Lucrative Emerging Industry Micro-Niches I’m Watching
If your firm serves clients in any Industry, get GRANULAR and dig deeper to examine what experience you already have and what opportunities exist to explore numerous, potentially lucrative micro-niches like these:
• Health Care – FEMTECH
My research indicates that there are 800+ FemTech companies; tech-enabled, consumer-centric solutions addressing women’s health. FemTech provides a wide range of solutions to improve healthcare for women across a number of female-specific conditions, with estimates for FemTech’s current market size range from $500 million to $1 billion. Forecasts suggest opportunities for double-digit revenue growth.
• Transportation – AUTONOMOUS MOBILITY
One very fast growing niche is automated vehicles, developed for both private use as well as being trialed for commercial transit. We now have driverless (and flying) cars, freight trucks, drones, airplanes, boats and so forth. Road regulations, insurance and laws will need to be adapted. There will still be accidents, and therefore, who's liable when self-driving vehicles make a mistake is a question that’s being debated.
• Financial Services – BUY NOW, PAY LATER (BNPL)
As the Covid-19 pandemic drove unprecedented levels of e-commerce shopping, “buy now, pay later” (BNPL) — saw a huge boost while credit card balances dropped to their lowest point since 2017. Currently, BNPL still reflects a small portion of the overall spending on payment cards (including credit, debit, and prepaid cards), an industry that sees roughly $8T in annual spend volume. But BNPL startups — including Affirm, Klarna, and Afterpay — saw record-setting amounts of funding and deals in 2021. This micro-niche is expected to grow 10-15x to top $1T in annual gross merchandise volume by 2025.
• Renewable (Green) Energy – HYDROGEN
Hydrogen is the most abundant material in the universe and produces close to zero greenhouse gas emissions when burnt and is likely to become the de facto clean energy source in long-range, high-usage transportation and stationary markets. Think trucks, ships, planes, forklifts, and data centers. Air Products announced intentions to build a $4.5 billion blue hydrogen production facility in Louisiana while Mitsubishi committed to developing widespread hydrogen infrastructure across the U.S. Fresno-based Yosemite Clean Energy produces greener hydrogen and natural gas from farm and forest wood waste.
• Manufacturing – AUGMENTED REALITY
Augmented reality is a technology with vast potential in a variety of manufacturing-related fields. AR headsets and goggles allow technicians and engineers to overlay schematics and assembly instructions overtop the real world. Consider an automobile at a certain stage of assembly. Assemblers equipped with AR can see detailed, “exploded” views of the car within their field of vision.