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New Financially Valuable Business Ventures: Growing industries in the US

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The US economy is constantly evolving, so entrepreneurs always have new opportunities to start profitable businesses. This blog will discuss some of the US’s emerging and profitable business ventures. 

Growing Industries in the US

As more individuals turn to self-employment and entrepreneurship, certain outdated business ventures have experienced a significant decrease in their growth. In contrast, others have thrived and experienced rapid growth daily. This article will discuss the Fastest growing businesses of the 21st century

Here’s a list of the top eight emerging business industries in the US.

E-commerce Industry

The United States is considered the most developed market for online shopping and selling and sets a worldwide benchmark for electronic commerce. The eCommerce division constitutes more than $1 trillion in yearly retail transactions in the US, equivalent to 13% of the overall retail sector and $5 trillion worldwide.

Significant eCommerce firms like Amazon and eBay and conventional retailers like Home Depot primarily drive this extensive expansion. There has been a substantial increase in yearly web-based retail transactions, mainly due to the rapid rise in online shopping during the COVID-19 pandemic.

With the rise of online shopping and its convenience, e-commerce platforms are a highly profitable business venture. Entrepreneurs can start their online store or sell their products on existing platforms like Amazon, eBay, and Etsy. As more people shop online, this industry is expected to continue growing.

Mobile App Development

The demand for mobile apps is skyrocketing as the world becomes more reliant on smartphones and other mobile devices, presenting exciting opportunities for tech startup ideas. Entrepreneurs can create apps for various purposes, from games to productivity tools, and sell them on app stores like Apple’s App Store and Google Play. The US is currently one of the most profitable app markets in the world, with American app developers creating nearly 186,000 apps on Google Play alone. They lead the way in mobile application innovation, making the most popular and downloaded apps globally.

As a result, the app developer market in the US is thriving, with an estimated total revenue of $108.10 billion projected for 2022 and an expected annual growth rate of 8.77% from 2022 to 2026. Additionally, the number of app downloads is expected to reach 7.43 billion. Most app developers are in San Francisco, Los Angeles, Boston, New York, and Chicago. Still, smaller cities also have many experts due to the high number of app developers nationwide.

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Online Casino Industry

The online casino industry has emerged as a financially valuable business venture for companies in the United States. This is partly due to recent changes in laws and regulations, which have enabled a few states to legalize online gambling. New Jersey was the first state to regulate the market fully, and Pennsylvania and Michigan have since followed suit. Other states, such as Delaware, Connecticut, and West Virginia, have also partially introduced regulations, indicating a potential trend towards widespread legalization of online gambling.

 While there have only been a few states to have legalised the activity, there is no doubt that online casinos in NJ pioneered the industry into the position it is in today, as Pennsylvania and Michigan have joined New Jersey in fully regulating the market, whereas states such as Delaware, Connecticut, and West Virginia have partially introduced regulations and others may follow suit.

The industry is one of those that is expanding currently and providing businesses with a potentially profitable venture because of the figures continually being produced. For instance, NJ continues to record incredibly high revenue figures with $5.21 billion being generated in 2022; matching the 2021 total. Other states such as PA and MI also continue to achieve record figures.

Overall, the online casino industry is proving to be a profitable and rapidly growing business venture for companies in the United States. As more states legalize online gambling, the industry is likely to continue its upward trajectory, providing even more opportunities for growth and profitability.

Digital Marketing Industry

In today’s technology-driven world, customers require more information and reliable connections with sellers before purchasing. As a result, traditional marketing methods are no longer considered the best in the field. Online shopping and customer research on existing reviews before purchasing have become common trends. 

In the age of social media, digital marketing has become an essential medium for businesses to reach their target audience. Entrepreneurs can offer services such as search engine optimization (SEO) and social media marketing to help companies to grow their online presence. Therefore, digital marketing has emerged as the most trusted method of mass communication. According to recent findings, digital marketing is a rapidly growing industry in the United States.  

Renewable Energy Industry

As concerns about climate change continue to mount, there is a growing need for renewable energy sources. Entrepreneurs can start businesses specializing in solar and wind power, energy storage solutions, and electric vehicles. The renewable energy industry is growing in the USA due to concerns about climate change, advances in technology, and supportive government policies. Many businesses are investing in renewable energy solutions to decrease their carbon footprint and lower operating costs, creating new job opportunities in fields such as engineering and construction. Despite the pandemic, renewable energy jobs in the USA grew by 6% in 2020. Overall, the industry is expected to continue growing in the coming years. 

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Artificial Intelligence Industry

AI is used to improve everything from customer service to supply chain management. Entrepreneurs can develop and implement AI solutions to solve real-world problems and improve business operations. AI tools such as Chatbots are being utilised by significant businesses to increase their digital reach and engagement. The AI industry is emerging as a business in the USA due to technological advancements and data availability. Companies are investing in AI to improve efficiency and gain a competitive edge. AI is being used in various industries and creating new job opportunities. The industry is expected to contribute significantly to the global economy by 2030

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Home Services 

As more people work from home, there is an increasing demand for home services such as cleaning, maintenance, and repair. Entrepreneurs can offer reliable and affordable services in these areas to meet the needs of this growing market. The increasing availability of technology platforms connecting consumers with service providers has made booking and paying for these services more accessible and convenient. Additionally, the COVID-19 pandemic has increased the demand for home services as people spend more time at home.

Expect More Growth Across The US In The Future

Investing in a new business can be a challenging task. However, with the right idea and approach, entrepreneurs can create profitable ventures that contribute to the growth and prosperity of the US economy and their businesses. Moreover, obtaining the necessary skill set and expertise is essential before starting a business venture. The businesses mentioned above will grow significantly in the coming years as the world moves towards more technological advancements, digitalized environment, and globalization.

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