Last Updated on January 23, 2020 by Tim
The tech industry is one of the most lucrative business sectors today. It has a wide variety of business opportunities and niches. To put all this into perspective, the global IT market alone is on track to reach $5.2 trillion in 2020. IT may take up a seemingly large segment of the tech industry, but there are still other big players such as the energy sector, the automotive industry, and the healthcare industry. The point is, there are opportunities everywhere, and new tech is almost always in demand.
Nicole Junkermann and many other investors and entrepreneurs have made it big in the tech industry by investing in tech-based business start-ups and bringing new ideas to life. If you’re looking to make your mark on the tech industry by starting a tech business, here are some of the areas worth exploring.
1. Cloud Computing
Cloud computing is a relatively new space that is quickly gaining traction in many industries. More and more organizations are migrating to cloud-based solutions to realize their IT goals. The beauty of cloud computing is that there are so many subcategories where you can invest. You can build your business around providing services such as Software as a Service (SaaS), Platform as a Service (PaaS), or go for more specific products such as VoIP, cloud storage, or cloud managed services.
2. AI and Robotics
Artificial intelligence, machine learning, deep learning, and robotics have become buzzwords over recent years. All these technologies boil down to equipping computers with human-like “reasoning” or information processing skills. AI has inspired the development of self-driving cars, intelligent analytics such as big data, and both virtual and physical robots for business process automation. With such a broad influence, AI can be a highly rewarding area to invest in.
3. Home Automation
Home automation is yet another highly specific application of intelligent technologies. It entails the installation of intelligent home security and safety features, automated convenience features, and integrated entertainment and communication systems. The whole idea is now referred to as “smart homes” and is growing in demand and popularity in the real estate and residential housing industries.
4. Streaming Media
Many people urge that media streaming services could soon lead to the death of the traditional cable TV. Several world-class streaming services have pooped up over the last couple of years; leading the pack is Netflix, YouTube, Amazon, and Hulu. Streaming services are continually disrupting the entertainment market since more and more consumers continue to favor streaming content over regular TV broadcasts. This might be a good time to get into the streaming businesses before competition mounts.
5. Cybersecurity and Data Protection
Businesses and other organizations are always looking for ways to keep their data and other IT resources protected from cyber-attacks. Cybersecurity is a high priority from many institutions, particularly e-commerce businesses, and data-dependent organizations such as insurance companies and government facilities. What’s more, organizations are often willing to pay whatever price it takes to secure their information and digital resources.
6. Smart Personal Devices
There is a growing trend, particularly among millennials, for smart assistive personal devices. These are mostly wearable gadgets, such as smartwatches, heart rate monitors, fitness trackers, head-mounted displays, and augmented reality glasses. Most of these wearables can link up to smartphones and computers and make use of the internet and third-party apps. Starting or investing in a business in the wearables industry can be a lucrative venture, especially in the health and fitness niche.
7. Renewable Energy
The world today is poised towards energy and environmental sustainability. International, government, and private organizations continue to look into renewable energy sources through green initiatives as solutions to environmental and energy problems. Two of the most promising sources of renewable energy are wind and solar power. Several companies have already started profitable ventures to generate and distribute renewable energy to the public.
The “green” industry is also extensive. Besides energy generation, you can also invest in sustainable agriculture, green architecture, energy-efficient electronics, and even waste management and disposal services.
8. Drone Technology
Drone technology has become quite popular and impressively advanced recently. These machines have also become highly versatile and useful in various applications. Drones are no longer novelty items or toys; they are helpful in commercial filming, search and rescue, geographical mapping, and aerial surveillance. In some cases, highly specialized drones are used to deliver supplies to disaster-stricken areas and assist in security efforts.
High-end modern drones are equipped with tech that rivals that used in the aviation industry. Although the drone niche might be a little saturated, you can still make an impact by introducing some new concepts.
Just like investing in any other industry, investing in the tech sector requires careful consideration. Do your research, find a niche that is not too crowded, and find out what you can bring to the market to make the business worthwhile and unique. It’s also important to invest in an area that you are passionate about and understand well.
The good thigh about being an investor or an entrepreneur is that you don’t necessarily have to build a business from scratch. You can find start-ups or established companies and buy your way in through capital investments.