Before entering into a business,it is important to identify which market is most viable. Many a times,businesses that are successful emerge from untapped industries. In this article,we identify six of these untapped industries that may offer an avenue for entrepreneurial opportunity.
Artificial Glass Turf Installation
By the end of 2014,the artificial glass turf installation industry was responsible for $1.1 billion worth of revenue and expected to have a growth of 13.1% in 2015..According to Southern Nevada Water Authority,each square foot of glass replaced with glass turf accounts to saving more than 50 gallons of water per annum. With increased awareness of the benefits of glass turf,IBISWorld predicts that the artificial glass turf installation industry will gross over $1.7 billion in revenue by 2019.
Employee Relocation Service
This industry earned $12.5 billion in revenue in 2014 and expected to grow by 6.4% in 2015. Essentially,this industry simplifies the moving of clients by providing assistance in home sales,moving and management of property. Global relocations is expected to spur growth of the sector and the fact that it has low barriers of entry into the market. By 2019,the industry is expected to generate $16.4 billion in revenue.
Indoor Climbing Walls.
The popularity if Indoor climbing walls as a alternative of the gym has seen this sector grossing $151 million in 2014 and eyeing a growth of 1.p% in 2015.The sector is widely popular especially among young adults and kids who are responsible for its growth. By 2019,the industry is expected to generate $162 million in revenue.
Laser Tag Arenas
Laser tag arenas according to a report by IBISWorld is the most profitable venture in the entertainment sector. This is evidenced with the industry grossing $246 million in 2014 with a 4.8 % expected growth in 2015. With its large profit margins,operators are now emerging and the competition is expected to drive revenue generation to $302 million by 2019.
Meat Jerky Production
Despite fallbacks from some consumers,key players in the this industry have been responsible for the $1.1 billion worth of revenue collected in 2014. The industry’s expected growth in 2015 is 1% with revenue growing to $1.3 billion in 2019.
Prison and Jail Construction
With increased government-private partnership,this sector has grossed $2.7 billion and expected to grow by 3 % in 2015. As new entrants into this sector increase due to demand and reduction of concentration,the sector should be able to generate $3 billion in revenue by 2017.