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This blog series identifies market gaps in different industries and presents the business potential in the industry segments.
The first part of the blog series covers the market gaps in cloud gaming, online dating apps, and cyber security industries.
Part II of the series discovers market gaps in the following three industries:
- Online Collaboration Platforms
- Data Storage & Processing
- Smart Travel apps.
Let’s dive in and discover the hidden potential of the market gaps in these industries.
1. Market gaps in the Online collaboration platforms industry
Why now?
During the pandemic, companies around the world adopted the new ‘normal” way of working. Remote work became mainstream. Online collaborative platforms substituted corporate offices. The technology behind these platforms should enable seamless collaboration. In the future, hybrid work models will most probably take over. About 47% of organizations didn’t use collaboration platforms pre-pandemic.
In 2021 it’s clear that the trend of collaboration tools and platforms will be the new norm.
What’s the potential?
The popularization of remote working and freelancing increased the demand for collaboration platforms and remote education implemented because of the pandemic.
The size of the team collaboration software market is projected to reach $26,493 million by 2027, growing at a CAGR of 13.2% from 2020 to 2027.
As workloads move to the cloud, the ability for management functions to collaborate and resolve problems can suffer from a collaboration gap. Collaboration is essential for productivity, and IT efficiency relies on it. So, collaboration for modern companies and IT operations means getting the most relevant data to the right person as soon as possible. The interactive whiteboard market (IWB) size will reach USD 7.35 billion by 2030 at a CAGR of 6.0%.
What’s the key to success?
Collaboration tools solve the issue of remote work communication. It is a quick answer to minor communication issues. The majority of organizations work in silos, so they need tools to engage each of the silos to contribute to the bigger objectives. A great way to prevent these silos is through collaboration tools like workflow management software.
The growth of the collaboration platforms in 2021 is described as a viral trend. This is mainly due to remote work. But despite the upgrades and improvements, existing collaboration tools don’t guarantee equal engagement and productivity of the different parts of the organizations.
Enterprise Service Management (ESM) can solve these issues. However, the organizations still do not adopt it as other communication-focused collaboration tools (such as Miro and Slack).
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2. Market gaps in the Data storage industry
Why now?
Data storage & processing systems became a critical component of the company’s IT structure. The surge of AI and IoT generated an astonishing 90% of all data in the past two years. Also, secure remote access to shared data and data protection are top industry priorities in hybrid working environments during the pandemic.
The value of the data (capture, storage, residing place, and protection) requires complex storage options. According to experts, five trends characterize the storage industry: hybrid multi-cloud, flash storage, AI, software-defined storage, and Storage as a Service (StaaS).
What’s the potential?
By 2022, an additional 20% of companies plan to use cloud storage. The storage market is changing fast, so organizations need preparations for adopting flexible storage solutions. Hard drives, all-flash storage, and cloud file-sharing services will have significant gains (17%, 14%, and 10% respectively). As a result, network-attached storage (NAS) is expected to grow at the highest CAGR by 2025.
The global penetration of IoT in retail, healthcare, and manufacturing will drive the next generation of data storage. The storage market is focused on scalable and flexible cloud platforms due to the continuous rise of the volume of data.
What’s the key to success?
The key driver of potential for new solutions is the growth of data. There is no ‘one-size-fits-all solution for data storage. Future solutions can address the most challenging data issues in 2021: data security & protection, storage scalability, and data accessibility.
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3. Market gaps in the Smart Travel Apps industry
Why now?
The travel industry is expected to explode after the pandemic. But, traveling may never be the same as before. Travelers are becoming more interested in easy-to-use apps for safe travel. They may serve as vaccination passports as well. The post-pandemic traveler will need effective service and useful apps. Consumers desire contactless technology, and that trend will continue post-pandemic. The shift in generations of travelers is another key driver for innovation in this industry.
What’s the potential?
More than 60% of the travelers book and pay for travel via smartphone. Travelers rely on their smartphones during their trips. Also, travelers had longer vacations in 2021- a trend that will likely continue because of prolonged lockdowns and remote work.
What’s the key to success?
The new generations are focused on integrations, discoverability, and utility. With improvements in AI, travel planners like Una will be essential. Smart travel apps offer personalized travel itineraries. Mobile travel apps need enhanced features to provide a smooth end-to-end travel experience. Creating tailor-made travel products will help the recovery of the industry in the future.
We have worked with over 500+ startups in 15 different industries on launching their products, GET IN TOUCH if you want a successful product launch.
Or if you want to learn how to identify market gaps in your industry, take advice from our innovation consultants in our must-read article. Then, stay tuned for the third piece of the series and learn more about market gaps in three other industries.
- Industries with potential market gaps that will explode in 2022 – Part 1
- Industries with potential market gaps that will explode in 2022 – Part 2 (This article)
- 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 (Coming soon)
