Technology has become a backbone for every sector, and in the particular business sector, it has revolutionized how they operate. How customers interact with businesses has changed, the introduction of online stores has eased the purchase of commodities anywhere.
What are the Trends and opportunities in technology entrepreneurship? Check out below the top 10 trends and opportunities in technology entrepreneurship.
- The Internet of Things (IoT)
- 5G Network
- Virtual Reality and Augmented Reality
- Blockchain technology
- Artificial intelligence
- Edge Computing
- Quantum Computing
- Digital platforms
- Facial recognition and computer vision
Technology is one of the most dynamic tools that change faster with time. Imagine when you acquired a mobile handset a decade ago. It was bulky and lacked internet capabilities; today, a smartphone can handle many tasks compared to a computer.
Every technology evolution brings new opportunities and kills some. a business that is ground to operate for a long time needs to evolve as the tech inventions are emerging.
The world has been made a global village and has enabled businesses to interlink with each other in real-time. It is easier for a person in Uganda to buy goods in a company in Atlanta, USA, and ship them through FedEx. Thanks to technology!
The boundary between the digital world and the physical world continues to flutter new technologies.
For those who want emerging technology today (and the next few years) to become part of their business plan, this new era’s navigation starts by recognizing and knowing the new patterns dominating news and boardrooms worldwide.
- Trends and opportunities in technology entrepreneurship
Trends and opportunities in technology entrepreneurship
The trends in technology have changed the way of doing business, there are new emerging issues that have to be cultivated, and behaviors changed. Let’s discuss the business trends and opportunities that have emerged as a result of technology evolution.
1. The Internet of Things (IoT)
The Internet of Things is a crucial driver in creativity, data optimization and integration, digitalization, Research & development, and completely new applications, business practices, and income sources in all branches.
You will learn about the history, innovations, and evolutions of IoT with business examples, implementations, and analysis in this IoT business guide.
You will find that most of the equipment’s coming to the market these days are internet-enabled- for example, a bulb isn’t just an ordinary light source but also integrated with a camera and can be synchronized to a smartphone.
The user can make adjustments using a phone; a fridge at home can monitor each food stored and sends notifications of the food condition to the phone connected to it.
The following are some of the IoT trends and the business opportunities they are bringing;
- Wearables and smartwatches are used to track oxygen level, activity, heart rate, sleeping, etc. this is an opportunity for businesses to venture. When connected to the system, the human resource manager will know the health of each worker and track their activities to ensure no go-slow in the operations.
- CCTV and monitoring cameras can keep the premises’ security great; the loss of any commodity in a warehouse will be easily traced, thus maximizing their use in business will significantly impact the safety.
- Use of Drones and self-driving delivery vehicles. These devices can change the supply of commodities to customers and cut costs of labor and transportation.
- Smartphones are essential as they can host a native application of a business. Customers can access their products anytime; for example, the Amazon app does help in shopping and ease purchasing commodities from different vendors.
- Intelligent sensors can be used to monitor crops on the farm. The devices help track the health of the crops in the field, humidity level, and a need to control pests and diseases.
- In the logistics industry, Smart tags are used to track shipping and help save time.
- Smart cities are also an application of IoT to handle infrastructure in real estate. Control of street lighting, sewer systems, water supply, and help detect any system problem.
The above are a few examples of trends in the use of the internet of things; if a new company is involved in manufacturing, agriculture, health care, or engineering, the entrepreneurs who implement IoT-based innovations at an earlier stage of their growth profit significantly from the competitive advantages.
2. 5G Network
In 2021, 5G is one of the big news that you might have heard about public networks’ fastest speeds. 5G have received hype.
With U.S. major telecoms like Verizon building the infrastructure, a person or a business can access this fifth-generation network that is believed to change how a company operates.
5G capabilities such as high speeds, large capacity for connected devices, and lower latency seem to unlock many opportunities that businesses can take advantage of this tech.
5G will accelerate progress in AI technology, robotics, and IoT, and more and more data comes with these developments. As a business gathers, manages, and analyzes the data, improvements in analytical techniques will be vital to success.
Automation technology can automate Business operations to improve efficiency and cut the costs of production. The use of robots and automated machines in handling different business activities is the latest trend.
From manufacturing, shipping to packaging, robots can be used to scale-up production and fasten the actions to realize high revenue with less input to production factors. These automated machines can now be easily configured and set up for new tasks following recent developments.
The ROI (return on investment) can boost growth, increase profits, generate employment in the community, and save money for consumers.
4. Virtual Reality and Augmented Reality
This type of technology has been by organizations to train their employees without doing the actual drill. Augmented reality allows consumers to try goods before purchasing them.
For example, buying home décor from Walmart, their app will take you through a real-like situation to help you see how the product you are about to buy will look.
Therefore, this tech will help customers make an informed decision even when purchasing a new product in the market.
Entrepreneurs should grasp a great opportunity like this to be the next big thing in the market. An online store could use A.R. technology to build a 3D shop that simulates the conventional store’s shopping experiences.
Allowing consumers to try items before purchasing them increases customer loyalty and decreases costly returns. In-car manufacturers like Hyundai do help their inexperienced customers use A.R. through their smartphones to get informed on how the repair and maintenance of the car will be.
You may like, 10 Characteristics of Successful Entrepreneurs.
Doing this will satisfy their customers and build their loyalty towards the brand.
5. Blockchain technology
Blockchain is one of today’s most potent advancements in technology that a future-oriented business can’t ignore. A blockchain is a form of technology that records all digital ledger payments and hinders the information from modification or alteration.
Cryptography links these documents or information blocks. Blockchain data is very accurate and available to anyone who needs it as its decentralized, and sharing data is allowed to all network computers.
This type of technology will help many businesses and allow them to transact safely and know their customers better. Business strategies in marketing will be eased using blockchain tech to monitor client information and customer actions.
With this kind of info collected, professional marketers can build effective campaign programs with a substantive return on investment. It will help them quickly identify any changes made to the marketing campaigns or other media releases during production.
Also, you may like, How to Become an Online Entrepreneur.
6. Artificial intelligence
Artificial intelligence (A.I.) has impacted our lives today. A.I. is one of the significant trends in the industry that focuses on providing its future in helping businesses.
This technology has been used to reinforce automation and machine learning, A.I. is to optimize efficiency in organizations and companies.
Take the example of the Tesla smart car, which can detect obstacles and reduce speed, and this is the work of artificial intelligence that has been used in making the car.
This technology, therefore, holds the potential to change how we will do things in the future. Artificial intelligence has taken on several different ways to make a difference in the field of defense.
It’s very likely to take some of the best security concepts for real-time monitoring and analytics. So, make it more stable and user-centric, overcoming very sophisticated potential threats.
In the ecommerce market, Artificial Intelligence is commonly used for detecting fraud, customized shopping experiences, and customer service, among other items.
Dozens of entrepreneurial activities have benefited from A.I. growth, and businesses are trying to find out what we can do with this future technology.
We can also artificial intelligence to incorporate processes like the block chain in automated business operations, boost security and efficiency while allowing personnel to concentrate their expertise and attention on higher-value jobs.
You may like, 13 Best Business Startup Ideas in 2021.
7. Edge Computing
With the enormous growth of the internet of things, many devices are connected, and therefore they need to process data faster from the cloud.
Edge-computing technologies are being powered by new applications that require real-time processing capabilities, as well as new programs that need real-time computing power. This technology can move data storage and processing closer to the connected devices that need it.
This tech is a vast ground that owns a wide variety of opportunities for entrepreneurs to utilize. Edge computing will help rise in the number of internet-connected devices since it solves the drawbacks of latency that may delay feedback from cloud computing servers.
Examples of companies that offer cloud computing to businesses are Amazon Web Services, Google Cloud, Alibaba, Microsoft Azure, and many others.
8. Quantum Computing
Quantum Computing is one of the latest trends that is making headlines in the technology sector.
It is a branch of computing that focuses on improving computational technology based on quantum theory concepts, which describes atomic and subatomic energy and material behavior. Quantum computing has a wide range of applications.
- It helps in the encryption of data, thus improving security.
- It is used to research medicine by assisting scientists in knowing the development patterns of a disease.
- It is used in weather stations to help them interpret weather patterns and thus be able to forecast
9. Digital platforms
The world has been made to look like a village by introducing social media such as Facebook, Instagram, Twitter, Tiktok, etc. one can interact with a lot of people in one sitting, and there is no limitation to talking even if you are distant from each other.
A business can market its products overseas, assess customer satisfaction without going to the ground, and interact with customers.
These digital channels enable interconnections and exchanges between individuals and businesses. This trend turns existing business models around and leads many established companies to a platform-based model or adopt it.
You may like, How to Quit Your Job and Start a Business.
10. Facial recognition and computer vision
Facial recognition is one exciting technology that made a change in most places. Facial recognition is the applied machine learning component that can recognize and detect the face of people.
After its invention is helped solve many challenges in businesses, governments, and other relevant sectors that required to recognize people face.
This helpful technology, when embedded with artificial intelligence, took the security industry to the next mile. Facebook, Uber, Supermarkets, government administrations found it beneficial to track behaviors and understand real people.
However, this technology does find critics as it looked to deny social freedom; for example, in China, it’s found to monitor people’s behaviors in cities.
The fundamental technology is nearly perfected, but the real question isn’t whether we can detect faces in the real world—what it’s we can do with that skill.
With technological innovation increasingly necessary for firms that want to succeed in the global market, it’s no longer optional to keep up with the latest technological developments for business.
Industrious and future-oriented entrepreneurs will pursue and explore the latest trends. Any big tech business today exists because someone has seen and invested in it, and thus the future expects to bring to life even more prominent companies.
Also, you may like, 18 Signs it is Time to Quit Your Job.
The above ten hot trends are some of the tech inventions that an entrepreneur can find necessary to capitalize on the opportunities in the name of business success. Technology never sleeps; thus, each day, there will be something that might emerge and significantly impact business activities.
Therefore, business-oriented persons need to keep an eye on the emerging technologies and find a way to integrate the changes in their businesses to secure their tomorrow.