Solution-focused, purpose-driven and AI-enabled – successful small business owners should heed the lessons of these growth sectors.
Small business owners must also arm themselves with knowledge about which sectors are growing, what problems other businesses are solving and where consumers are willing to spend their cash.
In 2023, the global digital health market was worth $US241 billion and is expected to increase fourfold to $US947 billion by 2030, according to forecasts by Grand View Research.In 2023, the health and social assistance sector posted the largest increase in business numbers, according to the Australian Bureau of Statistics, with a 6.7 per cent jump in the number of businesses to more than 185,000 companies.
In 2023, the global digital health market was worth $US241 billion and is expected to increase fourfold to $US947 billion by 2030, according to forecasts by Grand View Research. “Australia has an opportunity to build the foundations of a globally competitive digital health industry,” Lethlean says.Meanwhile, as households pull back on discretionary spending, consumers are demanding more from companies when it comes to sustainability and social responsibility.
“In a way, small and medium businesses are the big winners out of all of this because billions of dollars have been invested in AI, and that has made it accessible and inexpensive,” says the founder of UNSW’s Business AI Lab, professor Mary-Anne Williams.Founder of UNSW’s Business AI Lab, professor Mary-Anne Williams.While the hype over AI-focused businesses might be waning, the sector’s growth now has implications for smaller operators across all industries.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Physicist MV Ramana on why nuclear power is not the solution to world’s energy needsIn his new book, the professor says nuclear is costly, risky and takes too long to scale up. Can he win over converts?
Read more »
Police offer simple solution to car break-in crisis: Lock your doors7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Solution for battered Blues’ impossible task; fallen contender’s ‘reckoning’ looms: BlowtorchAFL: Tigers coach Adam Yze insists he is still unsure whether Liam Baker and Jack Graham will remain with Richmond in 2025.
Read more »
Allied health professions are in demand but students have been excluded from 'placement poverty' solutionThe mature age physiotherapy student is battling what's known as 'placement poverty'.
Read more »
'Widespread' underquoting is bringing homebuyers to 'tears' — but the solution depends on who you askMany hopeful homebuyers turn up at property auctions every weekend just to see the price soar beyond their expectations and out of their reach. But is it underquoting?
Read more »
Telehealth one part of the solution for WA family amid national shortage of paediatriciansWhen nine-year-old Henry Witham suffered a traumatic brain injury in a fall at the family farm, no one was prepared for how hard it would be to find the medical helped he needed.
Read more »