{"id":34156,"date":"2023-10-20T14:32:51","date_gmt":"2023-10-20T14:32:51","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/fresh-fields-five-trillion-dollar-markets-ripe-for-startup-innovation-startupsmart\/"},"modified":"2023-10-20T14:32:51","modified_gmt":"2023-10-20T14:32:51","slug":"fresh-fields-five-trillion-dollar-markets-ripe-for-startup-innovation-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/fresh-fields-five-trillion-dollar-markets-ripe-for-startup-innovation-startupsmart\/","title":{"rendered":"Fresh fields: Five trillion-dollar markets ripe for startup innovation – StartupSmart"},"content":{"rendered":"
A\u202fbig market with lots of potential customers is one of the most critical factors in a startup\u2019s success. The bigger the market, the more problems it has to be solved and thus the more opportunities it presents for entrepreneurs. If you\u2019re looking for a startup idea, here are some huge markets to look into.<\/p>\n
\u00a0<\/p>\n
1. Insurance<\/b><\/p>\n
\u00a0<\/p>\n
Global insurance premium volume has reached $4.8 trillion in 2014, a 3.7% increase over 2013, according to a Swiss Re Ltd. US insurance companies account for $1.3 trillion, the biggest revenue chunk in the world.<\/p>\n
\u00a0<\/p>\n
But somehow, this incredibly huge market has remained largely untouched by technological innovation. In the 21st century, consumers are still dialling numbers to phone up their local agent for a new policy.<\/p>\n
\u00a0<\/p>\n
<\/p>\n
\u00a0<\/p>\n
At the same time, insurance companies consistently score the worst net promoter score (NPS) among all industries. They simply don\u2019t inspire satisfaction or loyalty in their customers. Thus, thanks to its backwardness, insurance is the next opportunity for a mobile and technological disruption.<\/p>\n
\u00a0<\/p>\n
2. Debt & lending<\/b><\/p>\n
\u00a0<\/p>\n
The total size of the global debt pool in 2013 stood at $230 trillion<\/a>. A big part of that debt is owned by governments while over 90% of it is originated by central, commercial and retail banks. The non-banking sector \u201conly\u201d represents about $15 trillion of that figure.<\/p>\n \u00a0<\/p>\n <\/p>\n \u00a0<\/p>\n This is a huge market. There\u2019s government debt, corporate debt, bonds, mortgages, leasing, consumer loans, etc. Student loans alone make up to $1 trillion. The entire consumer loans market is ridden with problems such as lack of access, complex system, lack of transparency, and slow application processes.<\/p>\n \u00a0<\/p>\n Not surprisingly, peer-to-peer (P2P) lending startups have taken advantage of the post-2008 crisis and created the next trillion dollar market. But P2P is only one aspect of the global debt market. There are issues in credit rating, small business loans, student debt, mortgage market and even the $100 trillion bond market.<\/p>\n \u00a0<\/p>\n 3. Healthcare<\/b><\/p>\n \u00a0<\/p>\n According to a new report<\/a> from Price Waterhouse Coopers, the global healthcare market for consumers, providers, payers, and investors is worth $9.59 trillion. The report also points out that this enormous marketplace is undergoing a disruption from new entrants from outside the traditional business of healthcare.<\/p>\n \u00a0<\/p>\n It states \u201cthese new entrants are pioneering pathways into virtual healthcare, more affordable and convenient care options, wellness and fitness, and more.\u201d Needless to say, these \u201cnew entrants\u201d are tech startups and mobile technology companies taking advantage of innovations in the internet, mobile and hardware space.<\/p>\n \u00a0<\/p>\n <\/p>\n \u00a0<\/p>\n The potential is limitless. For example, consumer healthcare (vitamins, nutrition, weight management and fortified foods and beverages) is a $502 billion market that is expected to grow by almost 50% from 2013 – 2018, according to Accenture<\/a>.<\/p>\n \u00a0<\/p>\n The global healthcare analytics market is expected to reach $18.7 billion by 2020; home healthcare market will grow to over $250 billion, and global IT spending is expected to reach $162.2 billion this year. And the list goes on.<\/p>\n \u00a0<\/p>\n 4. eCommerce<\/b><\/p>\n \u00a0<\/p>\n