🦁 AI Business Opportunities for Tech Solopreneurs

+ 24 Biggest Industries in the World in 2024

Author

Qamar Zia
August 29, 2024

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🦁 Welcome Tech Solopreneurs!

The Tech Solopreneur newsletter is expanding its focus to encompass a wider range of topics, including emerging technologies, industry trends, challenges and solutions, tech-driven sectors, and the broader landscape of tech entrepreneurship.

The newsletter's format will soon undergo major changes, including the addition of surveys to gather your feedback. This will help us better align our content with your interests. Stay tuned for more updates!

The infographic below outlines the scope of Tech Solopreneur, serving as a guide to our target audience.

Today’s Tech Solopreneur includes the following: 

  • 24 Biggest Industries in the World in 2024

  • AI Business Opportunities for Solopreneurs

  • Income Diversification

  • AI Workflow Automation Tools

  • Top Tech-Driven Industry Transformations Ranked by Impact

  • Social share: The Multipreneur: He Makes $10M/Year With 6 Businesses

Business Opportunities (Products and services you can offer)

AI Business Opportunities for Solopreneurs

Tech Solopreneurs can offer the following technology-driven solutions to individuals and small businesses around AI technology literacy and usage:

AI Training and Education

  • Online courses and workshops on AI fundamentals, applications, and tools

  • Personalized AI learning paths and coaching

  • AI certification programs for professionals and entrepreneurs

AI Implementation and Integration

  • AI-powered chatbot development for businesses and websites

  • AI-driven data analysis and insights for informed decision-making

  • AI integration with existing tools and software for automation and efficiency

AI Consulting and Strategy

  • AI readiness assessments and strategic planning for businesses

  • AI solution identification and implementation guidance

  • AI ethics and bias mitigation consulting

AI Tools and Resources

  • AI-powered content creation and writing tools

  • AI-driven social media management and scheduling tools

  • AI-based data visualization and reporting tools

Community Building and Support

  • AI-focused online communities and forums for knowledge sharing and networking

  • AI mentorship programs for entrepreneurs and professionals

  • AI event planning and webinars for continued learning and growth

These solutions can help solopreneurs establish themselves as AI experts and support individuals and businesses in navigating the AI landscape.

Diversification (Multiple income streams, offers, investments, etc.)

Income Diversification

As a solopreneur, having multiple streams of income can help you diversify your earnings and reduce financial risk. Here are some popular options:

1. Product-based income
* Sell physical or digital products (e.g., ebooks, courses, software)
* Affiliate marketing (promote others' products and earn a commission)

2. Service-based income
* Offer consulting or coaching services
* Freelancing (writing, designing, programming, etc.)
* Speaking or teaching engagements

3. Rental income
* Rent out a spare room on Airbnb
* Rent out equipment or tools

4. Royalty income
* Earn royalties from creative work (e.g., books, music, art)
* License your intellectual property (e.g., patents, trademarks)

5. Dividend income
* Invest in dividend-paying stocks
* Invest in a peer-to-peer lending platform

6. Online course income
* Create and sell online courses teaching your expertise
* Sell courses on platforms like Udemy, Teachable, or Skillshare

7. Membership or subscription income
* Offer exclusive content or services for a monthly fee
* Create a membership site or subscription-based model

8. Advertising income
* Display ads on your website or YouTube channel
* Partner with brands for sponsored content

9. Dropshipping income
* Start an online store without holding any inventory
* Partner with a supplier to ship products directly to customers

10. Stock photography income
* Sell your photos on stock image websites
* License your photos for commercial use

Business & Economy

24 Biggest Industries in the World in 2024

  1. Internet Content and Information - $4.7 trillion
    The Internet Content and Information industry is the largest industry by market cap, driven by the growth of mobile devices and demand for Internet content and applications.

  2. Software – Infrastructure - $4.3 trillion
    The infrastructure software market is dominated by players like Microsoft, Oracle, and IBM Corporation, with a growing trend towards cloud services and SaaS technologies.

  3. Semiconductors - $3.7 trillion
    Semiconductors are essential components in consumer electronics, industrial machinery, and communication devices, making the semiconductor industry a cornerstone of the global economy.

  4. Consumer Electronics - $3.2 trillion
    The global market size of the consumer electronics industry is projected to grow to $1,239.40 billion by 2030, driven by major brands like Sony, Samsung, and Panasonic.

  5. Drug Manufacturing Industry - $2.6 trillion
    The drug industry invests heavily in research and development, focusing on chronic and rare diseases, and utilizing advanced technologies like AI and machine learning.

  6. Internet Retail - $2.2 trillion
    Internet retail continues to grow, with e-commerce spending increasing even after the pandemic surge, and retail e-commerce sales in Latin America projected to nearly double by 2025.

  7. Software – Application - $2.1 trillion
    The software application industry is experiencing increasing market demand, driven by cloud-based applications, artificial intelligence, and machine learning integration.

  8. Diversified Banks - $2.1 trillion
    Diversified banks offer financial products and services, including insurance and investment products, with rising interest rates increasing banks' income.

  9. Diversified Insurance - $1.7 trillion
    The industry has demonstrated resilience, but faces challenges like rising inflation and interest rates, with a focus on emerging exposures like cryptocurrencies and the metaverse.

  10. Oil and Gas Integrated - $1.6 trillion
    The oil and gas integrated industry is experiencing robust growth, with global oil markets adjusting after recent turbulence.

  11. Telecom Services - $1.1 trillion
    The telecom services industry is expected to boom with advancements in 5G technology and a focus on sustainability.

  12. Auto Manufacturers - $1.0 trillion
    The global light vehicle sales increased by 12% year-on-year in the first quarter of 2023, reflecting a growing trend in the auto manufacturing industry.

  13. Biotechnology - $944.8 billion
    The biotechnology industry is witnessing significant advancements, including new weight-loss drugs, CRISPR-based therapy, and cell and gene therapies.

  14. Regional Banks - $873.8 billion
    Regional banks faced challenges in 2023 but remain one of the biggest industries, led by players like JP Morgan Chase & Co and Bank of America.

  15. Healthcare Plans - $857.8 billion
    The healthcare-plans industry focuses on efficiency, health equity, and patient-centered care, with major companies like United Healthcare and Cigna Group.

  16. Utilities – Regulated Electric - $845.8 billion
    The regulated electric utilities industry witnessed record-high capital expenditures for modernizing and decarbonizing the grid.

  17. Asset Management - $835.8 billion
    Asset management emphasizes ESG strategies, with some firms integrating ESG broadly and others focusing on real-world impact.

  18. Information Technology Services - $828.5 billion
    The IT sector is expected to reach a size of $9.8 trillion by 2031, driven by cloud-based solutions, AI, and Generative AI.

  19. Discount Stores - $823.8 billion
    The discount store market is aimed at lower to middle-class customers, with mobile apps like Aldi and Lidl leading the charge.

  20. Specialty Industrial Machinery - $816.3 billion
    This sector is predicted to reach $1,041.6 billion by 2032, driven by automation, sustainability, and niche markets.

  21. Medical Devices - $794.8 billion
    The medical devices industry is expected to boom in 2024, driven by digital transformation and advanced technologies.

  22. Aerospace and Defense - $783.8 billion
    The A&D industry sees robust demand due to geopolitical challenges and military modernization efforts, while commercial aviation benefits from a rebound in air travel.

  23. Credit Services - $774.8 billion
    The credit services industry is experiencing a shift towards digital and instant payments, with a decline in cash usage.

  24. Oil and Gas E&P - $757.8 billion
    Oil and Gas E&P is one of the fastest-growing industries, dominated by players like Exxon Mobil Corp and Saudi Aramco.

Tech-Driven Industries (FinTech, HealthTech, CleanTech, etc.)

Tech-Driven Industries Ranked by Impact

Here's the list of technology-related terms ranked by their potential impact across industries:

  1. HealthTech (Healthcare Technology): Revolutionizing healthcare delivery, patient care, and medical research through innovations like telemedicine, AI diagnostics, and personalized medicine.

  2. FinTech (Financial Technology): Transforming the financial industry by enabling digital banking, mobile payments, blockchain, and cryptocurrency, significantly impacting global financial systems.

  3. CleanTech (Clean Technology): Addressing climate change and environmental sustainability through innovations in renewable energy, energy efficiency, and waste reduction.

  4. BioTech (Biotechnology): Advancing medical and agricultural sectors with genetic engineering, drug development, and synthetic biology, impacting healthcare, food production, and environmental management.

  5. EdTech (Education Technology): Transforming education by providing digital tools for learning, remote education, and personalized learning experiences, expanding access to education globally.

  6. MedTech (Medical Technology): Pioneering medical devices, diagnostics, and treatment technologies that improve patient outcomes and healthcare efficiency.

  7. AutoTech (Automotive Technology): Disrupting the automotive industry with innovations like electric vehicles, autonomous driving, and connected car technologies, influencing transportation and urban planning.

  8. EnergyTech (Energy Technology): Driving the transition to renewable energy sources, improving energy storage, and creating smart grid systems, impacting global energy infrastructure.

  9. AgriTech (Agricultural Technology): Enhancing food production and sustainability through precision farming, drones, and genetic crop improvements, crucial for feeding a growing population.

  10. PropTech (Property Technology): Transforming real estate with digital platforms, smart buildings, and virtual reality, influencing how properties are bought, sold, and managed.

  11. SpaceTech (Space Technology): Expanding human capabilities in space exploration, satellite communications, and space tourism, with long-term implications for technology and global communication.

  12. InsurTech (Insurance Technology): Innovating the insurance industry with AI-driven underwriting, personalized policies, and digital platforms, improving efficiency and customer experience.

  13. DeepTech (Deep Technology): Driving breakthroughs in AI, quantum computing, and biotechnology that have the potential to revolutionize multiple industries.

  14. MobilityTech (Mobility Technology): Redefining how people and goods move with shared mobility services, micro-mobility solutions, and autonomous transport systems.

  15. RetailTech (Retail Technology): Innovating the retail industry with e-commerce platforms, omnichannel strategies, and enhanced customer experiences, affecting how consumers shop.

  16. LegalTech (Legal Technology): Streamlining legal processes with AI-driven contract analysis, digital legal services, and online dispute resolution, making legal services more accessible.

  17. CivicTech (Civic Technology): Empowering citizen engagement and improving government transparency through digital platforms for civic participation and public data accessibility.

  18. RegTech (Regulatory Technology): Helping companies navigate complex regulations efficiently and effectively through digital compliance tools and automation.

  19. GovTech (Government Technology): Enhancing government services and public administration with technology, improving efficiency, transparency, and citizen engagement.

  20. MarTech (Marketing Technology): Enabling companies to execute, manage, and measure marketing efforts through digital platforms and analytics, influencing consumer behavior.

  21. LogisticsTech (Logistics Technology): Streamlining logistics and supply chain management with automated warehouses, drone deliveries, and real-time tracking systems.

  22. FashionTech (Fashion Technology): Innovating the fashion industry with wearable tech, online retail, and sustainable materials, impacting production and consumer behavior.

  23. AeroTech (Aerospace Technology): Driving advancements in aircraft design, space exploration, and satellite technologies, with significant implications for defense and global connectivity.

  24. MediaTech (Media Technology): Transforming the media industry with digital content distribution, streaming services, and immersive experiences like augmented reality.

  25. TravelTech (Transportation Technology): Innovating transportation with ride-sharing platforms, electric scooters, and hyperloop technologies, impacting urban mobility.

  26. ConstructionTech (Construction Technology): Improving construction processes with smart materials, 3D printing, and building information modeling (BIM), impacting infrastructure development.

  27. FoodTech (Food Technology): Revolutionizing food production, distribution, and consumption with lab-grown meat, food delivery apps, and smart kitchen appliances.

  28. WaterTech (Water Technology): Innovating water management and conservation with desalination technologies, smart irrigation systems, and water quality monitoring.

  29. EduTech (Educational Technology): Enhancing education through digital tools and platforms, expanding access to learning and improving educational outcomes.

  30. TravelTech (Travel Technology): Improving the travel and tourism industry with innovations like online booking platforms, virtual tours, and AI-driven customer service.

  31. OceanTech (Ocean Technology): Advancing exploration and resource management in oceans with underwater drones, marine biotechnology, and ocean energy solutions.

  32. WealthTech (Wealth Management Technology): Innovating wealth management with digital platforms, robo-advisors, and personalized financial planning tools.

  33. AdTech (Advertising Technology): Enabling targeted and efficient advertising campaigns through digital platforms and analytics, influencing how companies reach consumers.

  34. SportsTech (Sports Technology): Enhancing sports performance, fan engagement, and sports management with wearables, analytics, and virtual reality experiences.

Operations (Starting a business, automation, scaling, etc.)

AI Workflow Automation Tools

The landscape of AI workflow automation tools is diverse, with options ranging from comprehensive platforms to niche solutions for specific industries or tasks. As these tools continue to evolve, they are likely to play an increasingly important role in streamlining business processes and enhancing productivity across various sectors.

Key Features of AI Workflow Automation Tools

  • Support for Custom Plugins: Many tools offer varying degrees of support for custom plugins and large language models (LLMs).

  • Workflow Setup: Ability to create workflows similar to Robotic Process Automation (RPA) processes.

  • Templates Availability: Access to workflow templates, store templates, and plugin templates.

  • Customization and Collaboration: Varying levels of customization and features tailored for team collaboration.

Notable Tools

Comprehensive Customization Tools

  • Microsoft Power Automate: Offers extensive functionality, connecting local laptop RPA with cloud-based Digital Process Automation (DPA).

  • Dify / FastGPT: Provides a strong experience among Chinese workflow products, with FastGPT offering robust open-source functionality.

  • SmythOS: Enables the creation of complex sales robots, supporting features like web scraping, email sending, and LLM integration.

Team Collaboration Tools

  • QuestFlow: Focuses on team collaboration workflows, including email sending, meeting summaries, and social media posting.

  • Bardeen: Automates tasks such as summarizing Zoom meetings, writing emails, and web scraping.

Traditional Workflow Systems

  • Bubble: A comprehensive software development platform using a drag-and-drop interface, primarily for website development.

  • Sterlo: Enables the creation of websites and apps, focusing on Business Intelligence (BI) forms, Customer Relationship Management (CRM), and OEM management.

Current State of AI Workflow Automation

  • Maturing Tools: AI workflow automation tools are still evolving, offering various levels of customization and functionality.

  • Integration with AI: Many tools are integrating AI capabilities with traditional workflow automation.

  • Template and Plugin Use: Numerous tools provide templates and plugins to simplify the creation of AI-powered workflows.

In partnership with AWS

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Social Share

Video: The Multipreneur: He Makes $10M/Year With 6 Businesses by Starter Story

Video Credit: Starter Story

👋 Hey there, I'm Qamar Zia. I have a background in software, cloud, data, generative AI, and starting businesses. In 2021, I left my job as a tech executive to start INVENEW to develop AI-powered media systems. I started this newsletter to pass on what I'm learning and my experiences along the way. You can find out more about my journey here.

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Disclaimer: This publication may contain curated content with links to source materials. Recommendations, advice, and opinions published in this post are those of the original authors, and Invenew Inc. assumes no liability. Disclosure: Some links may be promotional or affiliate, possibly earning me a commission. Additionally, AI and automation tools were used in creating parts of this document.

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