Markets in tech sounds informal, but words like sectors and niche sounds like the corporate ones. Going forward, we would be making reference to any but have it in mind that we are discussing the same thing.
These days, the speed at which technological ideas and innovations are popping up is going fast. If measures are not taken to keep records, new ideas might get lost in that pool of old ones.
Many times, the difference between a new idea and the existing idea is the area of application and the technology involved. For non-technical people, categorizing each of them by adding a -tech suffix to the niche they are needed makes it easier to understand where the idea is being implemented. There are different markets in the tech world and each of them is named after their area of application. Just like our regular market where there are different sections where stuff is being sold, so is this.
We might not be able to name them all in the list below, but after reading this article, as a non-technical person or not, you won’t go clueless when you see a new word referring to a particular niche in tech.
Fintech simply equates to Finance + Technology. It is also referred to as Financial technology. In this sector, introducing and working on existing ideas to create a better financial system and provide better services as regards the financial system. As it is a digital world, the comfort of sitting in your home and making payments or transferring money to any part of the world cannot be overemphasized. This is why Fintech is here.
Fintech is probably the most used niche word when it comes to tech. Many non-technical people don’t know there exist other words.
Edtech means Education + Technology. Technological advancements to make learning easier for students are in this sector. The use of projectors and slides, the use of laptops instead of physical notes. The availability of research materials instead of going to the location to conduct the research. The availability of applications for online meetings eases the stress of going down to the meeting venue.
All these and many more with the newest technologies have upped students’ enthusiasm to learn. This also helps the students focus and discover more about themselves.
Healthtech means Health +Technology. Technologies that help in making health and healthy living attainable are in this category. The sector applies organized knowledge and skills to provide the solution to health problems. This could be in the form of medicines, vaccines, devices, food, procedures, and systems.
Greentech is used interchangeably with Cleantech. Just as the names suggest; Green + Technology and Clean +Technology. This has to do with making our environment livable and recycling recyclables to protect the environment.
This means Food + Technology. Nutrition, preservation, checking of calories and every other thing to improve the food industry are in this category. Other ones like virtual restaurants, virtual assistants to pick out restaurants based on user’s preference, and other fun ideas are in this niche too. Foodtech is a technology that revolves around food.
Biotech means Biology + Technology. This is the harnessing of cellular and biomolecular processes to develop products that help improve the quality of living and that of our environment. This technology is useful in healthtech, foodtech, greentech, and healthtech because at the center of them all is the quality of living and protection of our environment.
Proptech means Property +Technology. This has everything to do with digitalizing every aspect of real estate. Marketing, sales geolocation, interior decoration, etc. Augmented and Virtual Reality (read about them here) are examples of technologies that are being implemented.
Regtech means Regulation + Technology. This sector is in charge of market regulation. With the emergence of different sectors, there is a need for regulation and protection of the end-users’ right to privacy and from cyber attacks. This
Insurtech means Insurance + Technology. Insurtech is the tech that manages policies well. It has to do with risk management and ensuring to be on the safest side. In some cases, ideas in this niche are categorized under Fintech and Proptech.
Legal tech means Legal + Technology. This is the use of technology to provide legal support and services.
- Femtech which means technology based on feminism
- Wealthtech which means technology based on wealth
- Madtech which means technology based on marketing and advertising
- Retailtech which means technology based on retailing.