Welcome to 2017, everyone! Since the new year is all about the new, I wanted to highlight five emerging markets to watch this year that Andrew Krabeepetcharat from IBISWorld discussed in a recent article.
1) Unmanned Aerial Vehicles (Drones)
You didn’t have to look further than your Christmas list this past year (or outside your window, for that matter) to know that unmanned aerial vehicles—known as UAVs, or drones—are becoming popular consumer and business products. Not only are they more accessible to consumers than before, but their prices went down about 1.4% from 2013-2016. Businesses (like COACT, for example!) are getting in on the trend, too. For instance, he ecommerce powerhouse Amazon used a drone this past December to make a commercial delivery.
2) Body Cameras
The body camera business is predicted to grow due to two main factors: growing mandates for the law enforcement use of body cameras and declining prices (they’re anticipated to drop 2.4% this year). Per IBISWorld, the majority of the buying groups for body cameras are: commercial security providers, law enforcement agencies, military organizations, first responders, filmmakers, and transportation providers.
3) 3D Printers
3D printing has been growing quickly across the board, especially due to their use in industries like manufacturing and healthcare. Prices are also estimated to decline about 6.1% this year because of the competitive 3D printing market.
4) Solar Panels (Photovoltaic Panels)
Not only are the prices for photovoltaic panels (solar panels) declining and anticipated to decline 2.3% this year, but demand is also growing on both a commercial and consumer level. One of the main reasons is because solar power is less expensive than grid electricity.
5) Cybersecurity Insurance
The news over the past few years has been filled with stories of cybersecurity threats and breaches in many industries, from healthcare to retail. As a result, cybersecurity insurance has become not only vital, but growing. There’s even a plan in place right now—the Cybersecurity National Action Plan (CNAP) —that is going to disperse $19.0B this year for cybersecurity procedures.
Questions or comments? Please contact Michelle Philippon at mphilippon@teamCOACT.com