We’re way into the 2020s and have a pretty good idea of where the economy is going—and where it’s not. Some sectors are doing well; some aren’t. We think these industries are ripe for innovation in 2023:
Health care.
- Healthcare is the largest and fastest-growing industry in the world.
- Health care is more than just health insurance. It’s also about improving the quality of life for people with disabilities, managing chronic diseases and providing long-term care for seniors.
- The demand for innovation in health care will only grow as baby boomers age and require more significant assistance from younger generations.
COVID-19 has revived the interest of entrepreneurs and large corporations in this sector. This is one of the sectors I invest in as the cliche goes, “Health is wealth”.
With the general knowledge about the ageing population of the western world and the young population of Africa, this is a sector where there could be a variety of product and service innovations.
Construction.
Construction is a massive industry that’s seeing rapid growth. In fact, in 2022, the global construction market was worth $10.4 trillion and is expected to grow to $12.5 trillion by 2023. This growth has opened up enormous opportunities for companies that want to innovate within the industry. Here are just a few ways you can look at how technology can improve the safety, productivity, efficiency and quality of buildings:
- Safety: As construction sites become more crowded with workers, practices like line-of-sight monitoring will become increasingly important as they help avoid accidents due to limited visibility on-site or traffic congestion around machinery operating close together.
- Productivity: Automation tools can minimise errors made during repetitive tasks such as framing homes or laying flooring materials; they also allow workers more time offsite, so they don’t have to spend hours doing manual labour in dangerous conditions (like high temperatures outside).
- Efficiency: When equipment costs thousands of Dollars/ Pounds just for use alone (not including maintenance), it makes sense from both an economic standpoint but also from an environmental one too since energy consumption increases when fewer machines are working across multiple shifts each day (rather than all 24 hours being used).
Quality: The ability to streamline processes and reduce defects while increasing the speed at which work can be completed will lead to higher overall quality.
Social impact.
Social impact companies use new technologies and business models to solve social problems. They don’t just work on one particular problem but tackle a whole category of issues innovatively.
Social impact companies have been around for decades, but there’s been a surge in popularity recently as people realise how valuable they can be in improving our lives. These startups are making it easier for us to donate to charity, find ways to volunteer our time, fix broken systems that hurt disadvantaged people, and many other things!
Here are some examples of social impact companies:
- Watch: This platform lets you donate money so patients who need treatment but can’t afford it get what they need from doctors worldwide at a reduced cost or even free of charge (depending on your donation amount). It also allows donors who want more involvement with their chosen patient’s medical journey—including receiving updates during recovery or watching videos of procedures being done in person—to give back by contributing financially towards those costs!
- Olark Live Chat Support: This tool allows businesses with limited resources (like small businesses) to use them instead by providing live phone calls or video calls via an internet connection rather than having someone visit your office location first before getting started on helping customers out there too.”
It’s a great way to save time and money in the long run!
Retail.
Retail is an excellent option if you’re looking for an industry to work in with the effect of globalisation. It’s one of the largest sectors across the world—and it’s also one of the fastest-growing in terms of jobs.
But there are more reasons why working in retail might be appealing: as technology advances and increases its impact on consumers’ lives, opportunities for innovation are boundless. In addition, the industry will continue to grow thanks to younger generations’ interest in e-commerce and online shopping (think Amazon).
Businesses need more people to manage inventory, sell products and provide customer service. Retail sales workers assist customers with their purchases and ensure they have a pleasant shopping experience. They must be knowledgeable about any products they sell to answer questions accurately.
Food and beverage.
In 2023, the demand for food and beverages will be even higher than it is today. In addition, the need for these products will increase as the population grows and urbanises. As a result, food and beverage companies have a unique opportunity to innovate to meet this increasing demand.
The world’s population is expected to reach 9 billion by 2050, which means companies need new ways of providing food on a massive scale.
Innovations in food production and distribution will be critical to meeting this growing demand. Companies can also look for opportunities within the existing market, such as providing healthy options or new ways of delivering staples like bread or coffee.
Space tech.
Space tech is the fastest-growing industry in the world and provides many opportunities for innovation. Space tech has a broad definition, encompassing everything from satellites to space stations, rockets and launchers, spacecraft and deep-space probes. Although space tech companies aren’t necessarily innovating within their industries—they’re just building more giant rockets—their overall growth means there are plenty of chances for new business models or technologies to emerge from this sector.
As more countries get involved with space exploration (not just superpowers such as China or Russia), there will be more demand for satellites that can provide internet access all over Earth’s surface instead of just within reach of cables on land. We may even see countries start buying more commercial satellites rather than relying entirely on government-funded launches; it’s hard to say how that would change things because we haven’t seen any significant shifts toward privatisation yet!
Industries with good growth prospects
- Health care: This sector is expanding as the population grows and people live longer. The ageing population is a big draw for companies that provide healthcare services or products, such as pharmaceutical firms, medical device manufacturers and insurance providers.
- Construction: Construction projects are underway to build new homes and offices and repair older buildings damaged by natural disasters such as earthquakes or hurricanes. This means that construction companies need more workers who can do skilled labour like carpentry or electrical work.
- Social impact: More governments recognise that social issues affect economic growth in their country’s gross domestic product (GDP). So they’re supporting organisations whose mission is to address those problems through education programs or job training programs for low-income families living in urban areas with high crime rates that make it difficult for them.
Bottom-Line
Ultimately, in 2023 we will see many new and exciting opportunities created in several key sectors. These areas can revolutionise how we do business, interact with our environment, and live our lives. We are all responsible for driving innovation responsibly and creating sustainable solutions that benefit society and economics. If you are interested in working with me collaboratively on an idea that could revolutionise one of these sectors, then get in touch – let’s work together towards a better future! We believe change is possible if people come together with the same vision for a better tomorrow.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com.
