Yoga and Fitness
The $10 billion market for yoga and related products offers tremendous promise for new businesses, as the industry has no dominant national player. Meanwhile, the growing number of health-conscious people is helping to drive yoga's popularity. While the barriers to entry are low, competition exists in the form of health and fitness clubs that also offer yoga and Pilates classes.
The $1.4 billion fantasy sports market is growing rapidly thanks to increasing sports viewership and the rising number of broadband and mobile connections. Successful startups in this industry will be those that develop truly innovative software and online platforms for multiplayer fantasy sports like cricket. While giants like Yahoo and ESPN are major players in the space, they account for less than a third of the overall market.
E-commerce hasn't transformed the food industry the way it has many other retail markets, but that should change soon as consumers warm up to the idea of going online to buy everything on their plate. Entrepreneurs who can provide hungry consumers with the fresh ingredients they’re after--without charging an arm and a leg--have a golden opportunity.
Getting gamification right is tricky, but the use of game elements in non-gaming fields to engage employees and customers is expected to grow rapidly in the next few years. The key for new entrants in this space is developing software and other products for businesses that effectively boost their sales and make work environments more enjoyable.
Government agencies using decades-old technology have created an opportunity for hardware and software startups. If you can increase efficiencies in the government IT market while navigating this compliance-driven sector, your business is sure to prosper. Keep in mind, however, that winning government contracts can be a lengthy process.