Growing tech markets: From chips to data to energy

Five future tech markets open for business for first movers.
5 September 2019

Close-up of a Raspberry Pi Model-B Rev2. Source: Shutterstock

Nearly all industries are becoming digitized and automated, presenting a range of opportunities for entrepreneurs.

If businesses are complacent or stuck in old ways of doing things, they may struggle or fail. Nimble, adaptive business owners will likely improve profitability through tech transformations, provided that those transformations honor the essence of their product or service and consider the customer foremost.

By keeping a responsive, tech-friendly mindset, businesses can engage with their customers in more personalized ways through creatively-blended marketing channels.

They can also boost their measurement capabilities, reform internal processes with data-driven strategies, scale their operations through cloud services, increase security and payment possibilities through blockchain, speed up the cycles of technological implementation, and leverage AI throughout their supply chains. It’s a lot to undertake but analysts seem to be optimistic. From chips to data to energy, many tech markets are expected to grow over the next several years.

The (near) future tech markets

The future is coming at a breakneck pace. AI can figure out what customers value most, build customized products, and deliver them directly to doorsteps through innovative, autonomous delivery vehicles that operate flexibly. A lot of this is happening without much regard for labor implications. Products will be more affordable. Processes will be streamlined. But transformation can be messy.

Some tech vendors might be willing to put in extra work for a premium. They could offer “white-glove” services, guiding uncertain businesses through all these possibilities before implementing and optimizing the solution that makes the most sense.

Here are some areas of anticipated tech market growth, connected with technological transformation:

The Deep Learning Chipset market is worth watching

According to Transparency Market Research, many tech multinationals have well-fortified positions in the global deep learning chipset market. And the market could expand with a CAGR of 24.7 percent from 2017 to 2025. Major categories include CPUs, FPGAs, GPUs, and ASICs. North America is expected to take a strong geographical lead in this market due to R&D investments.

The IoT vision is still alive as sensors become more accessible

The price of sensors is expected to decrease dramatically due to manufacturing improvements. The global IoT tech market could reach US$318 billion by 2023, an estimate that is inclusive of software, services, connectivity, and devices. This would be a 245 percent increase over 2018, according to GlobalData.

The data storage market could hit US$118.22 billion by 2025

We are collecting data from everything, everywhere, and it all needs to go somewhere. The global market for next-generation data storage was valued at $53.1 billion in 2018. During the forecast period of 2019 to 2025, it’s projected to grow at a CAGR of 12.5%. Analysis from Grand View Research indicates that an escalated use of mobile computing devices is also contributing to that growth. The industry is trying to facilitate real-time and reliable access to data while also grappling with cybersecurity challenges.

Agile methodology is spreading to other industries, with a CAGR of 17.9 percent from 2019–2026

Silicon Valley has come up with some distinctive ways of working. Agile methodologies are now extremely well-known, even outside of software development. A report from Allied Market Research pegged the US enterprise agile transformation services market at US$4.91 billion in 2018, with expected growth to a market size of US$18.19 billion by 2026.

Technology is automating and augmenting business activities at an incredible pace. But technology-driven frameworks, disciplines, and practices can also be powerful, enabling adaptive, cross-functional approaches to projects that might otherwise be long slogs.

Pumping out energy for a new, high-tech world

For a technologically transformed world to last, it needs to be plugged into a reliable outlet! The tech market for advanced energy storage systems could reach US$211.2 billion USD by 2026, according to Fortune Business Insights.

Developing countries have increased the demand for electricity. Policymakers are trying to influence a paradigm shift toward renewable sources, more energy-efficient batteries, and more sophisticated systems. But new sources of power can be complicated. Walmart is currently suing Tesla. The retail giant claims that the negligent installation and maintenance of solar panels caused fires on multiple store rooftops.