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.