The Industries That Are Set To Thrive In 2024

As the year comes to a close, you may be looking ahead to 2024 and considering how you plan on spending the new year. If you've decided that 2024 is the perfect time for you to become a business owner, then this article is for you.

Business ownership is no small feat. In fact, it might be one of the biggest challenges you set for yourself in 2024. However, there are ways of improving your chances of success in the coming years. One such way is to buy an already established business in one of the fastest-growing industries in 2024.

This article will explore the fastest-growing industries set to have impeccable revenue growth in the new year. Check it out to find the perfect industry for you.

Rising Industries in 2024

As with almost everything in our lives, trends dictate which industries will grow in the new year, and that means that experts can predict which industries will see the biggest economic growth in the coming years.

As someone planning to buy a business in 2024, this data is perfect for you. It can show you where industry growth is set to happen and help you pick a business that is set to thrive in the new year.

Below are some of the top industries that experts predict are going to thrive in 2024.

Healthcare Industry

In 2023, the healthcare industry had a revenue of $202.4 bn, and is forecasted to grow by another 1.2% by the end of 2024. With more than 1 million employees and 151k businesses already in the industry, it is easy to see why the healthcare industry has expected revenue growth.

Since the COVID-19 pandemic, more and more people have become invested in their own health, which has helped somewhat in the revenue growth of the industry. Indeed, the digital healthcare industry, in particular, which covers everything from digital fitness to digital treatment and care to online consultation, is expected to show an annual growth of 5.48% between 2023 and 2028.

What this means for potential business owners in Australia is that not only is the healthcare industry a good place to set your sights, but it's also an incredibly diverse industry. From at-home care franchises to digital health empires, the healthcare industry is perfect for a diverse range of talents and interests.

Renewable Energy Industry

Australia is probably one of the best places on earth for renewable energy industries. Not only do we have ample space, we also have ample sunlight, which is why the renewable energy industry is expected to grow in 2024.

With the Australian federal government looking to invest more in green energy industries with their 2024-2025 budget with an expected $630 million ramp up in funds, and the Australian National University reporting that Australia will hit 50% renewable electricity by the end of 2024, the stage is well and truly set for economic and job growth in the sector.

As with the healthcare industry, the renewable energy sector includes a diverse range of participants, from solar and wind energy suppliers to the electric vehicle wholesaling industry to businesses making power-saving lightbulbs. This means that you are likely to find a business that suits you and your skills within this industry in 2024.

Technology Industry

In our digital age, it would be foolish to not invest in the technology industry. Indeed, Australia itself is becoming a digital economy in its own right with industries including software development, artificial intelligence (AI), machine learning (ML), and cybersecurity, all already seeing revenue growth in the country.

The technology sector as a whole is set to grow by a projected 7.8% in Australia by the end of 2024, with the biggest growth seen in software development (12.8%) and IT services (8.2%).

There will also be particular investment focuses in areas like Generative Artificial Intelligence (AI), though this will primarily be incorporated into other parts of the industry to enhance services.

So, whether your talents lie in artificial intelligence, communication services or IT services, the technology sector also poses a brilliant opportunity for investment and a place to try your hand at owning a business in 2024.

Tourism Industry

The tourism industry has taken a massive hit in recent years, particularly in the wake of the COVID-19 pandemic when the federal government of Australia was forced to close national borders. However, if you've got an interest in travel and helping people to see other countries too, then you're in luck.

In 2023, we saw a surge in people taking the opportunity to travel again as restrictions were eased, and one major destination is Australia itself. In fact, it is estimated that 5.43 million international tourists have arrived in Australia in 2023, and the year is not over yet.

For 2024, current projections suggested that international expenditure will exceed pre-pandemic levels, with a forecast of $48.8bn by the end of 2027. For domestic overnight trip and day trip expenditure, pre-pandemic levels will also be exceeded with projections of $137.9 billion and $41.1 billion respectively by 2027.

If tourism is something you are passionate about then these expected revenue growth figures should give you the push you need to buy a business in this industry.

Education and Training

The last of the fastest-growing industries in this list is education and training. The industry is expected to grow in 2024 due to the renewed emphasis placed on building skills and preparing for the future. Whether a leftover from the pandemic, in which we lived through completely unprecedented times, or due to the vast number of international students now seeking places at Australia's universities, education and training are at the forefront of a lot of minds.

The digital education market in Australia is expected to show an annual growth rate of 11.32% each year by 2027. This means that the projected market volume will sit around US$203.50m by 2027.

On top of this, the Australian and South Australian governments have announced further investment in Fee-Free vocational education, which helps fill skills shortages in the Australian workforce, giving training companies more funding and space to offer services across the country.

Another area in the list of the top 5 fastest growing industries that covers a diverse range of sectors, the education and training industry is a good place for people with a variety of talents and skills.

Why You Should Buy a Business in the Fastest Growing Industries in 2024

So, why should you buy a business in one of the top 5 fastest growing industries? Many industries are currently thriving, including the food services industry and other services industry sectors, so why these five?

To begin with, the annual growth rate and projected revenue growth of these industries are expected to surpass others in the country, which means you've got the most opportunity for making money. Additionally, these industries are currently seeing renewed interest.

From technological advancements to the need for software developers to a climate crisis that is in desperate need of more renewables, these are the industries that are expected to continue to flourish past the end of 2024 due to their need in society.

If the pandemic taught us one thing, it's that the economic landscape of key industries isn't always certain, but these top 5 fastest growing industries appear to have some staying power anyway. Buying a business in these industries isn't just about making money, it's about meeting a need and staying ahead of the curve.

Benefits of Buying an Already-Established Business in 2024

You may be looking at this list of top 5 fastest growing industries in 2024 and contemplating starting your own business. While starting your own business can mean lots more autonomy and the experience of building something from the ground up, if you're totally new to business ownership, getting experience in ownership could benefit you in the long run.

When you buy a business you have the opportunity to get acquainted with ownership without the stress of finding your feet.

The top benefits of buying an already-established business in 2024 include the following.

• Already established customer base: One of the hardest parts of starting your own business is building a customer base. It takes time to create a loyal following and this means you may have periods with very little income. If you buy an already established business, you have an existing customer base to work with.
• Marketing strategy: The previous owners of an established business will likely have put a lot of work into their marketing strategy to build an effective brand identity that helps to entice new customers. If you're not a fan of marketing or you just don't know where to start with it, this established strategy can be a brilliant learning opportunity for you.
• Tried and tested business strategy: An already-running business will have gone through the experimental phase of building a business and will now have a business strategy that they know works. This gives you a good baseline for trying your hand at ownership as well as room to grow the business.
• Established cash flow: Starting your own business means possibly years of little to no income, but with an already established business, you have an immediate cash flow. This means not only income for you and any employees you have but also the financial capacity to invest in new products and strategies.
• Reduced risks: Overall, buying an established business comes with fewer risks than starting your own as the cash flow, branding, and customer base are already there for you.

It is important to note that while buying a business may have reduced risks, it's not the easy route. You will need to have capital to buy the business in the first place and it will be a real test of your business management and leadership skills when you take over. Don't go into business ownership lightly!

How Eden Exchange Can Help

If you've reached the end of this article and have decided that the time is right for you to invest in a business in a thriving industry in 2024, then Eden Exchange can help.

We're an Australian-based online platform created entirely to serve the needs of business buyers and sellers. Our DealXchange platform helps people every day to become business owners. With a database of hundreds of businesses for sale across Australia, including popular franchising opportunities and small businesses with local customer bases, it is the perfect place to find a business to buy.

Final Thoughts: Fast-Growing Industry Considerations in 2024

This article has covered the top 5 fastest growing industries projected to have a really good year in 2024. If you're looking to buy a business in the new year, then we would recommend looking into these sectors to ensure that your business is a success.

For more information on how Eden Exchange can help you to buy a business, contact the team today.

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Eden Exchange is an integrated multi-channel platform, simplifying business buying and selling. We match, refer and connect business buyers, sellers & brokers in an ecosystem that facilitates frictionless franchise, business and finance transactions. Visit www.EdenExchange.com and connect with our engaged and multidimensional transaction network today.