The business world is unexpected because the business that your father or his grandfather used to do in the past may not sustain right now. New technologies and the internet are the reasons for drastic changes in several businesses but the demand and need from the customers are also big drivers that are shaping the new industries. In the last few decades, many businesses were started and shut off within years due to changes in the technology and the demand from the customers and many are still doing great as they change themselves according to the market. For example, Blockbuster used to be the biggest DVD retailer chain in the US and Netflix was in the same business but it was on the edge of bankruptcy. But Netflix brought changes and become dynamic. Now it is the leading streaming service while you might not even know Blockbuster ever existed.
So it is all about seeing the opportunity of getting the first-mover advantage and even if you are not the first then you should know how you can sustain in the market and make a big impact on it. The century has entered the new decade and here are the 6 best profitable businesses of this decade. You can get into these businesses in various ways.
1. VR and AR
Market Size: $18.8 Billion
Virtual Reality (VR) and Augmented Reality (AR) is one of the fastest-growing industries and it could be the most profitable business of the decade. Multiple industries are adopting VR and AR tech. Apple is developing AR games and now horror movies are being made to be compatible with VR headsets. Facebook has also launched its advanced VR headset. According to Statista, AR and VR market has reached from $6.4 billion to $18.8 billion in the last four years and it is exponentially growing in the future for sure. So if you are a guy who is capable of developing an application, videos, games, or similar things for AR and VR and customize them for multiple industries then this could be one of the biggest profitable businesses for a long time.
Market Size: $3.53 Trillion
eCommerce is not a new thing as it already has become one of the biggest industries right now. Amazon, eBay, Alibaba, Facebook, Airbnb, and Uber are the biggest name in the eCommerce industry. Online gaming is also a huge part of the e-commerce business and it will add around $102.95 billion net worth to the e-commerce industry by 2025. So eCommerce is not just limited to online retail sites it is a wider industry. Worldwide sales via eCommerce are estimated at around $3.53 trillion currently and it is expected to reach $6.54 trillion in the next three years.
If you think you have a different product or service or topic that can impact and serve the market then you have a huge opportunity in the business sector.
3. Financial Technology
Market Size: $127 billion
Plastic money (cards) replaces cash and now digital money (crypto) is changing the whole market. The concept of blockchain technology changed the world when introduced a few years back. Many big industries have already adopted it and in the future, we can expect even the government to adopt it. PayPal is another big name in this business sector. This business industry is expected to grow to $309.98 billion by 2022.
4. Content Marketing
Market Size: $269.24 (2019-2024)
Content marketing may be a new name for you but people are already into this business since the last decade. What we are doing right now on this website is also a kind of content marketing. Now businesses are investing in the market before selling their product to the customers. A Forbes article says that infographics, webpages, podcasts, videos, and books are the biggest content marketing examples and the business is the future of the selling. If you think you have the potential of delivering a good marketing strategy and you have garnishing power that can advertise the product in a niche way then you can jump into this business. Content marketing is going to be around for a long time in the future.
5. Cyber Security
Market size: $112 billion
As we said earlier that everything is going online and it leaves a big opportunity for cybersecurity. There are many threats to all the online businesses and that’s why they need ethical hackers that can find loopholes and fix them. Big companies store their data online and to secure them they need cyber securities. Alliedmarketresearch.com states that the cybersecurity industry is going to reach $258.99 billion by 2025 so there is a huge opportunity in this business.
6. Influencer Marketing
Market Size: $8 billion
Influencers are making huge money right now. You may have seen there are thousands of Instagram influencers, TikTok influencers, YouTubers, and motivational speakers making a good profit these days. Gary Vee, Jay Shetty, Amanda Cerny, Kylie Jenner, Loren Gray and many more social media influencers being approached for marketing on their platform. Big brands pay these influencers for shouting out their products or services. If you think you have that potential, talent, and charm to attract people towards your social media profile then you can make money through it. Business Insider says influencer marketing is on the way to reach $15 billion net worth.