How to Make Fortune with Technology: Top 5 Revenue Streams for 2023
The technology industry has become a hotbed of innovation. And with innovation, money follows!
Millennials and Gen Zs have earned more money and fame than their predecessors simply by investing in technology in such a short time. And if you are wondering how to do the same, read on!
This blog is a detailed guide on technology streams you can invest in to make fortunes. It will cover the five most profitable streams to invest in, along with a brief insight into each.
So without further ado, let’s get started!
5 Most Profitable Things in Technology to Invest in Today
Here is our list of the five most profitable technology streams for investment:
On-Demand Mobile App
Look around and see how on-demand ride-sharing apps like Uber have become integral to our society. Their unprecedented growth and exposure clearly indicate that on-demand apps are the future.
The on-demand mobile app industry is currently valued at over $150 billion and is projected to become a whopping $335 billion by 2025. If you are looking for a safe and secure investment opportunity, on-demand app development is your way to go.
But do all on-demand apps make it to the mainstream? The answer is a big NO!
The reason why most on-demand apps fail to attract users, as Uber did, is because of the lack of originality and no value addition. People lacking industry knowledge tend to become millionaires by replicating other popular apps, and this results in a terrible failure (most of the time)
If you are willing to invest in building an on-demand mobile app, pick up a niche and start conducting research about the latest trends. Work with numbers, create a marketing plan, figure out the problem, and make sure your app has the solution people would love to give a try.
Once you are done with research and planning, conduct interviews with multiple app developers in Los Angeles, Houston, or any other major tech city and kick start your app development process.
Building an ecommerce store is the second most profitable investment after on-demand app development. Unlike building an on-demand app, setting up and running an ecommerce store does not require substantial capital investment.
Setting up an ecommerce store eliminates the need to run a brick-and-mortar store and saves you a lot of money that you’d otherwise be spending on rent.
This approach could be really helpful for retailers and small business owners looking to expand their network and reach a broader audience. Many retailers have shifted to ecommerce stores following the drastic decrease in customer footfall since the pandemic.
You can take inspiration from other ecommerce stores and replicate their design or functionality. The only thing that you need to focus on is providing an exceptional customer experience to the visitors.
You can either hire ecommerce developers to build your store or build your own customized ecommerce store on Shopify and other similar platforms for a small monthly subscription.
Unless you have been living under a rock, you must have heard of software like Salesforce, Mail Chimp, Canva, and Slack. All these companies now have a valuation in the billions. And guess what? They all started as commercial software startups a couple of years ago.
There is no doubt earning potential of commercial software is immense.
Building commercial software requires immense industry knowledge, years of experience using similar software applications, and a solid financial background to influence venture capitalists and investors.
You can pitch to your company’s board of directors and investors if you are facing a critical issue at any level of your organization and overcome it with a fully-functional commercial software.
On the other hand, you can seize the opportunity and build commercial software like Canva or Slack for a broader audience and earn from a subscription-based model.
Mobile Gaming App
Mobile gaming has eclipsed both the console and PC gaming industries in recent years. Seeing the unprecedented growth of the mobile gaming industry, gaming franchises like COD and PUBG are now making games for smartphones.
Game development obviously requires a comprehensive plan and substantial investments, but the returns here clearly eclipse the costs.
If you are a gaming enthusiast willing to go one step further and bring your imagination to reality, investing in mobile app development is the right choice. It’s a risk worth way more than the combined efforts and money.
You can start by closing down on the niche and taking inspiration from the leaders in that niche. Create a comprehensive game development plan, consult game narrative designers, and hire a reputable mobile game development service provider to kick-start your game development project.
The number of healthcare apps on both the App store and the Play Store has multiplied drastically since the recent pandemic. Mobile healthcare has quickly become a billion-dollar industry, with an estimated valuation of around $50 billion. And this could be your gateway to becoming a millionaire, especially if you’re associated with the healthcare industry one way or another.
Healthcare is a colossal sector encompassing everything from exercise, healthcare appointment booking, and self-help to monitoring and even meditation.
If you are a medical practitioner, you can create a mobile app for personal branding and acquire twice or thrice as many clients as you usually do. Plus, the WFH and remote culture is bolstering nowadays. You can take advantage of this and start conducting online checkups with a mobile healthcare app.
Similarly, you can create a fitness app if you are a gym freak or a fitness trainer to extend your services globally via a fitness app.
The mobile app industry is growing at an unprecedented rate. Seeing the trends and drastic increase in smartphone usage, it is evident that technology, especially mobile apps, will change the world for good.
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