When investing in a new business, you want to be sure you're making the right decision, and part of it is understanding the industry you will enter.

In this article, you'll find some of the most profitable businesses and industries based on growth, market size, and trends. Keep reading!

Related: What Is A White Label SaaS? All You Need To Know

SaaS businesses to invest in

1. Workplace productivity tools

SaaS in the productivity tools category target project managers and team leaders who want to improve organizational efficiency. When implemented correctly, these tools can increase productivity by providing features to foster real-time collaboration, good communication, and effective task management.

Several options in the market  like Slack, Microsoft Teams, or even Notion cover all of those needs, but some specialize in a specific task and can integrate with other tools. As companies prioritize hybrid work or try to figure out remote work, collaborative software will be in demand.

By the end of 2024, revenue from productivity tools is expected to reach US $79.07 billion worldwide, and between 2024 and 2028, the projected CAGR will be 2.73%. Still, by the end of this year, it is estimated that the US will generate the highest revenue (US $40 billion) from this industry.

2. Project management software

Project management tools help solo users and teams plan and track projects from start to finish, and visualize the intended path to see if they are meeting goals or getting derailed.

Aside from tracking progress, project management software provides visibility to stakeholders outside of the team and allows collaboration from cross-functional teams, encouraging fluent teamwork.

Asana, Miro, and Monday.com are great examples of this type of SaaS. Asana closed its 2023 Q4 with a US $150.2 million revenue, while Monday.com's was US $202.6 million, and Miro's total revenue for said year was US $560 million.

3. Social media analytics platforms

Online businesses use social media as lead and customer acquisition channels. But even if the social platforms already offer performance dashboards, they only provide visibility on their own channel. Gathering key performance indicators from all profiles can represent extra work for community managers or marketing teams.

To solve this issue, there are platforms such as Sprout Social, Hootsuite, Buzzsumo, and more that can pull performance numbers from different social media profiles. These solutions can also run an audience analysis, allow content management from just one place, enable campaign tracking, create customized reports, and come with integrations to other tools that can impact the business.

The global social media analytics market size is projected to reach a US $13.47 billion valuation by the end of 2024 and climb to US $63.85 by 2032.

3. Customer feedback management tools

Service companies can gather (and even respond to) what their clients say about them using a customer feedback management tool. The purpose of these online platforms is to improve service and provide an enhanced customer experience by finding patterns through the collected data.

Customer feedback software includes surveys for clients, dashboards to manage the submitted responses, a tracking and resolution system for customers' opinions, reporting and analytics features, and potential integrations to other platforms that can help easily manage all this gathered information.

Zendesk and Survey Monkey are among the major players in this category. In 2022, Zendesk generated US $1.5 billion in revenue, while Survey Monkey's total revenue in 2021 came close to US $0.38 billion.

4. Micro SaaS

A micro SaaS tool is developed to meet the needs of a specific target or niche; because of its limited audience, they're usually priced lower than a traditional SaaS tool.

While SaaS offer a one-size-fits-all solution, micro SaaS develop a service that can only be valued by a certain target.

Carrd, a one-pager responsive website builder, had reached a US $30 K MRR by 2020. Meanwhile, Storemapper, a business idea that allowed online stores to show their clients where they could find their products, was sold in 2017, when the company reached a $216 K ARR.

5. Chatbots

Chatbots are commonly used by sales, marketing, or customer service teams and allow them to manage visitors' requests more easily. By doing so, they make sure any potential leads won't fall through the cracks and provide an uninterrupted customer experience.

By 2022, the global chatbot market size was valued at US $5.1 billion, and it's expected that the industry will reach a total revenue of US $84.7 billion by 2036.

Related: Fastest growing industries to invest

Health and fitness industry businesses

1. Personal trainers

Investing in a personal trainer business can involve leasing or acquiring a place in which clients can meet up with trainers for the sessions or setting up an online platform where users can access previously recorded workouts. This venture can go to the next level by creating customized plans for every customer's needs and expectations.

Some of the costs you can run into with this business idea are staff, online ads, or creating a website to help your venture reach a larger target size. The health and fitness industry (health clubs and studio locations) has an impact of $22.4 billion on the US economy, according to the Health & Fitness Association.

2. Pregnancy and baby-related services

When digging into the pregnancy market you can find interest in doulas, lactation consultants, products and services that help with an organic pregnancy, professional pregnancy attire, postnatal retreats, group memberships, and more. With these new small businesses on the market, it shouldn't be surprising that the maternity industry is expected to grow to USD $106.6 billion by 2032.

3. Wellness

Wellness related small businesses are on the rise. By 2022, the industry was worth US $1.7 trillion. The 2022 edition of Geography of Wellness: Country Reports features several findings regarding the areas that have become more popular and points out potential new business ideas.

So far, some of the services that have reported an increase in demand are wellness tourism (+31.8%), real estate (+26%), thermal springs (+24.1%), and many more, according to the same source.

Companies focused on children

1. Apps

In 2022, the kids' apps market reached a value of USD $100 trillion, and the US was one of the top economies accounting for about 58% of that valuation.

2. Developmental activities

In 2020, the Government Census found that around 32.2% of kids from 6 to 17 who belonged to a club were 200% above the poverty line. Meanwhile, last year, a study found that parents spend around USD $1,000 annually on kids-related activities. These facts can translate into a successful business idea for investors looking to expand their portfolio. Potential investments might come in the shape of a gymnastics center, music lessons, or even academic clubs.

Edtech companies

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1. Academic courses

The online course business is also a smart move for investors. The online education industry is expected to reach a revenue of USD $87.51 billion by the end of 2024. Stakeholders from the online course business can develop their own content, hire professionals to give the lessons, offer courses to support traditional education or cater to a more specialized audience, such as college students or companies.

Companies such as Coursera, Khan Academy, and more are already working to satisfy the market demands.

2. Languages

Companies like Duolingo, Babbel or Lingoda are great examples of this type of business.

It's estimated that in January 2024, Duolingo reached a global revenue nearing US $38 billion. Coming in second place was Babbel, which managed approximately US $6.6 billion. These numbers can point to a potentially profitable business if you find a company with a new angle or focused in a niche.

3. Professional courses

The online courses business also has targeted professionals who wish to advance in their careers. Because of this, platforms such as Linkedin Learning, Coursera, or Udemy have become popular when learning a new professional skill.

The professional certificates market is projected to reach US $1.96 billion by the end of 2024. By 2029, it's expected that the user penetration percentage will be around 3.2, in 2024 it's estimated to be 2.3%.

Why choose a SaaS business to invest in?

The SaaS industry is full of profitable businesses and opportunities for several reasons. Here are some factors to consider:

1. Scalability

One of the main advantages of online businesses is how scalable they can be. Because they aren't restricted to one geographical location, they can reach bigger audiences than their brick-and-mortar counterparts. This is also true for any online small business that wishes to expand and increase its sales beyond the area where they're settled.

2. Flexibility

The online nature of SaaS businesses enables them to change strategy when market trends are taking a new course. Said adjustment can be done swiftly and as an immediate response to the circumstances of the latest scenario. At the same time, this trait makes these companies more competitive than other traditional businesses.

3. Lower production and distribution costs

SaaS businesses don't have to invest their money in manufacturing or physical distribution. They don't need to manufacture goods, manage inventory, or deal with shipping logistics. However, the costs might shift to technology, development or marketing.

4. Recurring revenue

In most cases, SaaS businesses make money through subscriptions. This business model turns the company into a more reliable investment due to their already established (and continuous) revenue streams.

Where can I find a SaaS business to invest in?

Now that you know SaaS is a good option to invest in, find profitable software businesses to buy through Boopos.

Browse our marketplace and explore all the options available, get advice from our experts and make an offer for your next venture!

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