Ten Growing Markets for 2023

MarketResearch.com thinks the ten industries below will grow exponentially in the next five years.

1. 5G Security - gives better network capacity plus more security and privacy.

2. Virtual Reality Gaming - players with rising disposable incomes in countries like Brazil, India, and Mexico will drive future growth.

3. Virtualisation Software - Amazon, Google, Microsoft, Oracle, and Huawei Technologies are all fighting for market share, driven by users from the United States, China, Japan, Canada, Germany, Australia, India, and South Korea.

4. Digital Education - After Covid drove the change in how we learn, the digital education market has grown massively. It is expected to be worth $136 billion by 2030 at a CAGR of 25.1%.

5. Healthcare Predictive Analytics - Predictive analytics help centre care and well-being to an individual's needs. It can identify early indicators of patient deterioration, design personalised medicines, and improve clinical trial outcomes.

6. Cannabis Edibles - Edibles appeal to new consumers who don't want to inhale smoke or feel uncomfortable consuming cannabis in specific environments. The baked goods and confectionery are discreet and convenient for customers to explore this market.

7. E-commerce Logistics - Artificial intelligence and big data are transforming this industry, making it safer and faster.

8. Solar Energy Solutions - Key drivers of the use of solar are the interest to adopt green energy, smart cities, increasing tariffs, and regulatory compliance.

9. Vaccines - Covid has increased interest and funding in vaccine technology for other diseases.

10. Fintech-as-a-Service - Fintech-as-a-service employs API, artificial intelligence, robotic process automation (RPA), and blockchain technologies, all changing the global financial environment.

Fastest Growing Types of Businesses

It's interesting to read what business offerings are the top 10 fastest growing in the USA right now. They include companies that offer a better sleep experience (mattresses), provide health services for older adults, give weight loss and self-confidence coaching, help deploy IT services in times of emergency, produce noodles made of veggies, and services for credit-challenged individuals. All clearly understand what the pain point is for a consumer and then provide an excellent solution to meet that unmet need.

Business Development Research

If you’re in sales or business development, and isn’t just about everyone in some form, then having market research which tracks change is crucial to compete. Industry statistics are part of that. If I’m researching a topic, say florists for example, I also search the industry name with words like… association, group, institute, industry, society, organisation, board, council and so on. These bodies often have free industry research on trends, or you can usually buy the information at a reasonable cost. The staff of these organisations are also helpful when you need to find out who the shakers and movers are, and then you can contact them for their insight on particular trends you have observed. Don’t forget that when you do this always ask them if there’s anyone else who they think would be good to talk to. Email us if need any help - we have a master list of who to talk to.

Consumer Trend Forecasting

It’s that time of year when we look at consumer preference trends in 2017 and forecast what 2018 might be like. If you want some futuristic inspiration or need to get up-to-speed quick smart with what’s changing, try these reports on trends…

• Kantar Millward Brown's Media & Digital Predictions provides marketers with a guide to the challenges and opportunities ahead in 2018.

• Euromonitor's 'What's New in Retail: Emerging Global Concepts in 2017'.

• The Innovation Group’s ‘The Future 100 2018’, their annual snapshot of the year ahead and the most compelling trends to keep on the radar.

• NPD’s ‘Food and Beverage Industry Predictions for 2018’.

• Euromonitor sets out their forecasts for six industry sectors; automotive, consumer goods, retail, financial services, healthcare and telecommunications in 2018.

• New Zealand retail trends for 2018

Looks like we're on the cusp of massive change! Email me (cathy@heath.co.nz) if you need help keeping up with it all. We specialise in getting rid of the all the noise, so you only get the good, life-changing insight.

Top 10 Global Consumer Trends

Here’s a great report from Euromonitor that picks up on common consumer trends around the world. The free report is packed with supporting data, charts, logical analysis, case studies, and specific examples, all written in an easy to understand way. There's a section on how to market to millennials, the growing importance of connected health technology, the consumer as an influencer, and 'sharing' - the rise of lightweight living, where the benefit of belongings such as cars and homes can be shared by others.

If you want to understand how your business can be affected by these big picture trends, this report covers it all.

Media Monitoring

Market research reports are great to get a feel of a market, but the information can become dated very quickly. A change of government, a competitor goes broke, or new technology can disrupt a market quickly and change consumer preferences. You need to use other information sources to validate what is going on now, and what it might be like in the future. Otherwise, you could be basing decisions on information that is out of date.

So... where do you go to supplement and validate market research info?

• Google News is the first obvious place to start. You can search for the keywords pertaining to your industry and set up alerts so that you can monitor the market in the future.

• News agencies like Reuters and Bloomberg all have websites and Twitter feeds which can help you. Other agencies which offer some free info on global trends include Time and Forbes.

• Twitter (by searching hashtags) and Facebook pages also offer news updates.

• Don’t forget about Idealog as well as Stuff and NZ Herald websites.

• LinkedIn Groups are also a great way to keep up with play. These industry forums are a great place to ask questions about a market. Of course, you need to balance this up with the knowledge that everyone on the forum may have an inkling that you are interested in this specific market, but you can get valuable information and advice.

The info sources above are just a taste of where you can look to check that the information you have is up-to-date. Don't forget to contact any subject matter experts that you might find mentioned in news reports or on Linked In. Most people are only too happy to present their opinions or give advice, providing you are upfront and honest about what you want to use the information for. Competitor websites that have media releases on them are also useful, plus monitoring job websites like Seek over a period of time can give an indication about what new skill-sets are needed to support your competitors' strategy.

Top Trends

Every year, futurists at Frost & Sullivan produce a list of what gamechanger trends will affect us in the coming year. For 2015, one of their top picks is the harmonisation of trade. New Zealand has had a head start with its FTA with China, which enabled us to build networks and sell our products first. Australia now has the same access, and we need to acknowledge that the Aussies are smart players who are selling the same types of primary produce. They are also aggressive in the marketplace, and can use and copy our experiences to move quickly in and take our market share. The Australians also need to diversify their economy, rather than having a good chunk of it focused on minerals. Agribusiness offers them a way to do this, so our friends across the ditch will be working hard to maximise the potential.