5 Promising Niches For Innovative Tech Startups In The Aftermath Of COVID-19

In the words of Alexander Graham Bell, “When one door closes, another one opens, but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us”. Although the global lockdown has already destroyed thousands of businesses, the new reality inevitably creates new niches as new consumer needs emerge. Below, we will discuss 5 promising niches for innovative tech startups in the aftermath of COVID-19.

1. Telemedicine

The crisis of traditional healthcare systems in many countries during the COVID-19 pandemic has exposed many problematic facts about the weaknesses of these platforms. A lot of consumers cannot but wonder whether they are flawed by their design and will only deteriorate in the future in terms of services quality and availability. The main concerns are as follows:

-  Local doctors are too busy to provide a quick response to the needs of new patients.

-  The hospitals in the area are unable to pay sufficient attention to diagnostical procedures.

-  Healthcare systems cannot balance urgent tasks such as treating COVID-19 patients with regular services rendered to the general population.

In this aspect, telemedicine is capable of resolving these challenges without radically changing the whole healthcare system. A patient can consult multiple remote specialists by sending their analysis results and any other relevant data. While this may not fully replace the direct supervision of general practitioners, getting a prompt diagnosis of an urgent health condition can substantially improve the treatment outcomes.

2. Remote Learning

With many schools and universities being closed for a tier 4 lockdown, thousands of students and teachers have to re-learn the basics of the educational process in the new digital environment. This process is far from being seamless and smooth, which opens new vistas for the companies having years of online teaching expertise under their belts. Here are just some of the opportunities that will emerge in the 2020s:

- Virtual classrooms allowing students to choose a unique combination of favourite teachers and subjects.

-  VR-assisted vocational education allowing people to learn practical skills without leaving their rooms.

-  A truly transparent global educational environment where students can leave reviews of individual institutions and courses and contribute to the fair appraisal of their competencies.

3. On-Demand Manufacturing

During the lockdown, many people have regained their prior interest in various crafts and DIY projects. However, realizing your unique designs and concepts can be costly since you need multiple types of supplies as well as professional instruments. Luckily, the lockdown may be the final push towards realising the truly remote access to on-demand manufacturing. As many 3d printing facilities and manufacturing SMEs find it difficult to secure a steady supply of orders under the current economic situation, they become more willing to accept private requests. In a few years, assembling a custom PC case or building a dream home office desk can be as easy as ordering the parts from your nearest IKEA.

4. Cybersecurity Provision

Let us face it, remote workers are facing enough hardships as it is. They are undergoing a crash course in using cloud systems and time trackers. They are working from their homes where they have been locked down with bored children. Good luck forcing them to remember a strong password and change every week.

The facts are simple:

-  Workers do not want to observe complex security provisions.

-  It is difficult for small business owners to monitor whether they log into the system from an unsecured public Wi-Fi or store passwords on shared computers.

-  A single breach can cost thousands of dollars and easily kill a small business.

These facts suggest that cybersecurity services and software suites are going to be one of the most demanded third-party offerings among global businesses in the 2020s and beyond.

5. Fintech

With millions of people unable to meet their family members and friends all over the world, the demand for prompt and reliable remote payment transfers has spiked in 2020. With most brick-and-mortar providers charging £25 or more per single transaction and frequently requiring several days to process a simple money transfer, such challenger banks as Revolut, Monzo, and TransferWise have suddenly found themselves on the cutting edge of global demand. They generally offer superior customer experience for digital-native audiences while also being generally better payment systems.

No matter which niche you choose, the time to act is right now. Developing a new tech startup takes time. The severity of the situation suggests that the companies addressing the urgent needs of customers can quickly win a large share of new markets. Unfortunately, this also implies that there is a closing ‘window of opportunity’ leaving latecomers behind.