Do you plan to create a startup project in 2023 and the number of different opportunities puzzle you? What is really on demand and will help your potential users solve the issues? In the world of IT, picking the right startup trend is particularly important. With its help, you have more chances to attract clients, and investors, winning a place under the sun.
Don’t let the uncertainty daunt you: around 60% of startups usually begin at home. This number equals approximately 32 million small businesses in the U.S. So, what are the things to consider? Let’s explore some of the key tendencies shaping the IT startup market, including the fastest-growing companies, and the best business to start in 2023.
How COVID influenced the IT market
The COVID-19 pandemic has had a significant impact on the global economy. Small businesses faced significant challenges during the pandemic, with a decline in volume, delays in transit, and insufficient capacity, impacting the well-established supply chains.
Despite these challenges, there were relevant opportunities for companies in times of crisis. Some companies had higher post-entry employment growth, and innovative people developed solutions to address pandemic-related issues. Some of them turned their COVID-19 solutions into viable businesses. These are the startup trends that we have today:
- Around 70% of startups had to cancel most of their full-time employment contracts since the pandemic started. So they have switched to hiring outsourcing agencies, freelancers, and remote workers. This choice provides essential consistency and stability in the workflow;
- Healthcare companies had to deal with a large number of patients while still providing timely aid. They’ve started and still continue to develop telemedicine services and remote patient monitoring apps. With these tools at hand, they can expand their influence, help more patients and provide additional services like online appointments, chat with doctors, analysis delivery, etc.
- Businesses from other spheres also transferred their services into the online world by developing mobile and web applications. Their clients can perform most of the actions without living their homes. It’s worth mentioning food companies that have to prioritize the delivery option and online orders.
COVID-19 has highlighted the importance of sensitivity to inequality, fact-based decision-making, and economic contributions. While many startups have suffered due to the pandemic, it has also led to an increase in entrepreneurial activity. Now businesses need to plan and address key tendencies, including digitalization, e-commerce, sustainability, and resilience, to name a few.
Top IT trends for startups to look for in 2023
As we move into 2023, there are several trends that are set to shape the IT landscape. Let’s take a closer look at each of them:
Artificial Intelligence and Machine Learning
AI and ML are becoming more integrated into the apps and websites we use every day. They enable startups to automate processes, reduce costs, and improve customer experience. Some common use cases for these technologies in app development include natural language processing, text and sentiment analysis, summarization, and automated writing. Using AI tools such as chatbots, you can gain a deeper understanding of the customers’ pain, expectations, and satisfaction levels.
Machine learning is a subset of AI that involves training models on data to make predictions or decisions. By integrating ML into your startup business, you can automate routine tasks, streamline operations, and make data-driven conclusions. What’s more, machine learning is capable of analyzing large datasets, identifying patterns and insights, and improving business outcomes.
The widespread adoption of 5G networks is set to revolutionize the way we use our devices and access the internet, leading to faster and more reliable connections. So we can expect to see the rise of new technologies and applications that were previously not possible.
Some of the most promising 5G use cases for startups include apps that converge connectivity, intelligent edge, and Internet of Things (IoT) technologies.
Some companies are also focused on creating applications that utilize the much higher bandwidth of a 5G network. For example, a Singaporean startup Cerexio is developing a Manufacturing Execution System (MES). It’s based on 5G network integration, ensuring high-speed, high-bandwidth, and low-latency data transfers in industrial setups.
Internet of Things (IoT)
IoT is the technology that connects different devices with sensors and allows them to exchange information via the Internet. With this approach, people can create smart homes and workplaces with high efficiency due to automation and voice control.
IoT has become a trend in startups because it allows them to develop innovative solutions that connect more devices with data analysis and decision-making. Many companies are leveraging these technologies to create new products and services, including platforms for building networks, transferring device data, and facilitating data processing solutions. For example, smarter homes with voice and sensor control or smarter setups for agricultural firms.
Investors are also pouring millions into IoT startups, making it a lucrative market. The technology has vast potential, and it is crucial for you to leverage this technology to gain a competitive advantage and deliver value to your customers.
As our reliance on technology continues to grow, cybersecurity will become an increasingly important concern. The number of cybercrimes is constantly growing, with 61% of small and medium-sized businesses claiming to have had at least one cyberattack in the last year.
We mentioned above that more and more companies are adopting remote workflow. This fact makes them vulnerable to cyberattacks. That’s why people should prioritize securing remote access and communication tools.
With more and more sensitive information being stored online, cybersecurity for IT startups will become essential to keep our data safe.
It’s one of the biggest buzzwords in the tech industry, and for good reason. In 2023, it is expected to become a reality in most organizations. These tools allow businesses to create websites and platforms, using drag-and-drop interfaces. It makes the whole process simple and accessible. With a no-code tech stack, any business can create more intelligent systems, automate tedious tasks, and improve overall efficiency.
Moreover, you do not require any technical expertise or programming knowledge with no-code technology. It allows you to cut costs on project development, saving resources for more crucial tasks.
Biotechnology is a rapidly growing field that holds immense potential for your startup. It involves using living organisms, cells, or biological processes to develop new products or processes that can benefit society. In 2023, we can expect to see a new wave of biotech startups emerge. The industry is already valued at $299 billion, and that number is expected to grow as DNA analysis becomes more widespread and advanced.
This startup trend can work on a wide range of applications, including medical treatments, renewable energy, agriculture, and environmental conservation. One of the keys to success in biotechnology is collaboration. Businesses can partner with established companies or academic institutions to gain access to resources, expertise, and funding. They can also leverage emerging technologies like artificial intelligence and machine learning to accelerate research and development.
Fastest growing startups in 2023
It’s wise to research successful competitors in the market and keep an eye on them. You can find valuable solutions, essential features, and options that you are able to improve in your application. So, before getting started the mobile app development for IT your startup, check some of the fastest-growing companies of 2022 and 2023:
- Instacart: a grocery delivery service that allows users to order food products online and have them delivered to their door. People can buy stuff from participating retailers with the real shopping being done by an assistant. Instacart offers both website and mobile app platforms. It has grown rapidly in recent years, disrupting the traditional grocery industry and demonstrating the potential for new and innovative businesses to succeed.
- Robinhood: a financial app that makes it easy for people to invest in the stock market. Robinhood offers a more accessible and user-friendly alternative to traditional investment platforms. So it succeeds in attracting potential clients that are hesitant due to the complex process.
- Peloton: a provider of home fitness equipment and streaming workout classes. Peloton has got a great boost since more and more people seek convenient and accessible ways to stay active and healthy. With its combination of innovative technology and engaging content, Peloton has become a leading player in the fitness industry.
- Airbnb: an online marketplace that allows people to rent out their homes or apartments to travelers. The company offers a convenient website with lots of settings for the desired place like type, time, location, number of allowed quests, etc. The smart algorithm also suggests apartments that are close to the user. As a result, Airbnb quickly became one of the most recognizable brands in the sharing economy.
- Slack: a collaboration and communication platform for teams. Slack offers a more effective way for teams to work together in real-time. It connects people to the information they really need. Thanks to its convenience, you can often see this service as mandatory for some positions.
- Uber: a ride-hailing service that allows people to request a ride with just a few taps on their smartphone. Uber has been a game-changer in the transportation industry and has expanded into other areas, such as food delivery and electric bikes.
- Tesla: an electric vehicle manufacturer that is leading the way in the development of sustainable transportation. With its innovative products and commitment to sustainability, Tesla is one of the most successful startups of recent years.
- Google: a search engine that has grown into one of the largest and most influential companies in the world. Google has a wide range of products and services, including email, maps, and advertising, and is constantly exploring new and innovative ways to connect people and information.
- Amazon: a retail giant that has disrupted the traditional retail industry and expanded into many other areas, such as cloud computing, streaming media, and artificial intelligence. Amazon is one of the most successful startups of all time and continues to shape the way we shop and consume goods and services.
These are just a few examples of the fast-growing companies that are shaping the startup trend and transforming the way we live and work. Whether you’re interested in the sharing economy, fintech, or the fitness industry, there are plenty of exciting opportunities for small businesses in the coming years.
Best business to start in 2023
When it comes to starting a new business, it’s important to choose a sector that is growing and offers plenty of opportunities for advancement and success. Currently, some of the best businesses to start in 2023 in the IT Startup Market include:
- Healthcare: with the ongoing pandemic, the healthcare industry is undergoing significant changes and innovation. Healthtech startups are developing new and exciting products and services to improve the outcomes and make the aid more accessible and affordable. You can create a healthcare app to support your offline services or provide options for wellness.
- E-commerce: e-commerce is rapidly expanding, with more and more people shopping online. This trend in IT is set to continue, offering exciting opportunities for startups in the online retail space. Expand your shop influence into online space, attract more potential clients, and boost revenue.
- Clean energy: climate change is a pressing issue, and the demand for clean energy is growing. IT startup trend in this sector suggests developing innovative solutions to reduce our dependence on fossil fuels and help combat climate change. For instance, provide cost estimations for setting up solar panels depending on the location, as well as wind turbines.
- Fintech: the finance industry is undergoing significant changes, with fintech startups leading the way in developing new and innovative financial products and services. From digital currencies to robo-advisors, there are plenty of opportunities for companies in the fintech space.
The future of IT startups in 2023
The future of IT startup market in 2023 is bright, with many exciting opportunities for growth and innovation. As technology continues to advance, there will be new products and services emerging all the time, allowing you to establish successful businesses in this sector.
In general, the trend is moving towards greater automation and the integration of artificial intelligence in IT startups, leading to increased efficiency and improved outcomes. The companies that focus on machine learning are likely to experience significant growth in the upcoming years.
Consider creating a business in the sphere of clean energy, biotech, and fintech to stay on top of the tide and get more chances for attracting potential investors.
Another tendency to watch out for is the growing demand for cybersecurity solutions. As more and more sensitive information is stored and transmitted online, the threat of cyberattacks is becoming increasingly real. Startups and small businesses that focus on cybersecurity and related technologies are likely to experience significant growth in the coming years.
If you are a startup and need a development team to implement your idea into life, contact us. We will create a pro-level product using the latest IT trends and users’ demands.