Future Business Industries
It was the autumn of 2007, an online bookstore completed its first order by operating from a two-bedroom apartment in Bengaluru, India. Almost after a decade, the same online bookstore was now an Indian e-commerce giant with a total valuation of around $20 billion after the US-headquartered retail giant Walmart acquired a big stake in the company.
Yes, we are talking about Flipkart, a company which single-handily created a new business category in India – Ecommerce! The founders of Flipkart anticipated the future and saw some serious future growth.
Is the time right? Do you have the entrepreneurial bug?
Here, we present a list of the top 4 future business industries that are set to grow exponentially.
1. The Rise of Sharing Economies
From coworking to digitization, the rise of sharing economies is surely going to lead in a boom of an ever-growing tech-driven industry. From retail to automotive giants, everyone is already a part of a shared economy! This is favourable for future business industries.
Reduction in real estate lease terms, the rise of the gig economy and ever-growing demands of flexible workers have led to the rapid growth of coworking!
ii) The Power Of Transaction Costs & Shared Services: From smartphones to cloud computing, a shared digital space is an expanding force today. The expansion of cab-hailing apps to food tech industries, the common denominator is the effect of declining costs.
Example – Uber, Airbnb, Mobycy – The Emergence of Mobility Players
The economic sense of a shared economy is tremendous.
Making efficient use of resources through technology and sharing the costs of operation helps sustains businesses. From Uber to Airbnb, decentralisation and reduction in operation costs outline the strength of a shared economy.
2. Artificial Intelligence as a Marketing Tool
If you got a smartphone, you already are using AI without even noticing! From the Amazon Echo to the Google Home, whenever you tune into to check the weather, order food, play your favourite music or buy a new product, you become part of an every growing business trend!
Tech companies want to systemically make our smartphones our most cherished possession.
They want our phones to proactively learn our habits and adapt to us. This includes scheduling our journeys and handling our payment.
Example: Battle of the Voice Assistants
ii) Personalization Through Marketing Tools: Marketing, on the whole, has shifted from the traditional form of say – email marketing to more a personal form of marketing by tools such as custom bots & digital assistants.
Example: The Microsoft & Real Madrid Marketing Tool
Microsoft, the tech giant was behind the massive increase through this tool in re-subscription rates and per-seat revenues for Real Madrid – The wealthiest football club on the planet!
This is one of the most revenue driven implementation of AI-driven data analytics and targeting.
A very creative use of AI! With the use of AI-driven software, they were able to store interactions with fans through check-ins via mobile devices which enabled them to generate personal recommendations for buyers.
With the rise of the Internet of Things, the robotics industry continues to expand. Companies have embraced robotics in from manufacturing to the service sector, the future of automation and robotics looks great.
i) Robotics – Talking About It: Robotics, especially – industrial robots are no longer fiction. They are prospective gold mines for future business industries. As robotics move further ahead in terms of technology, their acceptance range among already established companies is going to grow!
Example – BMW – Embracing Robotics
BMW has embraced automated robotics by introducing a “Best Fit” system in their production line. Robots are in full charge of using attachment of doors, hoods, hatches and fenders to the vehicles.
Example – Women Of Sextech & Companies Like Unbound!
Women of Sextech, a group run by prominent women entrepreneurs in the US have organised events in New York and Australia. Hackathons are organised in order to increase the women participation in Sextech. Hackathons are crucial for generating buzz about critical taboo issues an further focuses on solving them.
This includes tackling global health crises which include education about AIDS & STDs.
Industry leaders such as Bryony Cole and Gallop have launched ventures such as “MakeLoveNotPorn” and “Dame – A funded sexy toy startup”. Sex toys companies are such as Dame & Unbound are major startups who support the Sextech industry.
4. Machine Learning & Blockchain
i) Machine learning and Blockchain will grow more prominent: The effect of demonization has helped disrupt India’s. Indians have embraced cryptocurrency which is evident from the number of cryptocurrency wallet apps in the country. Future business industries may change how they handle the capital influx, there may be a rapid shift to cryptocurrency.
Machine learning is leveraging the spending habits by recognising patterns through data analysis.
Example -Digital Payments & Cryptocurrency!
The launch of HDFC Bank’s chatbot – Eva (Electronic Virtual Assistant) is another milestone. The bot was able to handle over 2.7 million customer queries. It was able to interact with over 530,000 unique visitors and has been a part of over 1.2 million conversations since its inception.
Indian Bitcoin wallet firm – Zebpay had a turnover of over INR 100cr within its first 10 months of operations. Currently, Zebpay has a total of over 3,000,000 users and 19 cryptocurrencies.
ii) Machine learning will become more responsive in customer service: “Deep Learning” – the most prominent form of machine learning is lurking into the science behind the human brain. The use of speech analytics tool especially the “Google Duplex” is looking to transform the way customers interact with services.
Example – Google’s TensorFlow
Google’s own open-source software, “Tensorflow” is already being used in Google’s own services such as Google Photos & Google Photoscan. 0They both leverage powerful models which can categorise faces and search using voice, eventually making the app more personal for the users.