Niche Markets, Big Returns: Unconventional Industries To Explore In 2024

Budding entrepreneurs looking for unconventional industries to explore in 2024 would want to start off by researching investor interests. Since funding is going to be high on your list of essentials to build a thriving business, start with extensive research.

Look for niche markets that haven’t been all tapped out but have the potential to grow quickly in the coming years. You’ll identify particular customer pain points and develop products that will bridge the gap. Make sure your chosen niche offers investors the incentive to capitalize on high-growth spheres.

Products and services driven by technological innovations and aligning with shifting buyer preferences and consumption habits will undoubtedly attract investors. Check out the list of new and emerging markets we’ve put together for you to explore.

Quantum Computing

Quantum computing is an innovative field of computing leveraging the power of quantum mechanics. This technology can solve problems that are impossible for traditional computers to manage, which allows them to perform superfast calculations.

Quantum computing is the next big thing since it has the potential to revolutionize spheres like drug development and AI. Experts anticipate applications in materials science, financial modeling, climate and weather changes, and cryptography, and these are only for starters.

Tech giants like Intel, Google, and IBM are building and scaling their quantum systems. The year 2024 may have quantum machines with more than 1000 qubits of processing power.

The global market will likely rise to a value of $1987.6M by 2031 with a CAGR of 35.2%. In 2023, it was worth $325.4M.

This staggering growth points to the field being highly lucrative. It has also received a boost because of the pandemic, and healthcare applications are likely to be high on the list of investor preferences.

Getting funding should be easy if your startup can demonstrate the potential to grab a market share in this vertical.

Also, explore spaces like aeronautics, oil, gas, energy, banking, defense, and insurance. Ancillary services that can support the core technology are also unconventional industries to explore in 2024.

Clean and Sustainable Energy

Considering countries worldwide are making serious efforts to achieve carbon neutrality, clean and sustainable energy is worth funding. Investors see the incredible opportunity and are willing to consider pitches from disruptive startups.

Solar, wind, and green hydrogen solutions are making strides, and that’s where you would want to focus your R&D efforts. Investment in ESG is quickly becoming mainstream, making it lucrative.

Clean energy is not just about isolating sources but also electric vehicles, charging infrastructure, and battery technologies for storage. You could also consider solutions for transportation, logistics, and recycling batteries at the end of their lifecycle.

Statistics indicate that the investors are likely to divert funding worth close to $800B in 2024 toward this sector.

This funding is a 10% to 20% increase from 2023, with solar energy capturing 55% of the total funding in 2024. Experts also anticipate a 36-gigawatt growth in solar generating capacity.

Federal governments worldwide are supporting the industry by investing in public infrastructure and regulations to support startups and innovations. You can explore waste management, recycling redundant infrastructure, green constructions, and solar photovoltaic (PV) module manufacturing.

eCommerce and Live Shopping

The pandemic and stay-at-home orders gave a significant boost to the eCommerce industry, which continues to make great strides. Brands and companies that had not yet moved to the online sales sector had to pivot quickly.

eCommerce sales have skyrocketed to the point where companies that don’t have online shopping platforms risk getting out-paced by the competition.

Estimates indicate that in 2023, the American eCommerce market executed sales worth $1.1T. By 2024, the global market will likely generate sales worth $6.9T.

Although not one of the unconventional industries to explore in 2024, the potential of online sales shopping remains untapped. In the coming years, companies that offer mobile shopping capabilities, speedy delivery, and easy payment options will rule the market.

Subscription marketing and any other strategies where customer acquisition costs are low have a higher chance of capturing the market. These are the niches that investors are most interested in, which makes getting their buy-ins easy.

Yet another sales approach that is generating interest is live selling or live stream shopping, catering to the next generation. Live video flash sales are run on platforms like Instagram, TikTok, and Amazon as part of group chats.

These chats include elements of infomercials and variety shows and have demonstrated success in getting customers to place orders. Interestingly, not just Gen Z, but millennials are also recognizing and learning the benefits of e-shopping and becoming increasingly tech-savvy.

Customized Healthcare

The healthcare and health tech verticals saw significant disruptions post-pandemic, and innovations and advancements continue into 2024 and beyond. Health care is also about delivery and technology.

While health is conventional, its delivery channels have become one of the unconventional industries to explore in 2024. Several ancillary industries are making their presence felt in the market, and demand is shifting toward personalized and telehealth.

Healthcare must adapt to navigating the aging population and need for the rising number of patients requiring home care. The demand for customized therapies is spurring advancements in gene therapy and genome testing to isolate diseases before they occur.

Technology is making rapid strides in this sector, with startups exploring concepts like implantables, AI-driven diagnostics, and robotic surgery. The focus is on minimizing invasive treatments, quick recovery times, and lowering hospital stays, essentially leading to lower costs.

Leveraging AI will allow professionals to gather valuable data that can help develop new drugs and surgical treatment protocols. Not just physical health, but mental and psychological care are also now gaining traction.

Interestingly, tech is playing a significant role thanks to the need for robust cybersecurity measures to protect patients’ information. As healthcare facilities integrate technology, they need to upgrade their security against hacking incidents and other cyber threats.

If your startup develops tech stacks, you can also consider delivering applications to enterprises in the health sector. This incredible availability of options has opened up myriad opportunities, and investors are willing to back founders exploring them.

Statistics indicate that spending on health will account for 20% of the American economy from 2022 to 2031. In 2022, the expenditure was $4.5T; by 2028, it will have reached $6.2T. Further, by 2028, the global healthcare market will be valued at $665.37B.

Cutting-Edge Financial Solutions

Fintech or tech-driven financial solutions are changing how people and businesses interact with money. Fintech startups are developing cutting-edge innovations to disrupt traditional banking and money management strategies. And that’s another of the unconventional industries to explore in 2024.

Consumers are shifting to digital payments as eCommerce grows exponentially, and they prefer to shop and pay for products online. Rapid advancements in the tech sector have resulted in multiple security layers, making consumers more confident.

Automated investment platforms like crowdfunding sites are also available for small investors to invest money and look for assured returns. They can also rely on these services to offer peer-to-peer lending and access robo-advisors to guide them on investments.

Startups are now leveraging blockchain and software to deliver consumer-first digital experiences. They use data and analytics to predict customer needs and offer personalized products and services. Advancements in cybersecurity applications ensure protection from fraud.

As a result, consumers are open to relying on apps for streamlined services like applying for loans and monetary transactions. Online lending, online stock trading, cryptocurrency, mobile payments, and marketplace lending are only some of the other services.

Statistics indicate that the global fintech market will likely reach $332.5B by 2028. This exponential growth entices investors looking for growth-intensive projects to back, and yours could be the one they pick.

The products you develop should be compliant with federal regulations set up to protect customers. Expect potential investors to scrutinize your company’s regulatory compliance meticulously during the due diligence process.

Logistics, Advanced Supply Chains, and Autonomous Delivery

Interrupted supply chains and their challenges have inspired companies to look for solutions to bridge this gap. Not only are they developing in-house processes, but they are also partnering with logistics firms to ensure seamless deliveries.

And that’s not just for receiving inventory but also ensuring customers get on-schedule service. The last few years, starting with the pandemic and the recent Ukraine war, have prompted brands to move their manufacturing hubs to local sites.

This strategy has, in turn, spurred the growth of new innovations like last-mile autonomous delivery. Restaurants, food companies, and ghost kitchens are relying on their speedy and efficient services to transform the retail industry.

Robot delivery and driverless trucks are now catching on as the next thing in local deliveries. Although in their experimental stages, drone deliveries could capture customer interest once they have overcome the challenges.

Snags include technical issues and consumer reluctance because of safety and privacy concerns. Providers must also comply with regulatory hurdles related to ensuring customer privacy and safety in navigating airspace.

Adopting driverless fleets has the potential for a whole array of benefits, such as cost-efficiency and streamlined processes. These benefits extend to segments like retail, eCommerce, grocery, pizza and food delivery, logistics, and package delivery.

The worldwide automated logistics market is likely to reach $196.01B by 2032, which is an expected CAGR of 13%. With these incredible growth prospects, investors are looking for startups to fund. These are another of the unconventional industries to explore in 2024 with the potential for success and scalability.

Put together a compelling pitch deck with the assistance of your fundraising specialist and acquire the funding you need.

Even as you’re exploring lucrative ideas for your startup, check out this video. I have explained in detail how to launch your business. You’re sure to find it helpful.

Alternate Therapies for Good Health & Wellness

Medicinal cannabis and psychedelics are attracting attention worldwide for their therapeutic uses and low incidence of side effects. Proponents are touting the many benefits of cannabis and mushroom products to treat a range of disorders.

For instance, ketamine can cure alcohol dependence, and magic mushrooms (psilocybin) are effective for treating depression. Mainstream doctors and physicians are also recommending MDMA to treat PTSD or post-traumatic stress disorders.

Interestingly, this treatment option has received the “breakthrough therapy” designation from the FDA. Several states across the US have legalized cannabis-derived products that are available at fully licensed dispensaries.

In the coming years, the medicinal psychedelics and cannabis industries are expected to grow quickly, with regulations coming into force. The state governments are working to regulate the industry and closely monitor the treatments being made available to consumers.

Although different states have laws pertaining to the legalization of the products, the prospects of this industry are promising. Revenues from the industry will likely reach $39.85B in 2024.

Further, the industry will potentially grow at a compound annual growth rate (CAGR) of 13.93% from 2024 to 2028. By the end of the year 2028, the market volume will touch $67.15B. These numbers indicate it to be one of the viable but unconventional industries to explore in 2024.

Finding investors to back your project should not be particularly challenging. However, you’ll want to identify prospects according to their areas of interest. Consider options like KEY Investment Partners, Base Ventures, Lizada Capital, Entourage Effect Capital, Green Lion Partners, and Archytas Ventures.

These investors focus on factors like ROI, scalability, your startup’s brand value, and vision. They’ll also want to examine your strategies for overcoming the core barriers to entering this market.

Unconventional Industries to Explore in 2024 – Research Your Options

Traditional and better-established industries are typically saturated with products and have cutthroat competition, making them hard to break into. Your best bet is to explore new and unexplored niches that have data and statistics to back their prospects.

The sectors listed above have the potential to grow quickly in the coming years. Getting investor backing by presenting compelling pitches should be the next steps to work on. Let’s get started.

Keep in mind that in fundraising, storytelling is everything. In this regard, for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.

Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.

 

You may find our free library of business templates interesting as well. There, you will find every single template you will need when building and scaling your business completely for free. See it here.