Are you on the cusp of starting a business in the state of Maryland? Do you have goals of being among the group of successful business leaders that the state is known for producing? Are you curious to know the latest trends and market signs that can signal where growth and opportunity exist, not just in 2021, but as we head into the New Year? The good news is that, after a slowdown, many industries are starting to rebound, which has sparked several interesting trends. Let’s break down four business trends in Maryland for business leaders to be aware of.
The Real Estate Market Is Heating Up
For those who are involved in the real estate market, you are probably well aware of the growing interest as the property market heats up. It slowed somewhat during the height of the COVID-19 pandemic but in October there were real signs of growth that look to be continuing. This can be great for investors looking to buy or sell, as it shows the market is stabilizing and even growing once again. A closer look at some of the more specific real estate trends shows that house values have increased slightly and residential home permits have picked up and grown. The hope among business leaders is that this trend continues its upward momentum and even picks up speed heading into 2022.
The Tech Market Is as Hot as Ever
If there is any market that is red hot, it would have to be the tech market. This is true for Maryland, much of the US and the world as a whole. The pandemic has put even more emphasis on this market, with consumers wanting more and more when it comes to tech gadgets.
If you’re looking at Maryland specifically, it ranks 7th in the country for the total amount of technology jobs. If you have plans of opening up a tech-based company, this makes Maryland an attractive option since you know it will be a major player in the industry. You’ll have plenty of resources at your fingertips, as well as a fair amount of competition.
Just as you would expect, some of the most popular tech trends of the last couple of years are still growing strong, giving entrepreneurs a chance to get their foot in the door. Trends to watch for in this industry in 2022 include:
- Artificial intelligence
- Cyber security
- Electric car technology
- Smart devices
- Smart grids
- Smart towns/cities
- New battery technology
- New IT and software
- Advancing the digital experience for the workforce (ideal for remote workers)
Before opening the doors to your tech-based business, be sure to protect your investment and look into insurance options for Maryland based businesses.
E-commerce Always Plays a Role
This probably comes as no surprise, but e-commerce is playing a prominent role when it comes to business trends in Maryland. With more and more people relying on web-based shopping and purchasing, the amount of businesses and e-storefronts popping up seems to have no limit. The fact is that the interest is there from a customer standpoint, so this is driving the growth.
Online Marketing Makes a Strong Showing
Here’s a market that you may not automatically think of as trending, but online marketing has proven to be very strong in the past year. Companies are realizing that the traditional forms of advertising no longer meet the mark and land the way they hoped.
Instead, there is a shift to digital marketing campaigns, which has created the need for online marketing professionals. These professionals can craft the entire digital campaign, implement it, track and monitor it, and generate some pretty significant results. And because not every company needs a full-time dedicated digital marketing employee, consulting companies have become the perfect solution.
Many Robust and Exciting Trends for Business Leaders
As 2021 starts to wind down and business leaders are well into planning mode for 2022, each of these trends may help to shed light when it comes to new opportunities, investments, changes to their business structure and set-up and ensure they make the kind of decisions that will be profitable and successful. Maryland is a state with a rich and vibrant business past, present and future which is clear in these diverse trends.
