10 Best Business Opportunities in Ireland 2019

At the inception of 2019 the Business Opportunities in Ireland has been very fascinating. Recently a lot of companies are making an investment in Ireland because of its rich ecosystem and multinational environment. The hunger for success in a very early stage is evident among all the entrepreneurs. Most of the businesses in Ireland are trying to shift away from generic business solutions and are more focused on technologically innovative startups. Irish startups have never been this active and potent recently, so let’s go through what are the Business Opportunity prevailing in Ireland.

In their recent transformation of moving towards more technological advanced startup land, every entrepreneur is using Artificial Intelligence, Virtual Reality, Data Science, Block chain, Virtual Reality, Internet of Things (IoT) and Photonics to expand the Horizon of their Business.

Before starting the discussion about the top 10 Business Opportunity in Ireland. Let’s talk about, why one should do business in Ireland.

Why Ireland?

The main benefit of Ireland is that it's an English speaking country. Moreover, Ireland has a strong transport link, a similar regulatory and legal frameworks like the United Kingdom, a sophisticated consumer market, an open economy and a good perception of the quality of British goods and services. Ireland, according to the World Bank, falls under the top 17 countries for ease of starting a business. There GDP growth rate in 2018 was 5.1% which was one of the best performing GDP growth rate in the European Union. So let’s discuss the key sectors of Ireland

Key Sectors

There are opportunities across all sectors in Ireland; the sectors they mainly focus on are like life science, agri-tech, ICT, Food & Drinks, Construction, and Energy. And these are the sectors that the Irish economy is already doing well in and also these are the sectors where it generally seems to have good and exponential growth in the next three to five years. So let’s move on to the business opportunities in Ireland.

1.Construction

The value of building industry is predicted to rise up to €19.5bn in 2019. Construction Sectors are mainly driven by the need for additional housing, additional residential accommodations in all sectors, transport infrastructures and commercial market. There also has been a huge demand for new schools, new social services and particularly in high specs office accommodation.

Opportunity for other Country’s Companies supplying the Following Products:

  • Aluminum, glass, stone, steel, and plaster.
  • Building blocks, bricks.
  • Hand tools, nails, bolts.
  • Plants and Prefabricated buildings.
  • Iron and Steel structures.
  • Electrical, Lighting and Air Conditioning

The Irish government has set a National Development Plan in which they will be spending up to €115bn on national infrastructure for the next 10 years. From which 75% will go to the planned population growth outside Dublin by 2040 and 25% towards the future housing to be within or near existing built-up areas. And an estimation of 1 million people is expected to be living in Ireland by 2040.

2.Food & Drink Exports 

Ireland has taken the highest market share in terms of export of their Food & Drinks around the world with a total share of 86% and while the other countries make up to the rest of the 14%. The Irish Food & Drink market has been highly competitive and sophisticated.Irish products which are locally produced are heavily promoted. And for the successful running of your food and drinks business in Ireland you’ll need to identify your USP and a good word of mouth around the town for your business.

3.ICT (Information and Communication Technology)

Ireland is the second largest exporter of computer and IT services in the World, with a total generation of €57bn in exports annually. Global leaders like Intel, IBM, Microsoft, and Apple have long-established operations.

Opportunity for other Country’s Companies supplying the Following Products:

  • Cyber Security
  • FinTech
  • Smart cities
  • Health care and E-health
  • Specialist IT services and Software

4.Life Sciences

Ireland exports a total of €45bn of Life Science products annually, with the products like medical devices, pharma and bio. They employ a total of 50,000 people directly across the country. Ireland has been home to multinationals as well as innovative startup environment.

Opportunity for other Countries Company’s supplying the Following Products:

  • Medicines for the therapeutic process
  • Medical instruments and appliances
  • Orthopedic and artificial body parts
  • Hearing Aids

5.Business Consulting

Ireland is known for its business-friendly economy. A professional service is something worth doing, just like Event & Wedding Planning, Legal & Will Writing Services, Human Resource Recruiting, IT sectors, HR are the services which are in demand in Ireland.

6.Sanitization Services

The cleaning industry is booming in Ireland. The Irish Cleaning industry is generating millions in the market annually. The Cleaning Industry is divided into 2 parts: (1) Domestic Cleaning and (2) Commercial Cleaning. Domestic Cleaning falls under residential maid service, Janitor services, Carpet washing, Tiles Cleaning etc. and while Commercial Cleaning includes same services but in a workplace.

7.Athletics

Sports is a profitable industry in Ireland. With most of their people interested in playing football and Cricket, athletics is a sector which is worth considering doing business in. There are people in Ireland who are looking for ways of relaxing and spend leisure time in Ireland. Also, there are people who are fighting for their obesity and spending millions at the gyms. So athletics is a sector worth considering doing business in Ireland.

8.E-Commerce

Brick and Mortar stores have become obsolete in Ireland so people are buying products more online. If you have a good USP for selling your products online then you should definitely consider doing business online.

9.Farming

If you have an empty land, then farming can be the best option to do business in Ireland. Ireland is known for its fresh fruits and vegetables worldwide so export of vegetable from Ireland can be worth considering to do business in. Even poultry farming is a profitable business in Ireland.

10.Clothing

The clothing industry is a booming field in Ireland it is growing in Leaps and Bound. For example a Fashion Boutique, it has the potential to be a profitable business in the future. Even if you have a little experience in the clothing industry, you'll have plenty of options to enter this field.

By now you must have got a clear idea regarding the different business industries prevailing in Ireland. Just ensure that you do your primary research before investing in Ireland. There’s a fact that no matter whatever business you choose as an entrepreneur, if you do not work hard or if you’re not creative enough then there is very less possibility that your business will be profitable.

Similarly, we here at Business Setup Worldwide work very hard to give you accurate details every time and help you in the business establishing a process.  In case you hold any query, feel free to contact us we'd be glad to assist!

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About the Author

narayanan@bsworldwide.com's picture

Narayanan has been a ghostwriter for the past 4 years. As an undergrad in Electrical & Electronics Engineering, he has a well-founded interest in developing sustainable solutions with innovative technology. Intellectually curious, he has a wide range of interests ranging from Renewable Energy, Electronics, Technology, Military Science, Geopolitics, International Relations, and world history.