, vaccinations, and surgeries.
Pet stores: These businesses sell a variety of pet-related products, including food, toys, and supplies.
Pet grooming and boarding facilities: These businesses offer grooming services such as haircuts, baths, and nail trims, as well as boarding services for pets while their owners are away.
Pet training and behaviour modification companies: These businesses offer training classes and individualized training programs to help pets learn obedience and good behaviour.
Pet food manufacturers: These businesses produce and sell a range of pet food products, including wet and dry food, treats, and supplements.
Pet insurance companies: These businesses offer insurance policies that cover the costs of veterinary care and other expenses related to pet ownership.
Pet sitting and dog walking services: These businesses offer in-home pet care services, including feeding, walking, and providing companionship for pets while their owners are away.
Pet photography and portrait studios: These businesses specialize in taking professional photos and portraits of pets.
Pet adoption agencies: These businesses help find homes for pets in need, including animals rescued from shelters and abandoned pets.
Online pet product retailers: These businesses sell a variety of pet-related products online, including food, toys, and supplies.
Home automation:
Home automation devices are becoming increasingly popular, and the sector is expected to grow significantly in the coming years. The sale of security devices like cameras and lockers is expected to be a major driver of growth, as the technology underlying these products continues to improve. The home automation sector will also be bolstered by the growth of fields like artificial intelligence and the Internet of Things. Today, even small companies are able to bring innovative products to market. Home automation products are rapidly changing from a luxury to a must-have for every middle-class household in India. According to Renub Research, the Indian home automation industry will grow at an impressive double-digit CAGR of 15.62% during the period 2021-2027. The ‘Digital India’ program promotes high-speed internet connectivity across the country and the government has opened its doors for smart home businesses to capitalize on this lucrative opportunity.
Here are a few ideas for home automation businesses:
Smart home security systems: As more and more people are looking for ways to improve the security of their homes, offering smart home security systems that can be controlled and monitored remotely could be a lucrative business opportunity.
Smart home energy management systems: With the increasing focus on energy efficiency and conservation, offering smart home energy management systems that allow homeowners to monitor and control their energy usage could be a successful business venture.
Smart home lighting systems: Smart home lighting systems that can be controlled and automated remotely could be a popular offering, especially for people who want to save energy and money on their electricity bills.
Smart home appliances: As more and more household appliances become “smart” and can be controlled remotely, offering a range of smart home appliances could be a successful business idea.
Home automation installation and integration services: Many people may be interested in automating their homes, but may not have the expertise or time to do it themselves. Offering installation and integration services for home automation systems could be a lucrative business opportunity.
Green energy:
We need to take urgent climate action on a wider scale, and this needs to be recognized by the centre, state governments, business groups, and the general public. It’s high time we take coordinated actions to reduce carbon emissions. We need to rapidly increase renewable energy deployment to meet the rising energy demands.
India has pledged to achieve net-zero carbon emissions by 2070. The Central Government has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. India’s renewable energy sector has seen a surge in investment over the past seven years, with the Ministry of Power reporting a total investment of around ₹5.2 lakh crore. This figure is expected to rise to an impressive $500 billion (₹37.25 lakh crore) by 2028, as more and more ambitious projects are undertaken in the solar, wind, green hydrogen, and battery cell manufacturing sectors.
Here are a few examples of businesses that are focused on generating, storing, and distributing renewable energy:
Solar Panel Installation:
The Solar Panel Installation industry is booming and for good reason – solar energy is a clean and abundant renewable resource. If you’re thinking about starting a business in this industry, you can be very successful, especially in areas with high levels of sunshine. Solar panel installation is a great way to help the environment and make a profit at the same time!
Wind turbine installation:
Wind turbine installation can be a great way to generate renewable and clean energy. Wind turbines can be installed on land or offshore, and businesses that specialize in their installation and maintenance can be lucrative. If you’re considering this as a business venture, doing some research on the best practices for installation and maintenance is essential to ensure the success of your business.
Energy storage systems:
As the use of renewable energy grows, so does the demand for efficient energy storage systems. Businesses that develop and manufacture batteries and other storage systems for renewable energy can be in high demand.
Energy storage systems are essential for renewable energy sources to be viable on a large scale. Without them, energy from solar, wind, and other renewable sources would be lost when the sun isn’t shining or the wind isn’t blowing. Batteries and other storage devices help to even out the fluctuations in renewable energy production, making it a more reliable source of power.
Electric vehicle charging stations:
Electric vehicles are becoming more popular as people look for ways to reduce their carbon footprint. Businesses that install and maintain electric vehicle charging stations can be a valuable resource for drivers of electric vehicles.
Sustainable building materials:
The construction industry is a major contributor to greenhouse gas emissions. Businesses that produce and sell sustainable building materials, such as bamboo and recycled plastic, can help reduce the environmental impact of new construction projects.
Overall, the business ideas related to green energy are numerous and varied, and they have the potential to make a significant positive impact on the environment. As more people become aware of the need to transition to renewable energy sources, the demand for these types of businesses is likely to continue to grow.
AI-Based Businesses:
With Google’s announcement of ‘Code Red’, it’s clear that they’re taking artificial intelligence seriously. GPT-3, a machine learning platform developed by OpenAI, is growing at an alarming rate and has even scared Google. This just goes to show how fast technology is advancing and how businesses will need to change in the coming years to keep up. GPT, or ‘generative pre-trained transformer’, is a tool that can generate writing using human-like language structures. This is the third release of the GPT-n series, with successive editions likely to bring about revolutionary changes in our world as we know it.
As artificial intelligence (AI) continues to advance and become more widely adopted, there are many potential opportunities for AI-based businesses to grow and thrive in the future. Here are a few ideas for AI-based businesses that have the potential to be successful in the coming years:
AI-powered personal assistants: With the increasing reliance on technology in our daily lives, there is a growing demand for tools that can help us manage and automate tasks. AI-powered personal assistants can help individuals and businesses manage their schedules, make travel arrangements, and handle a wide range of other tasks.
AI-driven customer service: Many businesses are already using AI-powered chatbots and virtual assistants to handle customer inquiries and resolve issues. As technology becomes more sophisticated, these types of tools are likely to become even more common and effective.
Personalized product recommendations: Many online retailers use AI algorithms to recommend products to customers based on their past purchases and browsing history. These recommendations can help increase sales and customer satisfaction by providing personalized recommendations that are more likely to be of interest to the customer.
Predictive analytics: AI can be used to analyze large datasets and identify patterns and trends that can help businesses make better decisions. Predictive analytics platforms that use AI can help organizations forecast demand, optimize pricing, and improve their operations in a variety of ways.
AI-based marketing: Machine learning algorithms can be used to analyze customer data and identify patterns that can be used to create more effective marketing campaigns. By using AI to target the right customers with the right message at the right time, businesses can improve their marketing ROI.
AI-powered education: AI can be used to create personalized learning experiences for students, adapting to their unique needs and learning styles. This can be particularly useful for learners who may be struggling with traditional methods of education.
Image and video analysis: AI algorithms can analyze images and videos to identify objects, people, or other features. This technology is used in a wide range of applications, including security, advertising, and entertainment. For example, image and video analysis can be used to detect security threats, identify potential customers, or recommend content based on a user’s interests.
Overall, there are many exciting opportunities for AI-based businesses to grow and thrive in the future. As technology becomes more sophisticated and widely adopted, these types of businesses will have the potential to revolutionize a wide range of industries and make a significant impact on the world economy.
Interior Design market:
The Indian interior design market is expected to grow significantly in the next few years. In 2020, the market generated a revenue of $22,939.7 million and is predicted to show even more growth by 2023-2030. The main reasons for this growth are due to the increasing real estate activities, rapid urbanization, growing population, and increasing disposable income. Additionally, government initiatives to promote and develop real estate are also aiding in market growth. People today are moving to a higher standard of living, which is creating a demand for better-quality interior design. This market is expected to grow significantly in the coming years.
In conclusion, while the global economy may face challenges in 2023, there are still several business sectors that are expected to see growth in the coming years. These sectors include industries that have been able to adapt and thrive despite the challenges posed by the Covid-19 pandemic, as well as those that are poised to capitalize on emerging trends and technologies. As we move forward into the new year, it will be important to stay attuned to these trends and opportunities and to find ways to position ourselves and our businesses for success in the face of an ever-changing economic landscape.
Siju Rajan
Business and Brand consultant
BRANDisam LLP
