It’s hard to believe that 2019 is rapidly coming to a close. While many of us are still busy in our quest to achieve our growth goals, it’s not too soon to look ahead and plan for next year. A good place to start is to research the industries that are projected to experience significant growth next year and see if any of them are a fit for your products and services. You might be surprised at what you discover.
Industries to Examine
- Financial Technology (FinTech). The banking and financial services industry is always adapting to anticipate and support the new needs and interests of its customers. With millennials as the largest generation populating the workforce, financial institutions and investment firms are rapidly developing the technology to make products and services accessible and attractive to end users. There are now apps to help with mortgage lending processes, allow employers to contribute to student loans or make buying, selling and trading stocks accessible by smartphone. As buyers today prioritize transparency, thorough understanding and ease of access, the FinTech industry is rapidly working to keep up with evolving needs.
- Cannibidiol (CBD). Medical marijuana and the recreational cannabis industries have grown in recent years as legal considerations and regulations change. Medical marijuana has begun to establish itself as a viable solution for chronic pain and other ailments. However, as research continues, derivatives of the plant are growing in popularity. In particular, we’ve seen the biggest rise is in the acceptance and use of Cannibidiol or CBD, an active ingredient in hemp and marijuana plants that does not cause psychoactive affects. There is particular evidence to support its success in treating patients with severe cases of epilepsy. Other potential health benefits include treating insomnia, arthritis and anxiety. Accessibility to CBD extracts is predicted to grow with convenient, household forms such as topical ointments, essential oils, tinctures, snacks, drinks and other consumables.
- Virtual Reality. We discussed VR in our predictions for last year, and while major advancements have been made, we haven’t quite seen an explosion in the same way Voice-First Technology and AI have entered homes and businesses. However, 2020 might be the year for Virtual Reality. Companies are making advancements to integrate VR into product and service sampling. By giving customers the ability to try before they buy through the use of household VR tech, opportunities for new sales and marketing efforts are huge.
- Digital Privacy and Protection. The internet provides us with access to essential (and non-essential) information 24/7, and our reliance on the digital is only growing. However, so is the average user’s desire for privacy and protection. Initiatives like GDPR and the public’s attention on the Facebook privacy scandal makes it clear that the general public wants to protect their information, or at least know how it is being used. Major advancements in technology for cybersecurity, encryption and data protection were made this year, but their use and coinciding regulations are predicted to spread far in 2020.
Change is Constant
As always, with predicted trends, we also have to predict that they will change. The only way to stay on top of the constantly shifting conditions is to stay informed, do your research and use the resources available to you. It is a marketer’s job to communicate and engage with the company’s target markets. Identifying and exploring up-and-coming industries are critical to uncovering new opportunities, recognizing emerging marketplaces and identifying and engaging with potential customers.
