You've definitely looked at various tech business ideas if you want to establish a firm with high earning potential.
Why shouldn't you? According to CompTIA, the expected economic production of the technology sector in 2019 was $1.8 trillion, accounting for more than 10% of the national GDP. Furthermore, since 2007, the overall successful startup exit (through purchase or IPO) has been $242.9 million.
Nevertheless, for every successful company exit, there are hundreds, if not thousands, of unsuccessful companies. So, if you're an entrepreneur trying to make a name for yourself in the technology field, you'll need to begin with a solid tech company concept.
What defines a "good" digital company concept is continuously evolving in an industry driven by innovation and disruption. As a result, we've developed a list of digital company ideas primed for explosive development in the next few years.
What Qualifies As A Tech Business?
Tech companies provide products or services that have potential in various sectors, but their primary focus is on the research, production, and sale of technological goods. This encompasses companies that produce gadgets (such as Apple), develop software (such as Salesforce), and offer information technology services (such as Google).
The nice thing about our technology company's suggestions is that they don't need a lot of expenses and can begin small and develop slowly. However, in order to effectively establish a firm in the field, you will need some degree of technical understanding. If you don't already have any, we suggest registering in a programming Bootcamp until you begin.
Top Tech Company Ideas To Register For In 2021
Here are some of the best tech company ideas, as well as some advice from tech entrepreneurs.
1. Food tech
Phil Strazzulla, the owner of HR software startup SelectSoftware, makes our first suggestion. Strazzulla views food technology as a significant growth area in the next years:
"Companies like Beyond Meat are simply the tip of the iceberg when it comes to developing eco-friendly and healthful food that tastes as good as our present diet." The technology is now there, as well as the marketplace for next-generation food is in the billions of dollars, growing at the same rate as the world's population."
2. Website design
Website design is one digital business concept that will not go out of vogue. This is due to the fact that almost every company needs a professional-looking website in order to seem credible and establish its brand.
Graphic design, visual design, content, User experience, and SEO are all examples of web design services. As per IBISWorld, the web design industry has expanded at a 6.6 percent annual pace over the previous five years and earned $38 billion in sales in 2019, indicating that there will be a demand for this tech company idea for many years to come.
3. Extended Reality
The term "extended reality" refers to both augmented reality (AR) and virtual reality (VR) technologies. According to Kenny Trinh, publisher of the tech review website NetBooks News, extended reality technology will proliferate in the next few years.
"By 2020, we'll see an increase in the number of enterprises using extended reality to differentiate their brands and provide a better client experience," adds Trinh. "In fact, several firms have already done so."
Trinh cites the eco-friendly water manufacturing initiative W-in-a-Box, which used augmented reality to convey the advantages of its product.
Robotics is a widespread term that incorporates mechanical engineering, electrical engineering, computer engineering, computer programming, and other related fields. Robotics aims to construct devices that could move and respond to sensory input. This sector is predicted to increase from $80 billion in yearly revenue in 2019 to more than $200 billion in yearly revenue by 2025, according to Statista.
5. Customer Experience Management (CXM)
Ian Kelly, VP of operations at NuLeaf, a CBD oil firm, thinks that customer experience management systems such as ZenDesk will eventually replace customer relationship management programs or CRMs.
"While a CRM may help you store client records, a CXM "unifies all sales, marketing, and customer support communications into a single platform so that your consumers are treated like the devoted fans they are," Kelly explains. Repetitive advertising, slamming them on services or goods they've previously used, or letting them slip through the cracks after they've bought but never been properly onboarded is no longer an acceptable method of client acquisition.
6. Influencer Marketing
Influencer marketing is a social media-enabled sector that involves advertising and product promotions from persons or organizations with a specific degree of skill or social position in their respective professions. While not everyone can be an influencer, if you have some unique expertise or a lot of charm, you may start a company by building a social media following and employing an influencer marketing firm to link you with businesses.
On the other hand, you may start a company that connects businesses with the proper influencers for their goods and goals.
7. Content Automation
Since content and social media are now an increasingly important aspect of many organizations’ marketing strategies, Gleb Myrko, an analyst at market research company Freedonia Group, says content automation software represents a significant potential for internet entrepreneurs.
“The number of business accounts on social media sites like Instagram, Facebook, and TikTok has increased dramatically in recent years. All of these channels need distinct methods to content strategy, content creation, account management, and analytics," Myrko explains. "Omnichannel management, advertising, and statistics for the most popular social media platforms have yet to be broadly adopted." We require an all-in-one portal where marketers can examine data/performance while also managing and promoting their accounts across various social media networks in a more consolidated, simple, and efficient way."
8. Artificial intelligence (AI)
Artificial intelligence is a term used to describe several technologies, including learning algorithms, machine learning, computational language, and others. Though AI technology is a technology that has been around for quite a while, its business potential is expanding as it grows more advanced.
According to Statista, the industry increased by 154 percent in 2019 alone, making it an excellent IT area in which to develop a firm.
If you've been paying close attention to content breakthroughs in recent years, you've definitely heard about the rising popularity of podcasts. Today, 51 percent of the American population has tried listening to a podcast, so podcaster Dre Baldwin believes the future of podcasting will be bright.
"Entrepreneurs must begin establishing their podcast content collection as soon as possible," Baldwin advises. "People are increasingly turning to audiobooks and podcasts to get their knowledge while on the go." Any entrepreneur or corporate organization that wishes to capture the attention of customers must actually be in their ears."
10. Streaming Services
When it relates to streaming services, services such as Netflix and Disney+ receive the most attention, but there are lots of options to establish a streaming service for more specialized content. You could, for example, build a streaming service wherein users may contribute educational films or a streaming service dedicated to children's material. You might potentially create a platform for streaming live (similar to Twitch) or music streaming (like Spotify).
The overall worldwide prognosis for the streaming service business is upbeat. Streaming services produced $25 billion in sales in 2019. According to Statista, the figure is predicted to climb to $30 billion by 2025.
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