Have you recently come into a large sum of money and are looking to invest? Are you an entrepreneur who wants to start a business in an industry that’s full of potential? Then 2024 is your year.
Over the next year, several budding industries are expected to grow exponentially. By playing your cards right, you can get in on some of the up-and-coming action.
But, before you start blindly investing in start-ups, you need to know where to play your cards. By taking the time to educate yourself, you’ll have a higher chance of earning more profit off of your investment. This will eventually lead to more financial stability, security and freedom.
Continue reading to learn more about the up-and-coming industries in 2024.
1. Virtual Reality
For years, virtual reality was seen as a fantasy — having the ability to step into a virtual world seemed unobtainable.
Nowadays, virtual reality (often shortened to VR) products are in households and workplaces around the world.
When you hear the term “VR,” you most likely think of the gaming systems. This is a misinformed assumption — VR technology expands far beyond digital entertainment. VR technology is gradually becoming an integral part of several other industries.
Many VR companies are finding ways to integrate their unique technology into the following industries:
- Education
- Healthcare
- Communication
So, why is this technology so remarkable?
The primary benefit of VR technology is that it can give people a visual reference while learning. This can be useful for many different types of people, primarily visual and tactile learners.
If you’re looking for an industry that is bound to grow in the near future, look no further than the VR technology industry.
2. Cannabis-Infused Goods
Over the past decade, several countries have legalized the use of recreational cannabis. This has changed the way that people view the substance.
Additionally, the widespread legalization has created a platform for a handful of new industries that couldn’t have existed in the past — the most promising is the cannabis-infused goods industry.
Several up-and-coming companies have been mastering their cannabis-infused snack and beverage recipes. These companies source their products from reliable suppliers and only use the finest ingredients available.
Some cannabis-infused goods companies, like Olli Brands, even work with experienced culinary experts like tea sommeliers and Michelin-starred chefs — now that’s dedication!
So, why is the cannabis-infused goods industry so important in 2024? For starters, a handful of countries have recently legalized the use of cannabis-infused products. Many are referring to this phase of legalization as Cannabis 2.0.
This means that cannabis-infused goods are now available to the everyday consumer (who, since legalization, has become more open to the idea of trying products like green tea infused with cannabis). In turn, more people will have the opportunity to try these tasty, new products.
This could bring in some serious profit for investors and business owners. As an example, in 2019, the cannabis beverage industry was expected to be worth upwards of $529 million.
This is just one of the many sectors in the cannabis-infused goods industry. The following goods also include products like:
- Topicals
- Capsules
- Tinctures
- Concentrates
- Cannabis edibles
This gives entrepreneurs, like yourself, a variety of sectors to choose from. Do some research and see which of these markets seem the most promising from your standpoint.
3. 3D Printing
Even though 3D printing seems like a relatively new service, it has been around for quite some time; in fact, it’s about 40 years old!
3D printing was introduced in the early 1980s and has been on the rise ever since. At this time, the information on and capabilities of 3D printing was rudimentary. Thankfully, since this time, 3D printer operators have learned how to master their craft.
For those that don’t know, 3D printing is primarily used by companies to create prototypes. 3D printing is a faster and more cost-effective alternative to purchasing prototypes from a manufacturing company.
This is because traditional manufacturing companies have to create and design a cast, set up their equipment and wait for the prototype to be created. The process is extremely time-consuming and expensive.
On the other hand, a 3D printer can create a prototype in a fraction of the time. 3D printers utilize a unique laser technology that melts and layers specific materials. Once all the layers have been created, you’re left with a physical object that you can hold, move and display. This process can take a few hours or a few days, depending on the size of the build.
There are several different types of 3D printing. Some of the most common types of 3D printing are:
- Stereolithography (SLA)
- Digital Light Processing (DLA)
- Selective Laser Sintering (SLS)
- Selective Laser Melting (SLM)
So, why is it worth investing in the 3D printing industry? The most obvious reason is that more people are starting small businesses. These new business owners most likely won’t have the budget to outsource expensive prototypes from companies overseas.
Due to this, they’ll have to look for local, cost-effective options, like 3D printing. This leads experts to believe that there will be a significant demand for 3D printed products. For more on 3D printers, you can check 3Dwholesale.com.
4. Batteries
They’re everywhere: your smartphone, your TV remote and even your wristwatch. That’s right, batteries.
People have been relying on traditional batteries for decades. Aside from wireless charging, these products have seen little innovation over the past few years. This is why many experts feel that 2024 is the year of the battery.
Battery experts are currently working on lithium-sulphur batteries — which have already proved that they can outperform their current competition, the lithium-ion battery.
Tests have shown that lithium-sulphur batteries can power a smartphone for five days. Additionally, these batteries can be used to power a vehicle; trials have shown that lithium-sulphur batteries can power a car for approximately 620 miles (1000 km).
With this in mind, one can quickly see how the entire battery industry is about to drastically change. If you’re looking to make an investment, you should consider this rapidly growing industry.
Investing in start-ups and young companies can be a high-risk, high-reward situation. You have to do more than your fair share of research before you can make an informed decision. However, if you’re beginning to do your research now, you should start with the industries mentioned above.
