The Most Profitable Tech-Related Business Ideas in 2021
This article will list the most profitable tech-related business ideas to assist entrepreneurs in forming profitable startups.
05:50 20 September 2021
The US technology industry is booming with opportunities and possible avenues for revenue. According to CompTIA, The US is the largest tech market in the world, representing 32% of the total, or approximately $1.7 trillion for 2020. Although this industry may prove to be a goldmine for established businesses and startups alike, this does not guarantee the success of startups. Entrepreneurs in this sector need to have a well-thought business idea and plan before attempting to enter the market. This article will list the most profitable tech-related business ideas to assist entrepreneurs in forming profitable startups.
What is a tech-related business?
Tech-related businesses offer products and services that may cover multiple industries, but the main focus is the research, development and distribution of technology-based goods. The following business ideas do not require business professionals to be experts on the technology or software when forming the business. Entrepreneurs using these ideas are able to start small at first and expand the business.
Integrating technology in the food sector
According to Phil Strazzulla, the founder of HR software company SelectSoftware, the food tech sector will see an exponential amount of growth within the near future. Due to the advancement of science and technology, food companies are in the process of creating and engineering eco-friendly and healthy food which still provides the good taste customers crave.
Web design has been a dominating business field in the technology industry for years and its momentum is not slowing. This is because the majority of businesses require a website which is professional, engaging and up to date regarding the latest technologies and trends. Web designers offer a plethora of services such as graphic design, interface design, copywriting, UX design, and SEO. This field in the technology industry is a good choice for entrepreneurs to start a business in because it has grown at a rate of 6.6% over the past five years and has impressively produced over $38 billion in revenue in 2019.
AR and VR
Virtual Reality (VR) and Augmented Reality (AR) operate where VR immerses the user in a specific environment while AR enhances it. Globally, the VR and AR market is expected to be worth $209.2 billion by 2022. This growth would only offer more opportunities to businesses in tech fields. This technology, which has been dominating the gaming industry, has started being used for training purposes and is expected to be integrated into more than just gaming and training, eventually affecting general life. VR and AR has potential to be incorporated in entertainment, education, marketing, and even injury rehabilitation. According to Kenny Trinh, the editor of tech review publication Net Books News, "In 2020, we’ll see more and more businesses applying extended reality to their brands to stand out from the competition and deliver a better customer experience,”.
Due to the pandemic, businesses have had to find ways to safely deliver products to their customers. Robotic delivery has been the answer by minimizing human contact. Large corporations such as Amazon, Google and FedEx currently use delivery robots. The robotics industry is expected to grow to over $200 billion in annual revenue by 2025. Businesses are able to latch on to this trend to reach more clients and become more efficient and safe.
AI is ever changing as it is still in its developing stages, and is projected to grow into a $190 billion industry by 2025 while creating 9% of new US jobs. Already known for its dominance in image and speech recognition, navigation apps, smartphone personal assistants, and ride-sharing apps, AI has become the focus for almost 50% of startup applications. Recent trends show that AI is advancing to become part of household technology and many other products, services and offerings. According to MassChallenge, AI will drive the meaningful next wave of disruption similar to software. This advancement has offered business owners the opportunity to take advantage of the range of benefits. This has also offered the opportunity for entrepreneurs to improve on current technology and solve issues in development, programming, testing, support and maintenance to compete with competitors.
These tech-related business ideas have offered the opportunity for entrepreneurs to improve on current technology and solve issues in development, programming, testing, support and maintenance to compete with competitors. Some entrepreneurs may want to venture alone and form a sole proprietorship, while some may want to form a business which is taxed as an individual, such as a corporation. Entrepreneurs can use information provided by Incorporation Rocket and click here to find out about business formation options.