Identifying market gaps is as easy as searching for a four-leaf clover. It requires a mix of skills, approaches, and research. Every successful business has found a gap in the market. Netflix, for example, found several market gaps and disrupted the media streaming market. Airbnb discovered that any spare bedroom could generate income. Uber solved the problem of inconveniences of getting a traditional taxi ride.
When looking for opportunities for new business ventures, you can try the following approaches:
- Find the right market gap that you can take advantage of. Assess your strengths and search for the gaps that fall into your area of expertise.
- Тiming is everything. If the market isn’t ready to evolve, no matter how genius your innovation is, it won’t take off (and your business will fail).
- Know your competitors. Researching the competitors is one of the best ways to discover untapped opportunities. See what the customers like and don’t like about them and find your unique edge.
We challenged our team of innovation consultants to discover market gaps by using these approaches. Each team member had a few high-growth industries in mind where they would gladly invest a generous amount of money. This is the first part of the series on market gaps and opportunities in different industries, from cloud gaming to renewable energy. Let’s dive in.
1. Market Gaps in the Cloud gaming industry
Why now?
The Global Cloud Gaming Market is estimated to reach USD 4.98 Billion by 2025, growing at a CAGR of 16.7%. Also, the rapidly increasing adoption of the Content Delivery Network market is expected to create growth opportunities for the global cloud players.
On top of that, the pandemic imposed remote work, which flooded the gaming market with new users. As a result, there has been an increased demand for gaming in the past year, and it keeps growing week by week.
It’s not surprising that big players like Amazon, Microsoft, Sony, and Apple have launched or are getting ready to launch gaming subscription services.
What’s the potential?
The cloud gaming industry will advance to the next level by tackling a few issues: cloud computing optimizations, adoption of 5G, and re-platforming of software infrastructure. It is worth tackling these issues since the interest in cloud gaming is growing. 44% of gamers say they would subscribe to a cloud gaming service.
Subscription-based gaming services can become as commonly used as Netflix in the future.
Also, 5G- enabled phones open new opportunities for cloud gaming. The fast internet speed of 5G will allow gamers to enjoy high-quality games on laptops, smartphones, and tablets.
Pay close attention to the mobile gaming industry. Although mobile gaming and cloud technologies are not an obvious pairing, predictions are that cloud gaming could represent almost half of 5G data traffic in 2022.
What’s the key to success?
Fast performance is critical to gamers, being cited as the most important aspect of gameplay across all age groups. Shadow, one of the best cloud gaming services, found a way to fill this gap by offering a high-end PC experience on everyday devices for a moderate subscription fee. Also, with the growing adoption of 5G and major improvements in phone graphics performance, the mobile gaming market is definitely a spot to look for business opportunities.
If you’re on the lookout to invest DOWNLOAD the complete FREE e—book with 15 industries with market gaps that will explode in 2023 HERE.
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2. Market Gaps in the Online Dating Apps Industry
Why now?
The matchmaking industry or “the business of love” is now having a moment on its own. Online dating became a social trend for finding suitable partners. This is a fast-growing market of nearly 8,000 dating sites worldwide. The biggest player is the Match Group comprising 45 brands such as OkCupid, Tinder, and many more.
The major factors that drive the growth of this market are the rising adult population, increasing internet penetration, and the current situation with the pandemic.
During the pandemics, the activity on dating apps has surged. The online dating services market is estimated to grow at a CAGR of 4% over the period 2021-2026. It is a fast-growing industry, and it is definitely worth the try.
What’s the potential?
During the pandemics, the online dating game reached its peak. In times of social isolation, dating apps became mainstream causing many people to have several dating apps on their phones.
The users of these apps range from 18-29 and 50+. Still, people are craving real interaction where they can meet potential romantic partners. Photos are not enough, they say. That’s why some popular dating apps strive to offer better quality matches based on more in-depth user profiles. The apps introduced audio, and video calls for ice-breaking online dates. This is inspired by the need for making connections instead of endless swiping user profiles.
In the words of Jim Lanzone, CEO of Tinder, “the moment when someone is ready to swipe left or right on another user is a really rich area for innovation.”
What’s the key to success?
Users will eventually return to in-person dates once the pandemic conditions improve. Still, video dating might remain a popular way to screen potential date partners. In this regard, AI can bring exciting new possibilities for online dating.
Personalized experience and precise algorithms powered by AI can significantly improve the dating profiles and their matching. User research suggests that people look for deeper connections instead of instant gratification and entertainment on dating apps. AI can enhance communication by sensing misunderstandings and helping users find common ground in their first interactions.
If you’re on the lookout to invest DOWNLOAD the complete FREE e—book with 15 industries with market gaps that will explode in 2023 HERE.
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3. Market Gaps in the Cyber Security Industry
Why now?
As the digital transformation of businesses speeds up, cybersecurity increases in importance. Digital transformation is here for the long run. Security leaders must be aware and prepared for the risks that digital transformation presents. Cybersecurity is therefore critical in the digital era. The global market size in this industry is projected to grow up to 345 billion by 2026, recording a 9,7% CAGR from 2021 to 2026.
What’s the potential?
There is an enormous increase in hacked and breached data as a side effect of the global pandemic. One risk report suggests most companies have poor security practices (for example, only 5% of the company’s folders are protected). Every employee has access to millions of files on average, making the remote workforce a target for cybercriminals.
The classic problems in cybersecurity are DDoS attacks, malware, and phishing scams. Other suggested predictions to watch for are cloud breaches and IoT devices that are vulnerable to cyber-attacks.
What’s the key to success?
Companies lack solutions and resources to tackle cyber threats. Standalone tools don’t provide meaningful security anymore. Instead, companies need integrated systems of solutions. Holistic solutions that integrate cybersecurity systems can be successful in the future.
Another issue that this industry is facing is the skills gap. The talent market has a severe shortage of cybersecurity skills. Reportedly, finding an experienced Security Analyst, Cloud Security Architect, or Threat Researcher requires several months and investment. The projected skills gap of 350,000 cyber security workers in Europe by 2022. This gap opens a lot of opportunities for increased education in the field of cybersecurity.
This is a great time to get involved in this industry since the global information security market is forecast to reach $170.4 billion in 2023.
If you’re on the lookout to invest DOWNLOAD the complete FREE e—book with 15 industries with market gaps that will explode in 2023 HERE.
If you are interested in more tips on identifying market gaps, take advice from our innovation consultants in our must-read article. Otherwise, stay tuned for the second piece from the series, where you will discover market gaps in three other industries.
- Industries with potential market gaps that will explode in 2022 – Part 1 (This article)
- Industries with potential market gaps that will explode in 2022 – Part 2
- Industries with potential market gaps that will explode in 2022 – Part 3
- Industries with potential market gaps that will explode in 2022 – Part 4
- Industries with potential market gaps that will explode in 2022 – Part 5
