Is your industry ready for a change? The decision on which industry one should venture in is often determined by factors such as advancement in technology and availability of capital. The prevailing trends may favor some industries while others prove to be more profitable over time.
We asked entrepreneurs and business owners about the industries that are ripe for disruption and here are the response;
#1- Cell phone carrier
I feel that the cell phone carrier industry is an example of an industry ripe for upheaval. Cell phone companies continue to entice users with low-priced, higher-quality plans, but these plans have a hidden cost. When you add up the costs of these bundles, you'll find that you're paying for services you'll never use. A cell phone company that offers low-cost services while giving more value can break this.
Thanks to Rameez Usmani, Code Signing Store!
#2- Automobile industry
These days, the global automobile sector is undergoing massive change. The automobile industry's technologies have advanced at a breakneck pace. Global automakers and suppliers will adjust their business strategies, create new alliances, and invest in new technologies as a result.. Autonomous driving, electric vehicles, and connectivity will change our lives in profound ways, I believe.
Thanks to Erick Riddle, Driven Wheels!
#3- Restaurant
The restaurant industry is ready for major disruption, especially following the pandemic. Restaurant owners and employees are being treated extremely poorly by many customers since service has changed with the lack of staffing. Unemployment benefits and the housing crisis in many towns have placed many challenges on the food and beverage industry and many restaurant owners are seeking new ways to evolve. While many owners are closing their doors half of the week or simply taking longer to deliver food, there are others who are changing the way orders are placed and how service is handled to make a better experience with less staff.
Thanks to Tyler Rice, Animas Marketing!
#4- Agriculture
Agriculture is now undergoing a tremendous transition, which is particularly appropriate for your use of the word ripe. There is no doubt that technology has had a significant influence. In my opinion, a new sector centered on carbon farming is just around the corner. I've volunteered and worked for non-profits in a variety of countries on projects ranging from an organic olive oil operation to a permaculture demonstration site to a forestry project in western Guatemala's mountains. During that period, it never occurred to me that business might assist mitigate the climate disaster produced by carbon and other greenhouse gases that we may be on the approach of experiencing. Agriculture, on the other hand, is already being transformed by technological innovation and is receiving considerable attention.
Thanks to Herman Hibbert, Leaf Gutter Guards!
#4- Media
That sounds far-fetched but the rise of independent journalists, alternative platforms and overall distrust in legacy media has millions of people looking for information they can trust. I host a weekly mastermind that is growing every month — we are all content producers in one form or another. Podcast producers, authors, YouTube stars (that have been kicked off YouTube and now thriving on Rofkin), and so much more. Big Tech and legacy media still has a stronghold over most people, but in due time, I see this changing dramatically. The content producers aren't paid for their work on these platforms. They are abused through senseless censorship and treated as useful idiots that the platform makes money from but never redistributes back to the artists or content providers themselves.
Thanks to Elizabeth Shutty, Deprogram!
#5- Fashion
The fashion industry is always ripe for disruption since every consumer has their taste and style, and designers work round the clock to develop unique trends. Moreover, the fashion industry works hand-in-hand with online retail, an over-crowded space with everyone striving to outdo the other. It requires instant customer service through social media and chatbots. Different designers produce garments based on body shape, size, skin color, season, and many other factors. With this, a designer who can match people’s tastes and provide perfect sizes with perfect quality will dominate the industry.
Thanks to Harriet Chan, CocoFinder!
#6- Hemp
I believe that the hemp industry is already ripe for disruption. The interest in the products is now being rediscovered and it is seeing a positive response. As people’s views and opinions about hemp and THC change, it is a very good opportunity for growth. A disruption during this time will transform and revolutionize the industry for sure. Also, a disruption in the cannabis industry would impact other industries as well as it is a disruption in itself. For example, it can cause further disruption in the medical field because it is increasingly being used to treat certain conditions. It is also a disruption to the recreational space, as it rises to the level of popularity that tobacco and alcohol have dominated for a very long time already. That being said, I believe it is safe to assume that there is no other industry as ready for disruption as the hemp industry.
Thanks to Erin Zadoorian, Ministry of Hemp!
#7- The service operations industry
Things like Insurance Claims operations or Loan Operations that previously wanted a1000 people in a single service center in one or two shifts. This back-office work shouldn't require an agent in the office and most of it doesn't need to occur at a specific time of day. While much of the work does have a service level agreement (resolved in 2 days as an example) it doesn't require someone to be sitting at a desk until 10:30 am. These operations learned during the last 18 months they could operate in a remote or distributed environment. They need to quickly equip their managers to understand and automate the way work is handled and resources allocated. Additionally, they better have a good handle on the well-being of the employees. Without these key metrics, employees will be free agents and looking for better work culture. In these back-office labor-intensive environments, disruptions is going to be significant and in favor of the employee.
Thanks to Michael Cupps, ActiveOps!
#8- The energy industry
Even though there have been staggering advances in energy (i.e. electric cars, solar power) in the last decade, we're still a long way to go from ruly sustainable and clean energy. There's quite a bit of room for a disruptor to enter the energy field in the next couple of years and really shake things up and shape the future. So, if you were thinking of not pursuing a new idea in the energy space because electric cars and solar
power already exists, think again!
Thanks to Cliff Auerswald, All Reverse Mortgage, Inc.!
#9- Information
Any niche that offers information to their users is currently ripe for disruption. Being innovative and coming up with new ideas that haven't been used over and over again are what will retain a visitor's attention, though. Presenting information in the same format may just force visitors to go elsewhere to look for unique material that offers something that hasn't been done before, or that hasn't been presented in that particular way. Whether you're offering daily news or stats on sports players, it's all really the same. Design a platform that is inspiring and begs for interaction and participation. That will definitely earn you a coveted space on a bookmark toolbar!
Thanks to Ryan Rottman, OSDB Sports!
#10- The real estate
The real estate industry is bound for disruption- its model has been untouched and remains the same for years. The commission on selling houses still amounts to at least 6-7%, and so many agents and brokers are adding to the competition pool while decreasing the rate of productivity and sales. The real estate market that we are used to is missing out on a lot– the evolving consumer market, meeting the changing demands of buyers and real estate owners. The real estate market also loses its ability to provide efficient results such as high sales turnout and more satisfied clients and customers.
Thanks to Edward Shaw, Leeline Sourcing!
#11- Cyber security
One of the top disruptive industries to watch out for is cyber security. Especially more so in recent times, criminals have been practicing their illegal activities online. Cybercriminals have been able to exploit the COVID-19 pandemic to their hearts' content. Fortunately, there are also counter advances in cyber security to fight the threats we face. Thanks to these advances in artificial intelligence and machine learning, cyber security experts have succeeded to design better firewalls and interference detection tools to protect us from these perils.
Thanks to Tim O'Brien, The Healthy Place!
#12- Manufacturing
Though disruption has been ongoing, advancements in AI will cause further changes. Some tasks previously performed by human labor or by hand-controlled machines have been automated through AI-powered robots. The customer service industry is also bound to experience abrupt change. The existence of virtual assistants, chatbots, and other technologies will replace traditional customer care methods. Telemedicine will disrupt the healthcare industry. Long gone are the days when visits to the doctor had to be in person, even for the slightest things like sore throats and stomach upsets. These days, medical practitioners can meet through video communication on software built for this specific purpose.
Thanks to Katherine Brown, Spyic!
#13- Home security
One industry on the verge of being disrupted sees the first signs of it. Home security is about to be flipped entirely upside down. Companies who come in and install a camera and a few sensors have previously provided home security. They will then charge you a monthly fee to keep an eye on your home. Other companies have entered the market with different offerings, but none have entirely dominated. Security is now included in
cable bundles, and DIY options have popped up. We'll see next are companies that will enter the market and offer complete innovative home automation services, including security. The call will be entirely dominated by the company that provides a low-cost alternative with exceptionally transparent pricing.
Thanks to David Fernandez, Capital Dealer Solutions!
#14- Healthcare
Disruption is necessary for growth, and as entrepreneurs, we need to help usher in change. Though it is taking tentative steps towards progress, the Healthcare industry needs a disruption. While other industries are undergoing transformations that benefit them, Healthcare is at a standstill. A disruption to the industry can streamline processes, create alternative ways to automate several tasks and improve health care overall. The restructuring of the Healthcare industry is much needed, paving the way for those in need of medical attention.
Thanks to Samantha Moss, Romantific!
#15-Education
Education is a sector that is ripe for change. Even across partisan lines, most people think that our current educational system is in desperate need of reform. Like Singapore, China, Japan, and Korea, many industrialized countries have lower literacy rates than the United States. Science, technological, and engineering advances can now be so rapid (and unexpected) that they can render curriculum, textbooks, and even language obsolete instantly. Despite the odd “battle royal” mid-ring between for-profit and nonprofit universities or public against charter schools. Education has mostly remained unchanged. Education is ripe for disruption because markets are disrupted when newbies find an inventive way to give a more specific product to a larger group of consumers at a lower price. Disruptive innovations in education, notably higher education, are ripe for expanding access, lowering prices, and revolutionizing delivery.
Thanks to Dan Barcelon, Non-Athlete Fitness!
#16- Fintech
The financial industry is experiencing a major disruption right now. With the surge of Fintech and cryptocurrencies, the traditional financial industry has to act. It is becoming increasingly obvious that cryptocurrencies in some form will stay and adaption grows. Now many large financial institutions are facing important strategic decisions. I am excited what the future in this area will bring.
Thanks to Howard Gordon, Customplasticpart.com!
#17- The legal profession
The legal profession has hardly changed in decades, in a world where we can look for a new home and apply for a loan online, shop for a car on our phone and have it delivered to our driveway, or plan a world-trotting vacation with a few clicks. Small businesses, in particular, continue to struggle to obtain high-quality, reasonably priced legal advice. Small business owners rarely benefit from contracts written in legalese. Most business owners will put their contracts in a drawer and not look at them again unless something goes wrong… in which case they will need an expensive hourly attorney again. The first wave of disruption in the legal profession was led by companies like LegalZoom and RocketLawyer. They made filling in the blanks in standard contracts simple and inexpensive, but the contracts themselves are still written in legalese.
Thanks to Lisa Lacey, Lisa Buys Austin Houses!
#18- Robotics
I believe that the robotic industry is one that should be disrupted in a big way. Although the current state of the robotic industry is fairly good, there are many challenges that need to be addressed. People need to feel comfortable and secure about the technologies they interact with every day. Many people are uncomfortable with robots today because they have no experience interacting with them and don't know how to react when they encounter them. This industry needs disruption so that these new technologies can reach their full potential by making these machines easier for people to use.
Thanks to Alex Moss, Tactical Arbitrage!
#19- The beauty industry
Green beauty- which includes products that are cruelty-free and don't hurt the environment-is becoming increasingly popular as customers seek to be more conscientious about the products they consume. Blue beauty-which includes products that aren't harmful to the ocean–is also gaining popularity for similar reasons. Customers are increasingly concerned about the environmental impact of everyday products.
Thanks to Aiden Cole, Tatbrow!
#20- Transportation
Once self-driving cars are created, we won't even need cars ownership anymore. Just open the app on your smartphone and order a car. It comes right to your door and picks you up. You can either do a shared ride (budget) or reserve the whole car for yourself (premium). Parking lots in cities and popular destinations will most likely lose business when autonomous vehicles are adopted. If passengers can be dropped off and picked up at their destination then it doesn't matter whether the car is parked a block away or 2 miles away. Investors are now purchasing parking lots to convert into valuable real estate when the day comes.
Thanks to Sam Shepler, TestimonialHero!
#21- Home repair or maintenance
Take a look around your house. What are products and (especially) services you'll eventually need that 10 seconds of Googling won't help you with? If you need an electrician, you'll likely have to do what your grandparents would have done, only on Google: ask around. Granted, home repair or maintenance industries lack the oomph or sense of urgency that would make them obvious candidates for disruption. All the more reason to take them into account for your startup! That's what we did – created a sleek and modern boiler installation platform that helps you get the best service with a couple of clicks.
Thanks to Sam Price, Heatable!
#22- Staffing
I believe staffing is among the industries set to experience great disruption, but most of these changes will be for the betterment of the sector as a whole. A lot is happening in the staffing industry, thanks to new and disruptive technology and the proliferation of the internet. Still, I will speak to one interesting trending: the emergence of hiring marketplaces that work more or less the same as talent marketplaces. In the hiring marketplaces, employers post the vacancies available in their companies and the fee they're willing to pay agencies to find talent and fill these vacant positions, and recruiters and staffers then just bid to win the job. The emergence of such disruptive platforms democratizes employer's access to great recruiters at a fee that aligns with their business and strategic goals. On the other hand, staffing firms have access to a vast selection of potential clients, thereby eliminating the hassle of filling their demand-side pipeline, a challenge that often faces new or smaller recruitment firms. In the end, it is a win-win for staffing firms and their demand-side clients.
Thanks to Paul French, Intrinsic Search!
#23- Recruitment
Recruitment is one of the most digitally disruptive industries. The world of work is changing– what employees value in an employer today is different from what they did just a few years ago. Company culture, company mission, flexibility, and wellness are crucial things workers look at when deciding whether to join a company. There is also huge competition for top talent, more so in the STEM fields, and employers must offer a unique value proposition to attract these on-demand workers. Recruiters and the stakeholders in the industry are having to reconcile these realities and change tact to meet the needs of clients on both sides. Emerging technology such as AI (artificial intelligence) will be particularly impactful in aiding recruiters to use vast amounts of data to identify top talent and match them to the demand side. The anticipated results will be quality pipeline, better talent engagement through real-time communication via tools such as chatbots, shorter time to hire, and more accurate placements. All in all, the industry will certainly ride the waves of digital transformation and come out better.
Thanks to Ben Lamarche, Lock Search Group!
#24- Psychology
The industry that is most ripe to disruption in my mind is (applied) psychology. Given the field has existed for over 130 years, innovations have been incredibly sparse, and approaches are still inefficient. Our world is currently facing a mental health pandemic, and it is time for us to provide tools for change. We need better and more effective solutions for helping people, specifically kids or young adults, build a healthy sense of self that can navigate multiple challenges such as toxic media exposure, online harassment, and social isolation.
Thanks to Alexandra Nima, Vitruvian Vision NGO!
#25- The banking industry
The old ways of doing face-to-face banking transactions have already been transformed digitally if not all processes. Even setting up an account can be done online. To avoid health risks due to the pandemic, most businesses shifted to online payment transactions, and most banking institutions improved their security features, investing in more capable solutions to protect client information. This means that the crisis eventually pushed few years forward the digital transformation of the industry in order to cope with the demand and be agile with the systems that should provide convenience and added security for their clients. After all, digital transformation is already present in almost all types of industries to adapt to the changes and inevitable pressing issues.
Thanks to Julian Goldie, Goldie Agency!
#26- eCommerce and e-retail industries
The eCommerce and e-retail industries have undergone dramatic disruption in recent years. With the introduction of fast shipping options, real-time payment processing, and streamlined website builders, more and more entrepreneurs are switching to eCommerce. Furthermore, customers are benefiting significantly from these technologies. With online shopping technology, you can buy overseas products online, pay for them in a matter of milliseconds, and receive them in a couple of days. The industry has come a long way from pure brick-and-mortar stores. However, I think that frictionless eCommerce technology will continue to evolve in the coming years. Brands would likely focus on improving the customer shopping experience by making online purchases as streamlined and convenient as possible. Variables like laggy web pages and repetitive payment confirmation pages create unnecessary friction.
Thanks to Nick Drewe, Wethrift!
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