Four Promising Industries Expected to Thrive in the Next Year

If you’re thinking of starting a business or moving into a new industry or line of work for your job, Canada is an excellent place to follow that impulse. Several of its industries are booming. Industries to have brought in revenue by the billions include commercial banking, gas and petroleum wholesaling, dealing in new cars, and gasoline and petroleum bulk stations.

All booming and looking promising for the future, but if you’re looking to make some sort of move, these aren’t the only ones to consider. Below is a look at other industries that have the potential to thrive in the next year and are expected to do so.

Online casinos and other online gaming

Online casino operators have reason to be cheerful as, according to statistics on the website of consumer and market data company Statista, revenue is predicted to experience an annual growth rate (a compound annual growth rate 2024-29) of 5.98%. As a result, the market volume is expected to reach $3.49 billion by 2029. The number of users in the online casino market is forecast to hit around 15.7 million users by 2029.

The online casino industry is highly competitive, and operators do everything within the limits of the law to attract new players and retain existing ones. That includes running lots of promotions and offers, such as bonuses, free spins, and more. There are even $1 deposit casinos out there. A quick search online will reveal the best $1 deposit casinos ranked, which players can then visit and play their favorite games for a small minimum of a single dollar. It’s an amazing option for any player who wants to enjoy casino gaming but doesn’t want to a lot of money on it or can’t afford to.

Tour operators

World events in the last few years, as well as high inflation levels overseas, have had a powerful negative impact on tourism in Canada, but now the industry is coming back from the hit. Technology is one factor in the recovery of tour operations, as custom-made tours have become more popular, thanks to the ease technology has created in designing them. Provinces such as British Columbia, which have varied landscapes, have become popular places for tour operators and make it possible for all kinds of tours.

The industry is highly competitive, however, and operators have to pay close attention to prices and their offerings, and to those of other operators, to succeed. But it’s ultimately good times for tour operators in Canada again as tourism starts to pick back up.

Car wash and auto detailing

Car wash and detailing companies in Canada to wash, clean, wax, and detail cars, trucks, vans, and trailers, but world events caused the industry to slump. Things are on the up again now for the industry, which is expected to do well in 2024. Profit has already experienced a jump as consumer confidence grows and driving activity increases in the country.

Several trends have also contributed to the increasingly good prospects of the industry. Companies in the industry have shown concern for the environment and invested in water-saving and land-reclamation technologies. The technology has helped them to lower their utilities costs and use less water.

There has also been demand from businesses and, in areas that have higher concentrations of car wash and auto detailing businesses, more affluent customers. Businesses have large incomes and even offer an alternative market for car wash and auto detailing operators, and highly populated and wealthy areas support the industry with their demand for these services.

Fast food

Product innovation and higher consumer spending have really seen the fast food industry take off. Products such as smoothies and coffee are producing high profits and becoming more prominent in fast food businesses. Diversity has become important in the industry, and few businesses stick to serving just one main type of product such as chicken or burgers. Restaurants that specialize in burgers also serve sandwiches and/or chicken, for instance.

Of course, health concerns around fast food are growing, which some predict will lead to fast food companies using healthier ingredients and encourage them to explore new channels and markets. This and other trends are pushing well-established businesses in the industry to consider their overall strategy and to innovate so they can remain competitive. Some are seeing the products of other businesses — chicken sandwiches are a classic example — and developing their own versions of them, triggering a product war between businesses in the industry.

Things are looking good for a lot of industries in Canada. Other industries that have experienced promising progress for the future include market research, driven by changing consumer trends, which is leading businesses to turn to market research to help them streamline and consolidate their positions; and optometry, triggered by the growth of an aging population.