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| promising market verticals to enhance CAS practice |
Explore these 8 promising market verticals to enhance CAS practice
It may sound counterintuitive, but narrowing your firm's focus to specialize in one or more markets can actually increase your firm's growth prospects.
Specifically, it holds true for your CAS practice. Once your firm is committed and ready for advisory services, your ability to build and maintain momentum depends on your ability to enter the market that needs your guidance and support the most.
This means knowing in-depth how an industry works vertically with what is important to that business, how they make money, what their challenges are, and so on. Opportunities, improve operational skills, and earn more money!
By focusing on your messaging and choosing the right target market, the companies you listen to will differentiate themselves from each service provider. And most importantly for your bottom line, customers will pay more if you have an expert who is a good fit for their needs.
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But choosing the right market is the key to your success.
What type of business client wants more from basic tax and auditing services?
What language and method does the team need to learn to pay the price?
Which market vertical is the best fit for your current accounting advisory services?
Where is the biggest opportunity?
While some industries share similarities and opportunities, others require somewhat more specific and detailed attention, especially where consultants are concerned.
To help, we've compiled a list of vertical vertical projections that include the estimated size of the industry and the niche market – which can be searched for your particular accounting consultant's practice.
1. Tech Startups
It comes as a surprise. Tech startups make up a huge market and they have a unique need for almost every financial service. From accounting to advising, tech startups typically don't have the human resources to keep financial experts on their paychecks. This opens up opportunities for companies that want to focus on startups at every stage of their development.
Estimated market size
The tech startup sector is witnessing continuous growth. As of 2019, the segment was estimated to be worth less than ₹20 billion.
Low market in tech startups
Healthcare Software Tools
AI / ML Tools
government equipment
2. Healthcare
Healthcare is a space that gives the idea of not being accessible to most small to medium sized organizations. That may be true, but only if you look at it from the perspective of going into the biggest healthcare companies. Fortunately, there are plenty of opportunities for small organizations to enter the healthcare sector!
Estimated market size
As you can imagine, the healthcare market is huge. At ₹8.45 trillion in 2018 and growing at an annual rate of 7.3%, this market is ripe with opportunities. A useful tip is to focus on those small and medium-sized health care businesses versus large corporations.
Healthcare with fewer markets
medical practice management
physical therapy
wellness retail
3. B2B Service
The B2B industry is equally large and early, with SaaS (Software as a Service), and more traditional theatrical B2B businesses growing daily. The main advantage of the B2B industry is that it has gone digital for the people with whom they work, overcoming many geographic barriers.
Estimated market size.
The B2B services industry is measured globally, so although most businesses are located in the US, they can still enter the global market. The global B2B services industry was valued at ₹5.7 trillion in 2019.
Fewer markets in B2B services
Information security
Mother-in-law
Selling via internet
4. Ecommerce
Ecommerce is undoubtedly one of the fastest and most dynamic verticals today. This includes everyone from Amazon to local hardware stores that are just entering the online shopping space. In addition, e-commerce serves as a supplemental income for brick and mortar stores and traditional Tihi retailers, and even some traditional Tithi stores that want to diversify their sales revenue.
Estimated market size
The global media/publishing industry had a global revenue of 258 in 2019. Billion billion dollars, and it has been growing steadily ever since. This is because more subsets such as book publishing and niche publications have also grown.
Low market in business
Nutrition and health products
Eco-friendly and sustainable products
Men's products
5. Education
The education sector has improved in recent years due to explosive growth in every aspect of distance education. It is important to remember that education goes beyond traditional institutions, but includes all departments. And like the service industry, the reach of education is global.
Estimated market size
With $ 1.6 trillion and 2.6% annual growth, the education industry is broad. You will find that due to the widespread use of distance learning solutions, there are learning applications for almost every industry.
Niche market in education
Business and Entrepreneurship
Hobby and recreational activities
Corporate education solutions
6. Consumer service
With more than 455,000 organizations dedicated to providing consumer services, there is no shortage of customers in this vertical. If you are unfamiliar with the context of consumer service, this is a business dedicated to helping people. An example of this would be child care, food distribution, car rental, etc.
Estimated market size
The U.S. consumer services market has an estimated revenue of $ 300 billion. And as hundreds of new businesses meet specific needs due to epidemics and other changes in habits, the sector will continue to grow at a steady pace.
Niche market in consumer services
Auto repair
Landscape
Pet boss
7. Publication
The media and publications have certainly changed over the past decade. Traditional media and publishing centers have declined, but that doesn't mean the industry as a whole is declining. It just hints that the industry has changed and it is now open to many more players.
Estimated market size
The global media/publishing industry had a global revenue of 258 in 2019. Billion billion dollars, and it has been growing steadily ever since. This is because more subsets such as book publishing and niche publications have also grown.
Low market in media/publishing
Photography
Self-help and psychological therapy
Niche game
8. Compromise
With more than 68000 employers in the construction industry and over a 7 million employees in the United States, the industry has reached a point where many companies have become experts in some way or another. The size and dynamics of the industry varies from state to state, and many contractors are looking for a smaller firm that may be locally or regionally based.
Estimated market size
The contractor industry creates approximately 1.3 trillion worth of structures each year, which means a lot of accounts payable and acceptable work!
lower market in the deal
Interior reconstruction
Roof
Commercial project
Build the ability to tackle a new workspace
To be honest, there is no dearth of niche markets in every vertical covered in this article. And as statistics show, there is a lot of room for growth in every niche.
But the real question is about your organization's ability to provide specialized accounting services.
What can you do
There are many ways to open up power and increase bandwidth in your firm and taking advantage of technology to automate the tasks behind your niche CAS practice is an option. Save time, reduce your overhead, and plan to enter a new market by exploring automation with
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