If you're trying to launch a company with a high earning potential, you've definitely looked into numerous tech startup ideas.
Exactly why not? The expected economic output of the technology sector for 2019 was $1.8 trillion, or more than 10% of the whole national economy, according to CompTIA. Additionally, the average successful startup exit (via acquisition or IPO) since 2007 has been $242.9 million.
However, there are hundreds, if not thousands, of unsuccessful startups for every successful one. So, if you're a businessperson looking to establish yourself in the technology industry, you'll need some solid startup business ideas.
In a sector marked by disruption and creativity, what makes for a "good" tech company idea is always evolving. As a result, we've put up a list of tech company concepts that are expected to grow rapidly in the upcoming years.
What is a Tech Startup Business?
Tech businesses provide items and services that have uses in many different sectors of the economy, but their main areas of interest are the development, production, and distribution of technology products. It consists of businesses that produce electronic goods (like Apple), create software (like Salesforce), and offer information technology services (such as Google).
The best part about our technology company ideas is that you can start small and expand gradually because there aren't many overhead costs involved. However, you will need some level of technological expertise to launch a business in the sector. Consider enrolling in a coding bootcamp if you have no prior technological knowledge.
25 Best Tech Startup Ideas
Here are some of the top tech company ideas, along with some advice from tech professionals.
1. Food Tech
Our first suggestion is Phil Strazzulla, who founded the HR software business SelectSoftware. According to Strazzulla, the food technology sector will experience significant expansion in the years to come.
"Companies like Beyond Meat are just the beginning of those creating eco-friendly, wholesome food that tastes just as delicious as what we now eat. The science is now developed, and the market for the food of the future is enormous and rising at the same rate as the world's population."
2. Web Design
One digital business concept that will always be in demand is website design. That's because practically every company needs a website that looks professional in order to project credibility and develop their brand.
Web design encompasses a variety of services, including copywriting, UX design, interface design, graphic design, and SEO. IBISWorld estimates that the web design market generated $38 billion in revenue in 2019 and has grown at a 6.6 percent annual pace over the previous five years, indicating that there will be a demand for this tech company idea for a very long time.
3. Extended Reality
Extended reality technology includes both augmented reality (AR) and virtual reality (VR) technologies. According to Kenny Trinh, editor of the tech news website Net Books News, the use of extended reality technology will increase over the next few years.
By 2020, more companies will be utilising extended reality to distinguish their brands and improve client experiences, predicts Trinh. "Some businesses have already begun to do it."
According to Trinh, the eco-friendly water packaging initiative W-in-a-Box uses augmented reality to further illustrate the advantages of its product.
4. Robotics
Robotics includes fields like mechanical engineering, electronic engineering, information engineering, computer science, and other related ones. The goal of robotics is to create devices that can move and react to external stimuli. According to Statista, this business is anticipated to increase its revenue from $80 billion in 2019 to more than $200 billion in 2025.
5. Customer Experience Management, or CXM
According to Ian Kelly, vice president of operations at NuLeaf, a CBD oil startup, customer relationship management systems, or CRMs, will soon become obsolete as a result of customer experience management platforms like ZenDesk.
While a CRM can assist with managing customer information, Kelly argues that a CXM integrates all sales, marketing, and customer support conversations into a single silo in order to treat your customers like the loyal fans they are. "Stop hitting your clients with repeated promotions, marketing them services or items they already own, or letting customers who have made purchases but were never properly onboarded fall between the gaps."
6. Influencer Marketing
Influencer marketing, which is made possible by social media platforms like Instagram, is a business strategy built on endorsements and product placements from people or organisations with a specific level of skill or social influence in their professions. While not everyone has the charm and specialised knowledge to be an influencer, you can launch a business by gaining a large social media following and working with an influencer marketing agency to link you with companies if you possess these qualities.
As an alternative, you might found a business that matches brands with the ideal influencers for their initiatives and products.
7. Content Automation
Content automation software, in the opinion of Gleb Myrko, an analyst at market research firm Freedonia Group, presents a significant potential for tech entrepreneurs as content and social media become an increasingly important component of many companies' marketing strategies.
The following social media platforms are among those that modern businesses have accounts on: Instagram, Facebook, TikTok, and others. For each of these channels, new approaches are needed for content planning, content creation, account administration, and analytics, according to Myrko. We need a centralised, practical, and efficient hub where marketers can analyse data/performance, as well as manage and promote their accounts on various social media channels. "For the most popular social media, there is still no widely used tool for omnichannel management, promotion, and analytics," the report reads.
8. Artificial Intelligence
Artificial intelligence refers to a variety of technologies including machine learning, computer vision, natural language processing, and others. Although artificial intelligence has been around for a while, its market potential is growing as it grows more advanced.
The industry expanded by 154 percent in 2019, according to Statista, making it an excellent IT sector to launch a business in.
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