4 High-Tech Industries (and a Really Low-Tech One) That Are Booming With No End In Sight Forget app development and start thinking seriously about a food truck.
By Jennifer Spencer Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
The beginning of the new year is when the world's top investors make their predictions of industries to keep an eye on. Innovative technologies and ways of doing business are creating growth in certain industries. For those looking for something new to invest time or money in, take a look at these five industries that experts predict to have an increase in growth in 2018.
Related: Looking Ahead: 5 Business Trends to Follow for a Successful 2018
1. eDiscovery software
With the amount of litigations increasing, the legal scene is keeping an eye out for eDiscovery software. EDiscovery software serves the purpose of identifying, collecting and producing electronically stored information. This includes emails, social media, documents and presentations.
World-leading research and advisory company, Gartner, predicts that eDiscovery software will grow up to $3.1 billion in 2018.
2. Virtual reality and artificial intelligence
Virtual reality (VR) is a popular news topic as people are enjoying a more interactive video game. The cost of these devices is decreasing, and VR enthusiasts are now able to afford them. But now VR is taking the next step and is coming into new markets. Businesses see its potential for various projects and are starting to invest in these devices for their offices. This includes industries like healthcare, marketing and education. Artificial intelligence (AI) devices -- think drones -- are another example of a technology that has gone from use in the military to use in all industries.
Firefighters and construction workers AI to survey land better than ever. Also, rumor has it that one day Amazon will have drones delivering packages at your doorstep. By the end of 2018, experts predict that VR and AI will be worth over $7 billion.
Related: 10 Artificial Intelligence Trends to Watch in 2018
3. Food trucks
Mobile cuisine is growing and has been for years now. It's more sophisticated than hot dogs and ice cream. Some food trucks are serving lobster with a nice glass of prosecco. Business is booming, in part, because it's more affordable than ever to begin a restaurant business -- we're talking as low as $100,000. In one year alone, some entrepreneurs reported earning up to $500,000. Food truck revenue began at an estimate of $650 million and grew to about $2.7 billion in 2017. The rapid growth is likely to continue as more people enjoy the diversity and convenience of food trucks.
4. Autonomous vehicles
In 2015, Elon Musk estimated that by 2018, the first fully autonomous vehicles would hit the road. Other experts predict that self-driving cars are a little more ways away. Some even say they won't be ready until 2021. However, manufacturers like Toyota, Honda, Volvo and BMW are working hard on perfecting autonomous vehicle software.
Interest from the public and rideshare services are putting pressure on these car companies. It's expected that autonomous vehicles will grow more than $80 billion from what was originally disclosed from 2014 to 2017.
5. Solar energy
The world is ever-changing, and the public wants to maintain a healthy atmosphere. That won't be possible unless companies come up with clean and renewable energy sources. Tight regulations on oil drilling are leaving enterprises to seek out a new energy source to bring to market. Building and homeowners see solar panels as the most efficient and affordable clean energy source.
Experts are hopeful that the clean energy sector will see a boom in business because of the increase in customer demand and declining prices. Some say that solar energy sectors will end 2018 with up to $1.8 billion in net cash.
Related: 7 Tips to Be More Effective in 2018
As you ease your way into the new year, follow these industries expected to see a high increase in growth over 2018. Exciting new products and ideas that are becoming affordable will positively impact the market. Invest well!
