3 Niche Tech Markets That Are Ripe For The Taking Right Now
It may seem like the market is saturated and there’s nothing new to do. But that’s not true! In this post, we will give you three awesome niche tech ideas to explore and some tips if you want to beat the competition in an existing market. Read on!
Finding new niche tech markets
Technology has changed so many things. It’s because of the advances in technology that we are able to deal with a global pandemic while staying connected and even continuing to work from home to a large extent.
With the consistent evolution of technology, markets in all sectors are dealing with rapid disruption. Every business model is coming into question and newfangled solutions ruthlessly phase age-old ideas out via digital transformation.
As the tech sector continues to grow , so does the competition. Larger, established corporations have dominated mainstream markets for years now.
Startups and newcomers alike are having a hard time trying to compete in these markets.
However, if they hyper-focus on their offerings and choose to dominate smaller niches, they can establish themselves in brand new areas.
So, we did some digging and zeroed-in on three niche tech markets that are up-and-coming that you can explore this year:
#1 Assistive technology
Here’s something to consider: 90% of the world’s 285 million people who suffer from visual impairment live in low-income settings. The category that can afford advanced technology to improve living standards is low.
The remaining target group is price-conscious and has an affordability limit. Although this has been valid for all those years, it is worth remembering that technology is becoming more accessible and cheaper.
Startups can tap into this space using open source tech in order to create innovative solutions.
Choices are increasing, and a multitude of resources can be found. There are languages, frameworks, and protocols that more easily and cost-effectively address a specific problem.
Cloud has eased hardware scalability problems and reduced setup and maintenance costs.
#2 Meetings and events technology
Investors and developers see the technology field for virtual meetings, events, and conferences as ripe for disruption.
Nearly 400 event technologies have been invested in or launched in the last four years.
There are several factors that have led to a rising interest in emerging event technologies.
A number of new solutions have surfaced for a variety of aspects ranging from abstract management, group management, attendant monitoring, and check-ins to badge printing, customer relationship management, and marketing automation.
These approaches have automated processes that were previously done manually and, in many cases, have introduced new features that either enhanced the experience of the event participant or helped stakeholders influence the actions of participants.
It’s a promising sector to enter, particularly if you have an innovative idea to pitch.
#3 E-sports and game development
The e-sports boom has only just begun, which is why some of the world’s biggest brands are scrambling to get in.
Streaming has turned gamers into celebrities. Even Nike and Pepsi support gamers in online tournaments that are streamed and watched by millions across the world.
Game development has grown into one of the biggest entertainment industries in the world.
Within game dev, hyper-focused mobile games, hyper-casual games, and strategy-driven games can be found. The VR gaming route, however, has a long way to go in terms of progress.
We live in an era of technological advancement and markets in a variety of sectors are facing disruption. Nevertheless, focusing on smaller niche markets such as assistive technology, meetings, and events technology could be a way for startups and newcomers to establish themselves.
However, if you already have a tech business but are struggling with saturation due to competition. Don’t worry, we have some awesome tips here that will help you along the way.
Differentiating yourself in saturated markets
Competitors in saturated markets battle for the commercial presence and on the basis of price. But, companies (particularly tech startups) have many ways of distinguishing themselves. So, how do you get a strategic advantage by focusing on resources and positioning?
With numerous markets that are flooded with offerings, it has become virtually impossible to distinguish between brands by product alone.
Rivals compete to offer similar features or copy innovative developments.
Despite this, it may still be possible to differentiate yourself in mature markets if you do things right. Here are a few tips to help you get started.
#1 Take a problem-solving approach
Businesses that analyze consumer pain points proactively and seek to solve issues creatively and constructively will still stand out from the crowd, and remain relevant…
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Read the full article here.
Originally published at https://get.tech on May 25, 2020.
