IF YOU’RE in high school, getting ready to go to college, or considering taking online courses, you might wonder what some future businesses are. With technology so rapidly developing you’re probably asking yourself, “What will the future look like?” Although no one can tell for certain what our future will look like, trends are showing that several businesses will become popular, such as those in mental health, cyber security, and artificial intelligence. We’ll discuss some of them in this post.
Key Takeaways
If you only take a few items away from this article, let them be these.
- Therapists and psychologists are in high demand for treating common mental health conditions such as depression and anxiety.
- Artificial intelligence’s future is staggering. From 2020 to 2027, the $39.9 billion market will grow 42.2% annually, resulting in large profit margins.
- Many people have started using solar panels as backup power for their homes, and governments in various countries are subsidizing consumers to install solar panels and use solar energy instead of traditional electricity.
8 Businesses That Will Be Profitable in the Future
The trends are there for everyone to see. Businesses in these categories are currently in high demand and will be highly profitable in the future.
1. Mental Health
It’s getting harder for people to stay happy during tough times. Today, the healthcare industry recognizes that mental health is just as important, if not more important than physical health because it holds power to instigate and foster physical health. Therapists and psychologists are in high demand for treating common mental health conditions such as depression and anxiety.
There are also more problems in marriage and relationships – mental health conditions have worsened and social media has taught us that we have an abundance of choice. Many factors have led to relationships being shorter and couples being less happy. Expert advice is needed to help people stay together. Pre-marital counseling is in high demand and new marriage counseling centers are much needed. This demand will only increase.
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2. Cyber Security
Information security, or cyber security, is an evergreen field. It involves protecting computers, servers, networks, and personal devices from hacking and malicious viruses. During a recession, businesses must be even more vigilant about safeguarding their networks and mobile devices from malicious attacks – When the economy is down, people are growing more desperate. You need an established process and digital technology to withstand growing attacks. A few new business ideas in the cybersecurity field include:
- Information security consultant
- Security infrastructure deployment and maintenance.
- IT Security solutions
Related: How to Save Your Business During a Recession
3. Artificial Intelligence
Artificial intelligence’s future is staggering. From 2020 to 2027, the $39.9 billion market will grow 42.2% annually, resulting in large profit margins. Unlike robotics, it focuses on programming intelligence rather than creating physical machines. Industries that currently implement AI include:
- Education and health
- Politics and government
- Transport and manufacturing
- Banking and Finance
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4. Sustainable Energy
Solar energy and electric vehicles are becoming more popular. Many people have started using solar panels as backup power for their homes, and governments in various countries are subsidizing consumers to install solar panels and use solar energy instead of traditional electricity.
The auto industry is even researching solar-powered batteries for cars or other vehicles. As a result, solar power and its application as a business idea would be a great idea. This will not only help you gain a loyal customer base, but also increase brand credibility because you’ll promote sustainability and won’t need as many charging stations for electric cars.
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5. Physical Health
Health-related businesses, such as wearables, will grow in popularity in the coming years. Wearables collect health data like heart rate, calories burned, blood pressure, and exercise.
Business leaders in this area are also working on devices that measure blood alcohol content, monitor sickness, health risk assessment, and forecast mood changes and stress levels. If you’re wondering “Why should I start a business in 2023?” you might consider these business ideas around wearables for physical health:
- Selling wearables.
- Developing a wearable with a unique application
- Repairing wearables
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6. Online Education
Online education has gained popularity in recent years. If you know enough about one of the best future business ideas to teach it, online education can be a profitable business to start. Know something about cybersecurity? Create an online course. Knowledgeable in artificial intelligence? Create some YouTube videos and run ads on your videos.
College classes can be tiresome for new student, and many professors don’t make themselves accessible to students – This is especially true for larger universities. But online tutoring platforms make it easy to find tutors. Tutoring platforms should match students with experts in many different subjects for virtual one on one tutoring sessions. Plus, you’ll make extra money from home teaching.
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7. Human-to-Computer Interaction
Voice interaction will extend beyond scheduling appointments and browsing the web. It’s predicted that speech recognition will be adopted at a rate of over 80% in the next five years. As our screens get smaller, this makes sense.
Now that Meta has purchased Oculus, and Microsoft has jumped on the bandwagon with HoloLens, the competition is starting to heat up. Virtual reality might eventually render TVs obsolete. However, this means the Internet of Things will have a new set of human-computer interactions. Rather than having a laptop, you’ll wear a headset. And rather than clicking or tapping, you might be waving your hands around or pinching the air. It sounds silly now, but in the near future, this could the digital transformation.
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8. Virtual Services
If you’re wondering how to get clients for your coaching business, virtual services might be the way to do it. Virtual assistants are becoming more commonplace in the United States in the past year as entrepreneurs get busier with the important aspects of their business, like creating a business plan or serving their clients. Busy people are more likely to delegate in order to increase their customer base or doing human resources tasks.
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Businesses of the Future
Those are some of the businesses of the future. As you consider what field you want to get into, think about what you like and what skills you have. If you can find something that combines those two things, you’ve found the perfect field.
Frequently Asked Questions
What is the future of business intelligence?
Future business trends in intelligence include advances to integrate brand-new digital resources into business intelligence and leverage new technologies like artificial intelligence and automation. But be careful not to get shiny object syndrome when trying out these new technologies in your business.
What is the future of business analytics?
As companies continue to open the floodgate of customer information, there will be growing demands on security and privacy in the future of business analytics.
How will AI change the future of business?
As AI becomes increasingly more commonplace in the business world, small business owners might wonder why do people become entrepreneurs. But software development companies will become more diverse because they can analyze data across multiple applications, detect fraud and DDOS attacks.
What is the future of international business?
Technological developments such as robotics and AI will transform manufacturing and international supply chains. If, after reading this, you’re thinking about quitting your job, make sure you go over this checklist before quitting your job.
