8.3K views Industry is a classification mechanism to identify the type of products/services and targeted market of a given business. Here, businesses are classified by the target of their market and largest sources of their income.
Example on industries
The Coffee industry contains all businesses that work in the field to complete the supply chain. This includes coffee shops, coffee farmers, coffee trading companies and so on.
If, for example, a business produces beverages where selling caffeinated drinks and coffee forms over 80% of its income, and it offers juices that form only 20% of its profits then we consider this business as part of coffee industry, not juices or drinks.
Industries to consider today
With the considerable changes we see around us in the world now as a direct result of the COVID pandemic, a lot of businesses have went under while many others managed to not only sustain but thrive. Connectivity and online has now become the new normal and people are moving towards a more virtually connected, physically less connected world.
In the following list, we bring you some of the most promising industries and technologies to focus on whether you are an entrepreneur, an existing business owner, a researcher, or just someone who wants to know the trends. The following list is based on a collection of sources 1,2,3:
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Artificial Intelligence (AI)
AI and robotics have been a growing area in popularity both in research and in business over the past decade, and it is today still as hot as ever. AI technologies related to machine-learning has shown significant steps in allowing technology solutions make us virtually connect as we are able to during these tough times. From using the background effect in Skype and Zoom conferences, to learning about pandemic trend and helping counter it- AI has been there.
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Education Technologies
Classes are now different than they were a year before, as COVID has created a huge change in the global educational system. Traditional schools, colleges and universities were racing time trying to adopt new virtual classrooms and online education solutions while others that were already adopting virtual channels excelled in such a transition. The need to grow this sector worldwide is huge.
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Health and Smart devices
No doubt that the health sector has a priority these days, and so does applications linked to it such as smart devices, wearables, well being, and technological applications to link health systems such as the Internet of Things. The need for faster and more efficient methods for diagnosis, treatment, and followup is on the rise.
While smart devices like smart watches have been associated with big resourceful companies to manufacture, they offer a blue ocean to dive into. Startups have the chance to utilize such existing smart devices in many forms and shapes, utilizing the Internet of Things (IOT) and other technologies aiming at providing health benefits for the community. -
Visualization Technologies and Gaming
Visualization technologies form a great medium for applications across entertainment, education, tourism, and other sectors. Technologies such as Augmented Reality (AR) help us bring technology to our world using out smartphone cameras and some innovative apps and games, while Virtual Reality (VR) does the opposite by helping us go further into the virtual world using special glasses such as Oculus Rift. Mixed Reality (MR), on the other hand, mixes between different types of realities: virtual and real.
On the other hand, Gaming3 is still on the rise with ongoing growth year over year4. Social media platforms and other technology companies are investing heavily aiming to grab a share off that market, while game live-streaming and E-Sports are on the rise in popularity and revenue. -
Future of Work
No wonder that the standard office life has been the one of the first victims of the COVID pandemic. Remote working and technologies to help automate business processes, payments, manufacturing, human resources, skills training, and recruiting form the future of the workplace and the work environment.
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Future of Doing Business
Other than the work environment itself, the nature of doing business is changing. Customers are now in need of easier transactions online with quicker delivery, easier access to goods and services and more choice. 2020 has seen the rise of many local delivery services in local communities around the world in a response to the pandemic, and this trend is still growing with the need to improve quality and efficiency. Traditional businesses should focus on strengthening their online channels with customers while aspiring entrepreneurs can start their online stores and bring more choice and better quality and efficiency to the game with new innovative approaches and new channels. Learn how to build and improve your business channels here
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Social & Connectivity
As COVID has directly affected how we interact with our peers, families, and friends; new applications and tools of communication are needed so that they can help people improve their virtual communications and improve their experience.
While existing social media platforms are a significant market leader in this area, there is always a room for niches that focus on security, live streaming, video and audio features, recording and processing of streaming and conference data, and reliability.
Industries and Sectors
Sector is another term that is also used to classify the business, but it is different from "Industry" as it is generic while the later is more specific. For instance, transportation is a sector that includes travel and transportation by air, sea, rail and road. Each of these has a separate industry with a target market and competitors within.
A useful way to follow an industry's trends is to follow online tools such as Google trends by typing in the industry type. Here, the search helps you pin point interest by time, by location, by topic, and by related topics.
