2020 in upon us and some major changes will be introduced during this new year starting with the most awaited 5G technology. Many industries will know huge, drastic changes due to this technology as it will change the way we interact with smart devices and how smart devices interact with each other, too. But, it is important to keep in mind that some of these changes will not bring about welcomed changed. However, that’s another topic for another time.
A lot of technologies are going to emerge in the new decade and some industries will be disrupted and some will disappear, and that’s simply technological evolution. Think of it as the Tech version of Darwinian evolution. The question you should be asking is which industry do I need to operate in as an entrepreneur to-be?
As an entrepreneur, it is within your best interest to be on the lookout for the next big thing or at least how to be a part of it. And, investors are naturally attracted to entrepreneurs with ambitious, bold ideas. So, which industries should you start thinking about?
In this article, we will offer a list of industries that will be drastically changed. Whether these changes will come from other industries or be generated from the industry itself, it matters not. What ought to matter to you is how these industries will be behaving in the future and which rules or technological advancements will dictate this behavior.
Before we get started, it is important to remember that this list is not, by any means, exhaustive or comprehensive. It only represents industries in which growth has been forecasted with high level of confidence. If you shall identify another industry where growth as well as ease of implementation, you should take action and start building your startups as you have a clear advantage.
Tech Industry: Reality Technologies
This should come with no surprise as myriad clues have been pointing this way. If you have missed them, we will summarize them as we explain why this particular field in the tech industry should be your top focus.
If you do not know what reality technologies mean it is okay. Reality technologies is a term used to refer to augmented reality, virtual reality and mixed reality altogether. Augmented and Virtual Reality are very famous technologies each with their own merits. We will not dive deep into these technologies, but you can always read about them more in our blog post: Augmented Reality & Virtual Reality: How to leverage and monetize the technologies.
Both of these technologies are bound by a major factor that controls how excellent of an experience the user would get when using them. This factor is referred to as latency time.
With 5G hitting the market soon, this factor will drastically decrease. This makes takes the application of reality and augmented reality to other levels. From gaming, to medical training to military war simulations, the sky's the limit. Operating in this field will allow you to be one the force driving change in the industry. Many startups are already receiving funds building products in the medical industry which allows medical students to practice surgery and/or plan surgery in real life conditions. Another popular application is the training of pilots.
That being said, you ought to study this field in the tech industry and consider it as an operating field for your startup.
Mobility: Scooters & Electric Bikes
Recently, these micro-mobility devices have been raiding the streets all over the world making mobility easier and more accessible to people. Also, these smart devices have brought a trend in urban transportation, a trend that Ford joined in 2018 by acquiring the startup Spin. This brought additional attention to the industry and made it a destination for many investors, globally. There are major players in this particular industry like Lime and Uber (JUMP).
If you think about it for a quick second, you can actually see the success of this industry using just Uber’s mission statement. Uber’s mission statement, if you do not know it, is “ignite opportunity by setting the world in motion”. Uber’s mission is to provide ubiquitous access to transportation all over the world. If they are investing in smart devices that enable people to move across town, it is for a good reason. A simple trends analysis in they way people move in urban cities will show that there is an increasing number of people that are adapting with way of transportation. Another interesting trend would be the evolution of public transportation in urban cities. Many people are using smart vehicules, and micro-devices as an alternative to mass transit.
The other trend that would be very interesting to look at is the investments going to this industry as well as the revenues. It is forecasted that the revenues of the global e-bike revenues will hit $24.3 billion by 2025; that’s a huge pie you’d want a piece from. Investments in the industry also went from $343 million to a whopping $3,7 billion in 2018. This really gives you something to think about.
However, it is important to know that operating in this industry will not be easily achieved. Not only, you’d competing against big players in the industry with huge resources to pull from but also, you’d need to be up to date with technologies being released to the market.
Fashion Industry: Finding what suits you most
The fashion industry is arguably one of the most cut-throat industries in which a company can operate. But, this is changing over time. This is all thanks to machine learning. Despite the sheer number of companies, both big and small, technology is allowing underdogs to compete with established brands. With the power of machine learning, companies are now able to give their customers tailored suggestions about their outfits. Machine Learning’s powerful trend analysis allows companies to know the style of their customers, and what they would want to shop for according to seasons, events and more.
A perfect example for this would be the Canadian company Frank and Oak. The company offers a subscription box in which it suggests pieces of clothing that will go with your style. The suggestions are made using machine learning. Think of them as your personal online tailor. You can check their website for more information about the brand.
However, if you want to compete in this industry which is very competitive, you would have to be consistent in your efforts and be up to date with all the trends fashion and consumption wise. For instance, you would have to account for the fact that shoppers are buying less products that have been made using animal fur. This is but a mere example, but you get the point. This is all to say that this industry will not be an easy target even with the help of advanced technology.
It is very important to analyze the trends of the market in order to launch a successful product. If you fail to do so, launching your product to the market may become an arduous task which could ultimately lead to failure. So, whatever industry you’d want to operate im, it is of a huge importance to analyze its trends before making any actions.