The objective of this research was to identify new markets and new market segments for the growth strategy for a company. The company has been growing very strongly recently and wishes to continue the experienced growth on the new markets. The thesis consists of a literature review and an empirical part. The literature review has recognized several factors that affect SME growth, new market exploring and evaluating, business strategy and choosing the market segments. The data of the empirical part was gathered from 60 interviews with different experts and specialists and was used to map the overall markets and to gain specific market information. Ten potential industries and 54 potential market segments were identified in the research. Using recognized criteria from literature, technological features and the company's own perspective, eight market segments were chosen as target markets. A market segment evaluation -model was created in this paper. Using the model, the eight market segments were ranked based on their attractiveness. As further action, the company will develop a detailed growth strategy based on the results of the study.