Six lucrative app industries to start a business in
The world is increasingly changing in the way things are done, and we are looking for instant solutions without compromising simplicity and convenience. This has catapulted the app industry forward considerably.
When you add to the mix the changes brought by the COVID-19 pandemic that limit in-person contact, developing apps can become quite a lucrative business venture.
However, you need to consider the app industries that hold the most potential as profitable business opportunities before you start. To help you figure out the right industry, here are six that have the most promise as lucrative app industries.
Telehealth and telemedicine apps rose into popularity due to the global health crisis arising from the COVID-19 pandemic. This was in the spirit of continuity of healthcare at a time when visiting health facilities wasn’t an option. Now, if you’re sick and it’s not an emergency, you don’t have to plan for a physical visit to a health facility.
You can engage a doctor through a web or mobile app to check your symptoms, reading medical images, health record reading and translation, and drug prescription. This significantly reduces the risk of exposure to other people, doctors, and hospital staff. Health facilities are also increasingly using apps to monitor patients, especially those in intensive care units (ICUs).
You can develop healthcare and telemedicine apps for patient services or for assisting health professionals. The healthcare industry still has considerable potential as a lucrative app industry even with several successful apps already in the market. Here’s a detailed guide on how to build a telemedicine app.
On-demand service apps have grown explosively over the years and changed the way users interact with brands, products, and services. People have also become accustomed to receiving instant services at their convenience. These apps are revolutionary and innovative, and experts attribute this growth to their problem-solving features and qualities.
There are on-demand apps for garage services, grocery shopping, food delivery, and many more. It may seem like almost every service you need has an app to it, but there’s still room for more. These apps proved especially helpful during the pandemic when movement restrictions hit.
However, you need to have a unique and practical idea as that will determine user demand. You need to identify a problem and determine a suitable solution. The next task is to create a platform that will connect your target users to other people or companies. On-demand service apps are some of the most lucrative to venture if you have an innovative idea.
3) Hospitality and travel
Many people travel locally and internationally every year for business and leisure. Travel and tourism offer the break that most people need from routines and busy schedules. Digitization has made finding affordable and exciting destinations, arranging transportation, booking accommodation, and flights more seamless.
The COVID-19 pandemic may have profoundly impacted the travel industry, but the demand for travel-associated apps is still rising. Within this industry, there are multiple niches and different app ideas for developing apps.
Some excellent examples include:
- City tour apps that direct tourists to the best attractions and give tips on local stores and utility areas.
- Accommodation finders that help visitors find accommodation alternatives apart from hotels.
- Public transportation guides such as train and bus times, car or bike rentals help tourists conveniently find their way around a place.
- Nightlife and entertainment hub guides.
Touring and travel apps remain among the most lucrative app niches today if you can give users what they need. (3)
4) Virtual reality (VR) and augmented reality (AR)
For the longest time, VR and AR were primarily associated with the entertainment and gaming industries. Today, you can apply them in numerous other sectors, including real estate, automotive, travel, retail, healthcare, marketing, and many others.
Because these technologies have many applications and are exciting, developing apps oriented to AR and VR can be quite profitable. These are some of the best examples of AR and VR apps and where they’re used in:
- Medical training where students can practice performing surgeries without having to work on real cadavers.
- Interior design AR and VR apps allow buyers to select furniture from stores and arrange them in a virtual room to see how it suits their space.
- Real estate agents can virtually show houses.
5) Gaming and gambling
The gaming and gambling industry needs no introduction. Previously, most of the games available on mobile and web apps were only in casinos and gaming studios. Today, online and mobile gaming popularity is soaring, and there are no signs of stopping. Experts even predict that the industry to be among the fastest-growing in the near future.
Most traditional gamers are now moving online. These changing consumer habits have been influenced by comfort, convenience, and privacy offered by gaming apps. Therefore, if you have a new and intuitive adventure that you can offer users, a ready market is available.
6) Financial technology (FinTech)
Finance and technology are among the biggest industries globally. The combination of the two creates an exciting and appealing place for investment. FinTech apps are known for revolutionizing financial operations by easily connecting consumers to finances and financial services.
Some of the apps focus on financial institutions, while others on consumers and merchants. They include banking apps, budgeting, mobile payments, financial and investment management, crowdfunding, and more. According to research, the FinTech industry generates billions of dollars annually, and the figures are expected to keep rising.
When compared to other technologies, FinTech is still in its infancy stages. This makes it a lucrative app industry to start a business in for the potential it holds now and in the future. Therefore, if you can identify a gap that needs filling and have an idea to help users effectively, pick a niche in the financial market for app development.
What kind of app could you make money from?
With the industries discussed above, you have an idea of which one can suit your app. The best advice is to go to the industry you’re most familiar with or have experience in.
Therefore, do some market research and analysis, gap analysis, competitor research, and other types of analyses. This will help you determine if the industry you’ve picked has the potential you’re looking to get.