5 Exploding Niches Within Tech From education to the environment, startups are seeking to dominate these hot fields.
By Zach Cutler •
Opinions expressed by Entrepreneur contributors are their own.
The progress achieved each year is monumental, and the rate at which we are progressing is exponential. Industries are being disrupted, conventions are being proven wrong, and the world at large is completely transforming right before our eyes.
Here are five tech industries that are exploding with startups, venture capital and innovation:
1. Education
The model of education has largely stayed the same for centuries. But with new technology, the classroom is now rapidly changing. Startups and investors have realized the huge opportunity to digitize the teaching-learning experience, and the results have brought benefits to them, students and educators.
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From virtual degree programs and online courses to apps that boost student engagement, the industry has exploded with hundreds of companies in the last couple years. Education technology has given students and teachers easy access to a variety of materials and resources, and has allowed teachers to experiment with new models, such as the flipped classroom.
As the focus in education is placed on personalization and analytics, edtech will continue to grow to allow teachers to optimize and measure students' progress at every stage of the learning process. New technology, such as wearables, will also continue to create opportunities in the space. The possibilities in the field are endless as the classroom is reimagined and enhanced with new tools.
2. Advertising
The way consumers interact with media is changing. With the wide variety of devices and media available, consumers float from TV to tablet to smartphone without much thought and often use multiple devices at the same time. In fact, a survey of 30,000 people in 60 countries conducted by Nielsen in 2014 found that 58 percent of respondents browse the Internet while watching TV.
With so many new media channels, such as web and mobile, and shifting trends, reaching consumers with advertising is a much bigger challenge, and also opportunity. That's where advertising technology comes in. Adtech has exploded in the last few years, with all kinds of startups and major funding behind them. From native advertising technology to personalization products to ad networks to highly advanced analytics platforms, the industry is crucial for brands everywhere.
3. Health
As a behemoth, paperwork-ridden, traditionally bureaucratic industry, healthcare is benefiting greatly from technological innovation. From patient tracking, electronic health records, wearable devices to cloud-based care solutions, healthtech is hot and is improving patient care and saving lives.
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Entrepreneurs and investors are working on filling the unique needs of specific patient populations, diseases and practice areas.
Healthcare is largest industry in the U.S., and perhaps the world. With an endless number of pain points that entrepreneurs and investors are seeking to solve, this industry shows no signs of slowdown.
4. Cyber security
As our entire personal lives are being digitized and stored in the cloud, along with those of companies and governments, vulnerabilities are severe. Advanced cyber technology is needed to mitigate the myriad of threats that hackers and enemies can exploit.
After big name companies including Target, Home Depot and JP Morgan fell victim to cyber attacks last year, security has taken center stage as a crucial issue and investment. Not to mention, homeland security officials have warned that terrorists will try to exploit any cyber vulnerabilities and we must prepare.
The cyber security industry is growing in response to these needs and will continue to do so as hackers become more sophisticated.
5. Environment
From climate change to energy consumption to droughts and natural disasters, the state of the planet is an important issue on our minds. Green technology creates ways businesses and individuals can live more sustainable lives.
From solar panels to energy-efficient products, to smart lights that automatically turn off, to water conservation programs, green-tech is a niche industry with endless opportunities and interested and invested consumers.
What other industries would you add to this list? Let us know in the comments section below.
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