6 Promising Tech Business Opportunities for Investors
In 2020, the biggest business opportunity in the world of technology was remote work capabilities. A company like Zoom witnessed monumental growth as more people were expected to work from home.
Technology is always evolving, innovating, and revolutionising. Since the creation of the wheel to the desktop computer, technology has changed our lives. Most will say for the better, and some would argue for the worst. Objectively, most tech developments have done wonders for society, whether it is life-saving devices or cheaper forms of transportation. The last 20-plus years have been astounding, so what will the next 20 years bring? Better yet, what will happen in 2021?
What will be the next major play in 2021?
If the current year is anything to go by, anything can happen at a moment’s notice. If you blink, you can miss it. But does that mean there are not any other opportunities to seize? Technology has not reached a ceiling, and the sky is not the limit. Anything is possible.
But how can this translate to potential business opportunities? Here are six tech business opportunities for investors in the future:
Opportunity #1: Robotic Process Automation (RPA)
You have likely heard by now of artificial intelligence and machine learning. They already play a big role in our lives today, but they will be integral to society in the years to come.
But what about robotic process automation? This is a new technology that will transform the workplace since RPA consists of software that automates various day-to-day business processes, such as replying to emails, executing transactions, and interpreting applications.
RPA development will be a massive employment opportunity, but it will also make plenty of jobs, especially administrative, redundant.
Opportunity #2: Tiny Artificial Intelligence
Running AI on a smaller amount of energy? Training autonomous software with little computational power? One of the biggest trends flying under the radar is the emergence of specialised AI chips that is already being used by the likes of Apple, Google, and Amazon. Many countries are investing heavily in this sector outside the United States, especially Canada AI companies with lots of rapid growth.
Google announced in May 2020 that it will now run Google Assistant on users’ smartphones without sending requests to a remote server. Amazon provides developer platforms for producing and employing tiny AI. But what is the point? Existing digital services will be enhanced, while new applications (mobile-based medical-image analysis) will be faster and more secure. See, it is not only about improving autocorrect!
Opportunity #3: Blockchain
Blockchain is another tech business opportunity for investors in 2021. Since the rise of bitcoin and other cryptocurrencies, the technology behind these virtual currencies has gained spotlight. While the broader society still considers crypto to be niche, the consensus on Wall Street and in Silicon Valley is that blockchain is the technology of the future.
Blockchain is a distributed ledger technology (DLT) that stores data globally on thousands of servers, offering unprecedented transparency in real-time. It is the security that is the most attractive aspect of blockchain. The second most appealing aspect of blockchain is that you do not need third-party to manage or confirm transactions.
Bitcoin may become a relic in the future, but blockchain will stand the test of time.
Opportunity #4: Augmented Reality
For years, there has been a lot of hype surrounding virtual reality. When the VR gear was released by many of the major companies a few years ago, the response was disappointing. It turns out that all that buzz should have been reserved for augmented reality (AR).
AR will be a key tech business opportunity in 2021 – and beyond.
AR is essentially an interactive experience in a real-world environment that allows you to manipulate objects with computer-generated perceptual information. So, for example, you can record your living room and experiment with various furniture pieces or paint colours.
Market analysts believe that brick-and-mortar retail establishments could perhaps survive by incorporating AR into their stores. Whatever the case may be, AR could be in every corner of the private marketplace.
Opportunity #5: 3D Printing
Believe it or not, despite the enormous growth in 3D printing, the technology is still in its infancy period. Today, it is only relegated to academic institutions, scientific organizations, and diehard 3D printers, much like at the beginning of the computer revolution.
This could change in 2021 and in the next several years. Soon, 3D printing will be integral in a wide variety of industries.
Right now, it is not prevalent, but that is changing thanks to the evolution of the technology. Soon, you will be able to print pharmaceuticals from the comfort of your home. Heck, you could even soon 3D print a home!
Opportunity #6: 5G
If it were not for 3G and 4G technologies, we would not enjoy many of today’s Internet services, from streaming on YouTube to utilising smart technology. But what about 5G?
The world has been abuzz about 5G for a long time now. The major telecommunications companies are preparing for the new technology, producing a wide variety of applications and services to facilitate the growth of 5G. Technology experts say that 5G will play an instrumental role in global economic development as it will be instrumental in every aspect of our lives.