Top 10 Tech Business Ideas For 2020

If you notice, our lives have been constantly influenced by technology ever since the industrial revolution. From conveyor belts to automation, it's a technology that has made our lives better.

But the role of technology in elevating our lifestyle is not just restricted to consumers. For business owners, technology has been highly rewarding. Tech has always offered lucrative business opportunities to those who envisioned a future, a world with tech in it. From Steve Jobs to Elon Musk, the most influential people on earth thrive today because of the tech they envisioned, innovated and implemented.

And if you’re someone looking to leverage the potential of technology today to reap its benefits tomorrow, well, this is the right time. By this time next year, it is anticipated that the revenue generated globally by the IT industry would be beyond $345bn.

So, if you intend to capitalize on this booming market but wondering how to go about it, here’s a resourceful guide. This post will shed light on the range of tech sectors you can venture into and help you draw a starting point for your business.

Cloud kitchen is a phenomenal concept that is increasingly gaining momentum in developing countries. In cities and regions where there is a major working-class population, cloud kitchen is what keeps them going. In the year 2018, the cloud kitchen market accounted for just $0.65bn globally. However, it is expected to become a $2.36bn industry by the year 2026. In India, the market is expected to be valued at $1.05bn by 2023.

For the uninitiated, cloud kitchen is like a restaurant but without seating arrangements. The entire setup comprises of a kitchen with a specialized focus on supply-chain, inventory management and delivery. To run a cloud kitchen, you would need a kitchen space (of course) but you’ll also need an app to get your users order food from your kitchen. You’ll have to approach a tech enabler like a mobile app startup company to get your app up and running.

If your kitchen cooks up sumptuous food but your app keeps crashing, your tech business is bound to fail. Proper tech infrastructure is inevitable in running a cloud kitchen.

In just next two years, the machine learning industry is anticipated to become a $8.81bn industry. Now, why are we saying this? Because chatbots function on machine learning and other allied aspects of artificial intelligence like deep learning. By now, most of us would have experienced chatbots.

While we think we’re chatting with a customer care executive on a product or service-provider platform, it’s mostly the chatbots at work. While some are even close to cracking the Turing test, chatbots are here to make the online time of users valuable. This is also backed by stats as over 90% of the business surveyed reported that chatbots were able to resolve their customer complaints.

To incorporate chatbots into your business, you need to identify your business niche, the concerns you’re likely to experience, the probable outcomes and key in other factors. While doing this could be daunting, there are AI/ML developer companies that can get an ideal chatbot designed for your growth. If you intend to have an app for your business as well, chatbots integration is further inevitable.

Still seen as a major recreational medium, drones can pave the way for a very lucrative business opportunity. For those of you who didn’t know, drones can be used as tools for surveillance, inspecting agricultural farmlands, delivering of blood during an emergency, increasing safety and security protocols in construction sites, in event photography and security and more.

However, a lot of countries are still deploying new protocols and rules for drones as they are also seen as threats. Apart from the skill to fly a drone, you also need to be aware of drone regulations pertaining to countries. You have to then work on defining your business and its purposes. While this is on one side, this industry is also set to become a $100bn industry by 2020.

One of the disruptive technologies that has been silently shaping our future is blockchain. With its intense encryption features and decentralization of authority, a lot of companies are looking at blockchain as the way forward for a number of their operations.

While it’s still a buzzword for a lot of people, blockchain is already being used in different ways. Though its fundamental application is seen in the replacement of conventional banking procedures in terms of transactions, blockchain is also used in monitoring supply-chain, implementing Digital IDs, data sharing, royalty and copyright protection, food safety, tax compliance and regulations and more.

If you have an idea to invest in blockchain for your business, we recommend you get in touch with a blockchain app development company. They are the ones who have a thorough understanding of the market and the most effective applications of the technology. You can get a personalized blockchain app developed for your business needs.

The on-demand economy is on a tremendous rise. It could be because of our lethargy or lack of time but this industry attracts over 22.4mn users globally and expenses numbering to over $57.6bn. From getting food delivered to home or ordering Bluetooth speakers to getting a cab ride to work, everything’s on-demand today. Even our entertainment options have become on-demand. With the millennial culture cropping up, this is the right time to venture into an on-demand business. For unique business ideas, you could also read On Demand Mobile App Ideas.

To run an on-demand development business, you need a solid tech infrastructure in place. From a sturdy supply-chain and inventory management mechanism to building an app, you need to have everything figured out and sorted. As a starting point, you can approach a web development company that would understand your on-demand business idea and get an efficient website built for it.

The rise of technology has not only allowed us to make money by promoting our products but generate revenue by promoting that of others, too. Called affiliate marketing, you can promote the products or services of other companies on your digital medium like your blog or website and get paid for the leads that get generated from your source.

This could be a serious business opportunity if the right amount of time and energy are invested. Over 15% of the revenue generated from digital media is linked to affiliate marketing. While there are several niches you can venture into, fashion remains the most popular affiliate marketing category.

To make it big, you might want to have a proper website created to avoid looking like a scam website. Progressive web development has bridged the gap between websites and apps and you can have just one and let your users experience the functionalities of both when they visit. If you can generate traffic with your work, there’s nothing like affiliate marketing today. Unlike other businesses, it doesn’t need complex investments as well.

Conventions, meetups, events, seminars, workshops and others are inevitable because companies want to consistently stay in touch with their customers, dealers, influencers and others in their circles. They are also on the lookout for spaces for their meetings. Usually, these gatherings are large and they want to ensure everything’s perfect throughout the sessions.

That’s where virtual event planning comes in.

With virtual event planning, you give your clients an idea of how space would be utilized for the program and how final arrangements would look. You give a virtual walkthrough of the convention before the event and shed light on the safety, security, crowd management, food and beverage supplies and other event management aspects.

You can also recycle this vision and implement it in planning events like weddings and other private gatherings. This is a lucrative idea if backed by adequate and relevant technology.

Despite being buzzwords for years, augmented reality and virtual reality have not been utilized to their fullest. However, in the last couple of years, advertisers and marketers are coming up with unique ways to engage their audiences with these technologies.

Made popular by Pokemon Go, these technologies are now being used in real estate to give an idea of a finished space to potential customers, jewelry industry to allow customers to virtually try their products from their homes, companies offering virtual tours to new recruits and even customers, entertainment and gaming industries and more.

Being completely tech-reliant, you cannot reap profits until you have a good frontend and backend system in place. From the right wearable or technology to a system that is backed by machine learning and AI, it’s difficult to achieve your visions without proper tech. Once you zero in on your business purpose, you can figure out how to go about it with experts.

This decade is going to be all about breaking conventions. With remote employment on the rise, new-age recruits crave for location independence while being stringent about their work. That’s why investing in smart co-working spaces would be ideal.

According to stats, there were over 19,000 coworking spaces across the globe catering to the needs of over 3 million coworkers. Freelancers, writers, affiliate marketers, solopreneurs and others are major visitors to coworking spaces and if your space can be smart with cloud internet, IoT-based illumination and operation systems, it would only add convenience to the coworkers.

Developing an app for startup will also enable your visitors to find available spaces from their smartphones, reserve their desks, make payment and walk in at their convenience. The app can also be used to offer promotions, virtual tours and more.

If you still undermine the effectiveness of wearable, understand that an Apple Watch had saved the life of an individual by predicting a heart attack. Consistently keeping track of people’s heart rate, hydration levels, pulse and other vitals, the device uses IoT and analytics to consistently find patterns from the data it generates. With this, it implements either prescriptive or predictive analytics to offer suggestions on your health or warn you about it.

Investing in a fitness gear product completely makes sense as the demand for it in the market is increasing. This is to the extent that it will become a $67bn industry by 2024.

So, these were the top 10 tech business ideas. If you notice, most of these industries will be at their peaks in the next couple of years. If there’s a good time to invest, it’s now. And because most of these ideas involve an app, website, blockchain or a solid tech infrastructure, we recommend you get in touch with a global industry expert like X-Byte Enterprise Solutions. With our expertise, we could turn any of these intangible ideas into tangible revenue-generating machines.