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Fastest Growing Industries for Small Business in 2018

Topics: Industry News

Small business owners hoping to maintain or expand their financial success into and beyond 2018 might do well to keep a finger on the pulse of current business trends. Whether you’re considering ideas for the best small business to start or you’re wondering about the most profitable small businesses, it’s clear that there are several industries making great leaps and bounds right now.

Here’s a list of the fastest growing industries for small business in 2018 from the team at AmTrust Financial:

The Internet of Things (IoT)

Objects connected to and utilizing the internet to create a unique user experience are on the rise as we kick off 2018. But today’s IoT trend goes way beyond a refrigerator that can capture and send your grocery list to your mobile device, or a thermostat that can be programmed from your phone.
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In a recent article from Forbes, Brenard Marr writes that the medical devices connected to the internet could “transform how we keep people safe and healthy” in a climate where doctors and patients are looking for lower cost healthcare solutions. He goes on to say that the internet of medical things (IoMT) “can help monitor, inform and notify not only care-givers, but provide healthcare providers with actual data to identify issues before they become critical or to allow for earlier invention.”

Cyber security & Internet Technology

Whether the cause is the growing IoT or the major change in consumer technology usage, cyber security and internet technology are an industry you can expect to continue growing exponentially in 2018 and beyond.

Between enhanced retail technology use and the growth from the cloud to more tailored microservices, cybersecurity and security infrastructure will change greatly throughout the year. Blockchain technology is likely to take off this year in the more mainstream, since it offers a virtually impenetrable security network that can perfectly handle huge amounts of data. Between online currencies and IoT, there are an abundance of applications, with many more yet undiscovered.

Workplace Wellness Services

According to Staples Business Advantage’s Annual Workplace Study, about 43% of employees call the ability to work remotely as a “must have.” The same study shows that 37% of workers think an open office layout is distracting and 80% believe that it’s their employer’s responsibility to promote health and wellness. While many jobs aren’t conducive to remote work programs, many more make remote work a cost-effective option, especially given the fact that many employees are actually happier with less working hours.
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This trend is likely to continue into 2018 and beyond, especially given the major changes in acceptable workplace behavior. Because of this, many companies are investing in corporate wellness programs, remote work technology infrastructure, and even hiring more remote services like virtual assistants, payroll coordinators, and accountants that are full-time employees who work off-site.

Identifying the fastest growing industries for small business in 2018 can be a huge step in future planning for managers, business owners, and decision makers. But what do these three really mean for your business? You can expect to see a lot more digital services that go beyond social media and mobile phones. Technology is disrupting industries that have traditionally been lo-fi. Small businesses who want to get in the game or make major change in 2018 might do well to invest in these areas this year – or at the very least, plan around them.

Protect Your Small Business

It seems nearly every innovative change coming to small businesses in 2018 is technology related. To protect your digital assets, you’ll want to invest in some high quality, high coverage cyber liability insurance. Learn more about Cyber Liability Coverage from AmTrust now. Then, contact an AmTrust appointed agent.

 

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