One thing is for sure: the evolution of technology in recent years proves that unless businesses are adopting the latest available tech in the market, they will get eliminated from the game of business. Let’s get straight into the complete list of 20 promising tech startup ideas that have impacted the world and still making waves.

1. VIRTUAL REALITY COMPANY

There seems to be no apparent end in sight for the growth of the Virtual Reality (VR) industry, despite the leap in market size from $6.2 billion in 2019 to $16 billion in 2022. And as if that weren't enough, the International Data Corporation forecasts a CAGR of 77% in the overall global spending on Virtual Reality (and Augmented Reality) from 2019 to 2023. In absolute terms, this is expected to take the market to $120 billion by 2026. If this sounds exciting, get to work brainstorming a concept for your VR startup.

There are three main categories of VR companies:

A) VR product companies

B) VR experiences

C) Other community-centered models.

To decide the right one for you, evaluate the interest in each category in your location, find your would-be competitors in the space, and figure out a way to create a unique VR offering. While the first thing that comes to most people's mind when they think of VR is gaming, thinking that way will only tether you to one facet of the VR industry, ignoring the several other aspects of this massive ecosystem with tremendous revenue potential.

2. AUGMENTED REALITY (AR)

This is a growing trend in mobile computing and business applications. AR uses technology to deliver an enhanced version of the physical world through sound, visuals, or other sensations. The companies behind AR products offer products that allow users to virtually ‘alter' their surroundings for functional or recreational purposes. The AR industry is quite speculative and generates a lot of buzz. Popular AR projects include National Geographic AR installations, Lacoste AR shoes, Heineken AR bottles, PokemonGO, and AR hazard mapping (commonly used in the energy and utilities industries).

Like most people, you might wonder whether anyone uses AI every day or be skeptical about its potential as a viable long-term tech startup idea. To address those fears, consider that in 2019, 68.7 million people used AR at least once daily, and this number grows with each passing day. There's undoubtedly a massive market for AR products. To truly understand the potential in this market, simply consider the number of people who have a hard time visualizing structures, procedures, objects, and processes. Potential users that come to mind here include medical practitioners, urban planners, architects, eLearning platforms & education, interior designers, engineers, physics, game developers, game publishers, museums, and several others.

3. TELEHEALTH AND VIRTUAL MEDICAL SERVICES

One of the most significant changes in the health industry in recent years has been the heavy involvement of technology in the distribution of medical services. Many companies are streamlining their service offerings for the medical industry. Telehealth technology has been instrumental in our gradual but sure transition from live medical appointments to virtual ones. And as more and more health appointments are carried out virtually every day, the telehealth industry will continue to overflow with untapped potential that savvy entrepreneurs can take advantage of. You might be skeptical about the market potential or effectiveness of telehealth. But research has shown that telecalling patients can resolve as much as 80% of all primary healthcare attention.

Furthermore, overwhelming evidence suggests that telehealth is just as effective—if not more effective—than traditional care across all disciplines. Other benefits of telehealth services include: cost reductions, shorter waiting times, bringing much-needed healthcare to rural or remote areas, quick check-ins for at-risk patients.

The hallmarks of a successful startup in the telehealth space include: excellent cybersecurity, an easy-to-use platform, communication channels that allow seamless, stress-free correspondence between healthcare industry professionals and their patients

4. EDTECH

In 2021 alone, VC investment (venture and equity financing) in edtech startups reached a whopping all-time high of $20 billion, indicating strong faith in the potential of this major growth industry. Besides institutions, schools, and other academic establishments taking their entire business online, many other organizations have already begun to design their own online training curriculums. Another contributing factor is the boom in demand for online coaching services, demonstrating the vast opportunities for edtech as a tech startup idea. There are several valid approaches to launching an edtech startup, including using AI, big data, and blockchain to make learning more accessible and enhance the overall experience.

5. BIOTECH

The Norwegian University of Science and Technology defines biotechnology as “technology that utilizes biological systems, living organisms or parts of this to develop or create different products.” One reason biotechnology startups gain such wide acclaim, publicity, and support from investors and governments is their focus on improving the quality of our lives as humans. This technology startup idea is more specialized as the strict governance policies of anything related to medicine make entering and navigating the biotechnology space challenging. So, while you surely don't need to have it, a background in the medical industry will make it a lot easier for you. When a startup makes a breakthrough, its investors, entrepreneurs, and executives reap massive payoffs. And for many, the massive upside potential is worth the immense challenge they face along the way. One thing about this industry is the need to be hyper-solution-focused. This must be your first consideration before getting into this startup niche.

6. CYBERSECURITY

If you've ever wondered how cybersecurity firms make money or why they even exist in the first place, consider this: everything we do these days—from hiring handypersons to banking—can be done online, and cybersecurity firms work behind the scenes to ensure our safety online. The cybersecurity market is projected to hit $352.25 billion by 2026. This should help you understand just how important and potentially profitable this tech business idea is.

Cyberattacks are a real and present threat, and recent times have seen privacy concerns becoming top of mind for many organizations and individuals. In the technology-driven era in which we live, all our information is in digital form, and there's pervasive concern about personal data falling into the hands of bad actors. Moreover, we've seen an increase in the number of scams, ransomware, and malware all over the globe, further calling for more foolproof data protection measures. As a cybersecurity consultant, your role is to evaluate your customers' security systems, run tests to verify their integrity, and offer advice on improving their defense against cyberattacks. Trust is an essential ingredient for success as a cybersecurity startup. You need customers to trust you not just with access to their data and private information but also to choose you over the competition to safeguard their data. This can be especially difficult for a cybersecurity startup since incumbents dominate the space.

7. DRONE COMPANY

From launching a drone photography and videography service to building custom drones, this industry presents diverse opportunities that any savvy tech entrepreneur can take advantage of. Of course, the right business model for you will depend on available investment capital, your particular skill set, and the demand in your locale. If you're handy with a camera and own a drone, then a drone photography service might be the way to go. There's an installed base of customers who regularly require such a service, from residential real estate agents who require aerial shots of properties to events and agriculture. You can get on real estate platforms like Zillow and Redfin to find real estate agents in your area. Then reach out and pitch your services to them. Drones are also now widely used in surveillance, and these days, there are even professional drone racing competitions with large cash prizes up for grabs.

8. CLOUD TECHNOLOGY

As more people work remotely, there's an increase in the demand for cloud services, which makes starting a cloud technology company one of the smartest technology business ideas. To start a cloud technology company, you'll need to invest in hardware, servers and software that is, a hosting control panel. You'll also need to invest in marketing to find new customers and get them to trust you enough to store their valuable data. This is only natural as data has become increasingly valuable, and rampant breaches have increased privacy concerns and regulatory scrutiny of data management practices. Companies must be careful about data handling and ensure the security of the data entrusted in their care.

9. ARTIFICIAL INTELLIGENCE COMPANY

Artificial intelligence (AI) encompasses technologies such as natural language processing, machine learning, computer vision, and many more. In recent times, AI has moved from being the stuff of imaginative sci-fi stories to becoming an important part of our day to day lives, with the technology becoming increasingly sophisticated as its market potential grows. As a rapidly growing industry in the tech ecosystem, the sector grew by 154% in 2019 alone, this tech idea offers myriad opportunities for tech-savvy entrepreneurs.

As AI becomes more common, you must develop innovative offers and ideas that challenge the status quo and set you apart. Consider the daily problems individuals and organizations face and develop unique solutions to them using AI.

10. VIDEO GAMES

Did you know that the global game industry is larger than the Hollywood and music industries combined, with a whopping 2021 revenue of $108 billion?

It's safe to say that there is a massive market ready to buy your product, but the catch is that your game must be unique enough to stand out in the crowded marketplace. Even if you only have an idea and no development skills, you can partner with a game developer to bring your idea to life. Virtual Reality (VR) offers a whole new world of massive opportunities for the gaming industry. And as we enter the age of the metaverse, the collaboration between the gaming and VR industries will produce even more incredible opportunities.

There's no doubt a successful business does give you financial freedom. With the above list, I have presented you with some of the best start up ideas to build your business.

Always remember to Do Your Own Research (DYOR)