New industries are emerging fast, but there are four major new markets that popped up in the last 15 years - and are starting to change the consumer market as we know it.
1. Mobile applications
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40 years have passed since the invention of the first cellular phone.
The market has grown considerably since they first hit the shelves. Going from being owned solely by very busy individuals with meetings and places to be, to just about everybody. The popularity grew fast, and until 2007, the only competition was to create a smaller phone with a higher mega pixel camera.
Then apple hit the market like a brick through a window, releasing the iPhone and with it, creating a vast marketplace of app developers and consumers.
By 2020, the app economy could double in size to $101 billion, according to some market researchers
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2. Medical/Legal Marijuana
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This is another product that existed for long time, before legalization
Though now, with the law on their side, "ganja-preneurs" are turning their fresh ideas into overnight successes.
Inventors are coming up with amazing new innovations. Devices that let you test potency of your medicine, or others that let you automatically grow your medication - all from your smartphone.
Dispensaries are opening up all over legal states, shops that you can walk into and pick your medicine from dozens of choices.
In 2020 the projected market value of legal marijuana is $22 billion
3. Crypto-Currencies
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This is one of the newer entries on the list. The first crypto-currency created in 2009, bitcoin, has grown exponentially since its birth.
The current market cap of all crypto-currencies is $13.4 billion, and with some analysts predicting bitcoin to be worth $4,000 in 2020. At the rate bitcoin will be produced, in 2020 there will be 18 million in circulation. Bringing the market-cap up to around $50 billion.
With hundred of options to choose from, it can be as daunting as the stock market.
Stepping into the crypto-world can be over-whelming. Many new-comers get tossed out of the fray quickly, due to inability to understand or lack of desire to do so, but some become adopters and strong supporters.
Many of the early adopters of these currencies have had great successes, and others not.
4. IoT (Internet of Things)
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Analysts are quoting figures of over $140 billion for 2015, which is miles ahead of the 2014 projection seen below.
With some market researchers are saying that nearly $6 trillion will be spent on "Internet-of-Things" innovations over the next several years.
Although most of the upcoming purchase volume in the "IoT Sector" will be mainly from Business and Goverments, with Consumers lacking far behind. This is still a booming industry and one that will continue to see CAGR for many years to come.
So What's Next?
My first thought virtual reality, as I see new innovations popping up constantly. Maybe an even stronger sign would be that devs from all over are jumping into this new space to create incredible projects for consumers & businesses.
Though virtual reality is by no means a new concept, or market. VR has now just become technologically advanced enough to peak interest in consumers and investors, on a much bigger scale.
What do you think is the next big industry?
