970*90
768
468
mobile

How Is The Tech Revolution Creating New Industries?

Abhishek Kumar Singh
Abhishek Kumar Singh Oct 28 2021 - 4 min read
How Is The Tech Revolution Creating New Industries?
From making a pen to a powerhouse, everything is reliant on technology; this article will help you discover some of the tech-led industries for a good business approach

There would rarely be any area left where technology did not invade. Let's thinks of the most common thing human do? Right, it is breathing. Now, some brands are manufacturing high tech filtrated masks claiming to provide better quality fresh air. From making a pen to a powerhouse, everything is reliant on technology.

Now, this everything includes many things and industries, about which we will talk in this article.

Fintech

Commonly known as financial technology, fintech is an amalgamation of finance and technology. Technologies that facilitate financial services by software, such as online banking, mobile payment apps, or even cryptocurrencies, assist consumers and financial institutions. 

Consequently, any business that uses these services to enhance or automate their work or procedures has to be related to finance. Fintech refers to using advanced technology to provide consumer and business financial services. Financial technology encompasses everything from buying and selling cryptocurrencies to authenticating electronic payments, mobile banking and insurance to crypto and investment apps.

Edtech

EdTech is something students and education business enthusiasts can relate to. Edtech is the combination of "education" with "technology" that refers to hardware and software solutions designed to enhance teacher-led learning in classrooms and improve students' education outcomes.

Despite being in the early stages of its development, EdTech shows promise as a way to tailor a curriculum to a student's ability level by introducing and reinforcing new content at a pace the student can handle.

Biotech

Biotechnology involves biological systems, living organisms, or parts of them to create different products.

In such traditional methods, living organisms were typically used in their natural form (or further evolved through breeding), to get desired results while a more modern approach to biotechnology involves more advanced modifications of the biological system.

For instance; Yeast (a living organism) becomes a cell material to create products in biotechnology. Beer brewing and bread baking are some more on the list.

Medtech and Healthtech

The Medical Technology field encompasses a wide range of fields. It combines technology with patient care in the healthcare industry. The equipment, tools, and devices that MedTech provides allow doctors and patients to diagnose and treat patients. Medical devices range from simple bandages to dental floss, thermometers, catheters, wheelchairs, and complex MRI machines, CT scanners, PET machines, and laser machines. Technologies in healthcare are devices and processes that are used for diagnosing, treating, improving, and caring for people's health.

The term "health tech" refers to technologies designed to improve all aspects of the healthcare system. By making hospital processes more efficient and personalizing treatment plans, healthcare technology improves patient lives.

To put it as simply as possible, health tech is more consumer-facing applications focused on improving personal and preventative care. Medtech, on the other hand, tends to be technologies used to treat existing medical conditions and enhance diagnostics within a hospital setting.

Legaltech

As the pandemic hit India, technology has played a significant role in lawyers job life. It also gave birth to Legal Technology currently being used both in-house and at law firms.

Legaltech processes are important and work very fine as both law and technology revolve around knowledge. To better understand, Law included specific forms of knowledge, while technology is the application of scientific knowledge in practice.

Conclusion

Technology did not come to us in one day. It took months and years to get emerged into our life. Still, it performed some radical changes owing to which we can consider technology as a revolution. The average person now accepts it as a crucial part of their daily lives and shows exceptional interest.

That is why it is compulsory for every nascent businessman and entrepreneur to understand these tech-led changes and plan the steps accordingly. 

 

 

 

 

 

 

Subscribe Newsletter
Submit your email address to receive the latest updates on news & host of opportunities
Entrepreneur Magazine

For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you

or Click here to Subscribe Online