In StartupBlink’s Global Startup Ecosystem Index 2024, we have identified 11 industries. In this article, we will delve into the insights derived from an extensive sample of startups showcased on our global startup ecosystem map. By examining data from 2023 to 2024, you can gain valuable knowledge about the most popular industries and the distribution of unicorns within them. Analysis at a granular level of all Industries, by country and city, is available for StartupBlink PRO users. At StartupBlink we maintain a clean database with constant updates to ensure startups that vanish are removed and new ones are emerging.
Industry Analysis
In this industry analysis, we analyzed the 11 industries based on the number of startups in our database.
Software & Data Continues to be the Dominant Industry with over 30%
For the third year in a row, the biggest industry for startups in 2024 was Software & Data. According to our estimations, this industry accounts for 33.7% of the world’s startups. This finding reaffirms the pervasive influence of technology-driven solutions and the growing demand for data-driven applications across various domains. Startups in this industry are capitalizing on advancements in software development, artificial intelligence, and big data analytics to create innovative solutions that address a wide range of challenges. According to our database, DuckDuckGo, Medium, and PhonePe are the top three startups in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
Healthtech and Fintech: Decrease Post COVID
Healthtech’s percentage of startups decreasing from 12.8% to 9.5% may signify that less startups are now focusing on health related solutions as bigger corporations are taking the lead and conditions with COVID-19 have greatly improved. Fintech loses one position and moves to the 4th spot with a startup percentage of 9.4%.
While Healthtech’s growth has slowed in the post-pandemic period, Q1 2024 saw a notable 48% increase in Healthtech funding quarter-over-quarter, as well as M&A nearly doubling in Q4 2023, according to CB Insights, signaling that the industry is experiencing consolidation.
An example of this consolidation is reflected in the rising popularity of innovative weight-loss medications like Novo Nordisk’s Ozempic and Wegory, which have gained traction among high-profile individuals and influencers. Startups are capitalizing on this momentum, primarily by making these drugs more accessible. In the United States, the dietitian startup Fay has grown significantly by connecting patients with registered dietitians (RDs), especially those using Ozempic. In Europe, Embla offers services that include managing the prescription and dosage of drugs like Ozempic. According to our database, Athenahealth, Practo and Alodokter are the top three startups in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
Surge in Ecommerce & Retail and Social & Leisure
Ecommerce & Retail startups are surging, increasing from 9.5% to 11.4%. This trend likely reflects growing consumer adoption of online shopping or advancements in online retail experiences. Some of the most notable startups from this industry are Zillow, Groupon and Paytm Entertainment, based on StartupBlink’s Global Startup Ecosystem Map.
Analysis at a granular level of all Industries, by subindustries is available for StartupBlink PRO users.
Unicorn Distribution by Industry
Unicorns, the startups valued at over $1 billion, serve as beacons of success and scalability within specific industries. By examining the distribution of unicorns, you can identify sectors that are attracting significant attention and funding.
Once again, Software & Data is the industry with the most unicorns
Once again, the Software & Data industry proves to be the undisputed leader in producing unicorns, with a substantial 39.2% of all unicorns originating from this sector. This statistic highlights the industry’s exceptional ability to foster innovation and generate high-value startups. With 500+ unicorns, the Software & Data industry continues to set the standard for groundbreaking solutions and disruptive technologies across various domains. According to our database, OpenAI, Discord, and Canva are the top three unicorns in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
The second best industry in terms of scalability is Fintech. It has produced 20.8% of all unicorns. According to our database, Stripe, Klarna and Revolut are the top three unicorns in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count. These unicorns are reshaping banking, payments, and other financial services on a global scale.
Despite its smaller share in startup count, E-commerce & Retail is the third industry with the most Unicorns
While E-commerce & Retail saw a slight decrease, the industry secures a significant portion of the unicorn count, as it captures 11.5%, and it is the third largest industry producing unicorns. This shows the ability of startups in this industry to reach higher valuations, although they are lower in quantity. According to our database, SHEIN, Xiaohongshu and Meesho are the top three unicorns in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
Healthtech could not sustain when it comes to producing unicorns
Healthtech is the third industry with the most startups, however this trend does not expand to unicorn count, as it only has 6.5% of unicorns, showing that Healthtech startups struggle when it comes to raising massive investment. According to our database, Devoted Health, Hinge Health and Spring Health are the top three unicorns in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
Transportation is punching above its weight!
When considering which industry has the most unicorns in relation to its size (i.e. the percentage of unicorns in an industry, in relation to the percentage of the startups that are active in the same industry), a different winner is presented: The Transportation Industry. Although only 2.7% of our curated startups operate in this industry, 6.5% of the world’s unicorns operate in the transportation industry, demonstrating that startups in this industry are successful in operationalizing scalable solutions and finding the required investments.According to our database, Bolt, iFood and SpaceX are the top three unicorns in their industry based on our algorithm, which takes into account, total investment, website traffic, and employee count.
Industry Rankings Methodology
Aside from the general rankings, 11 industry rankings are calculated by StartupBlink, along with 91 sub industries. Our full industry rankings are available online for StartupBlink PRO users. The Methodology used for these rankings is identical to the algorithm of the global rankings, but for parameters that are influenced by industry information, such as startups, funding, and unicorns, we only consider the relevant data.
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