I am constantly asking "whats the industry that should be hot, but isn't". Something like pet boarding. Tons of revenue adds, no one does a subscription model, but they should, real estate potential, easy to staff, etc.

I suppose you can answer this question from multiple angles... which industries are crowded and where are we seeing the most # of deals getting done. To ^redacted‌'s point, industries with contractually obligated revenues (or highly re-occurring), high margins, big moats, and strong growth are very sought after (e.g. Cybersecurity, environmental services, fire safety, water testing, accounting/tax, to name a few). You can proxy that by looking at industry multiples. Check out the BVR data that searchfunder makes available to everyone as a starting point. You'll obviously want to control for size. In terms of where the most # of deals are getting done, you can check out the SBAs website. They publish 7(a) loan originations on their website: redacted. You will have to narrow down the excel file because not all of the loans are for acquisition. Moreover, you'll want to normalize for # of companies in an industry, but those are two quick back of the envelope ways of getting a sense of which industries are hot/popular. Here's a list of the top 25 industries (=1/3 of loans originated in these industries). Given that a total of 982 industries got funding... you might want to look at the origination data for some off the run ideas. NAICSDescription Full-Service Restaurants Limited-Service Restaurants Residential Remodelers General Freight Trucking, Long Distance, Truckload Fitness and Recreational Sports Centers Plumbing, Heating, and Air-Conditioning Contractors Landscaping Services All Other Specialty Trade Contractors General Freight Trucking, Local General Automotive Repair Hotels (except Casino Hotels) and Motels Snack and Nonalcoholic Beverage Bars Child Day Care Services Beauty Salons Insurance Agencies and Brokerages Electrical Contractors Offices of Dentists Offices of Physicians (except Mental Health Specialists) Other Personal Care Services Home Health Care Services Offices of Lawyers Offices of Chiropractors All Other Professional, Scientific, and Technical Services Janitorial Services Pet Care (except Veterinary) Services