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8 Most Profitable Technical Ventures
Profitable Technical Ventures
Technical ventures are the most financially rewarding businesses of the decade. They, however take immense mental concentration, hefty investments and development effort to succeed. But if you have a unique idea that solves a pressing problem, execute it with a team that shares your vision to create a difference and you launch it correctly – your revenues fall into place. If you too wish to start a technical venture that’s more than a hustle, but definitely generates a handsome revenue stream, here are top 10 technical product ideas you can start developing today and yield economic benefits from them tomorrow:
1. SaaS
SaaS, abbreviated for Software as a Service are different from traditional software in the way they function and are stored. Unlike traditional software programs, SaaS are hosted on cloud services like Amazon, Google Cloud or Microsoft Azure. Also, users don’t install or download these SaaS on their physical devices, but use them on a subscription basis on their browsers.
Some popular examples of profitable SaaS include HubSpot, Canva, Adobe Creative Cloud, Grammarly etc.
SaaS development is one of the most expensive technical ventures and you’ll have to work with a custom software development company to create a business plan, build the program, market and launch it for high-end user experience and payback on your investment. Some ideas for trending SaaS include videoconferencing and corporate communication tools, AI-based design and content creation apps, lead generation and marketing automation tools.
2. Mobile game
Again, mobile game apps, whether you monetize for free or premium, are highly lucrative, yet require heavy development budget. To manage your technical product development costs, you can opt for hiring app developers nyc or Austin. These regions are growing tech hubs that offer competitive development rates for a software development company in Chicago, and project manager, too, stays easy when you hire locally.
While this is for the budget part, the game story plays a highly significant role in the success and revenues. You can choose to launch a mobile game in niches like role play, real time strategy, play to earn, arcade, horror, history and wars. Or, you can choose to integrate emerging technologies like blockchain, AR and VR, AI and ML and Internet of Things.
3. Healthcare app
Healthcare apps attempt to bridge the gap between the supply and demand of healthcare provision and services. You can choose to launch a healthcare app that either focuses on physical or mental wellbeing. You can launch a native app for either Android or iOS, or go for a cross-platform app and work with an android app development company to bring your vision to reality.
In the physical health domain, you can launch an app that reminds users of taking specific glass of water or diet, manages a disease or its symptoms, provides ways for telemedicine and online medical consultancy or diagnoses a disease through use of artificially intelligent medical imaging.
In the mental health domain, you can launch an app that tracks mood and symptoms of mental health diseases like PTSD, anxiety and depression. Adult coloring books, chatbot companions, mood trackers, sleep improving apps, meditation and mental exercise apps are all popular examples of healthcare. In fact, there are super successful case studies in the domain as well. Calm, Headspace, and Wysa are examples of mental health apps currently the most profitable in the domain.
4. Blockchain app
As the name suggests, a blockchain app uses one of the blockchain strings in its backend architecture. These apps can fall into different app niches and categories like fintech, crypto trading, investments, education, real estate smart contracts, NFT apps and games, play to earn games and decentralized exchanges.
Some popular examples doing really well financially in the market include Axie Infinity, Cryptokitties, Ether Legends, Aaave, Binance and Uniswap.
5. Fintech app
Fintech apps, or call them an amalgamation of financial apps and advanced technologies, automate the delivery of financial services like money transfers, online payments, tax verification and payment, budget management, loan records and executions, investment operations, forex functions and so on.
Because these apps deal with money, they have to be highly secure, provide exceptional user experience. As a result of this conceptual architecture, these apps require quality development effort, financial resources, and so, once succeed, become high revenue generating machines for their appreneurs. Wealthfront, PayPal, Stripe, Square, Robinhood, Acorns etc are popular examples of successful fintech apps.
Again, you can choose to launch these apps for either Android or iOS, but we highly recommend you provide a platform to users of different operating systems and devices and come up with a hybrid or cross platform app. you can choose to work with react native or flutter developers for such apps.
6. Smartwatch app
Smartwatches are getting more popular than ever. And with apps like Accu Weather and Google Keep, people are getting over their dependence on mobile phones to operate smartwatches. These apps require precise, minimal user interface and should provide an exceptional on-the-go user experience.
For smartwatches, you need to carefully niche down and then come up with an app idea that adds utility, usability and value to users. Now there are two options, you can launch a mobile app, then launch a smartwatch extension for it, or introduce an app dedicated to smartwatches.
Weather apps, note-taking and voice recording apps, dictionaries, heart rate monitors, reminder apps and car booking apps are great niches for smartwatches. Most smartwatch apps earn through premium subscriptions like Spotify. Other apps earn through ad and sponsored content viewed on mobile app extensions.
Wrapping Up…
While ideas and app niches are important for the success of a tech-based venture, the next smart business move is to find a team that shares the same vision of creating a difference through a product. Look for a team that is ready to put in time and effort, hours and code to skyrocket your business. For long-term success, app user retention and high downloads, you also need right execution, timely launch, either soft launch or hard launch, right marketing and discipline from your and your team’s end.
Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.
