[Techie Tuesday] What 2022 will look like for the deeptech startup industry
There has been a massive change in our lives as the world has faced the COVID-19 pandemic for almost two years. Just a few years ago, no one would have thought about how the general population, governments and businesses would operate as we did during the pandemic.
One thing that has helped us keep moving forward is the activation of technology in all areas of life brought by advanced and digital technologies. Deep tech companies and startups will create a bigger impact in the coming year.
There are few areas like Machine Learning (ML), IOT, Mobility, and Blockchain where deeptech startups will continue to create huge impact.
IA and ML
Artificial intelligence and machine learning (AI and ML) are no longer the business of textbooks or the fantasy of geeks, but have started to impact all walks of life. Companies have started using predictions based on deep learning, pattern recognition, natural language processing (NLP), recommendation, and sentiment analysis on their products to provide automation and personalization.
Leading tech companies that focus and invest billions of dollars in this area will drive AI and ML, and we will see a big leap in 2022. Two major areas that will truly benefit from continuous improvement in the industry. AI and ML will be the autonomous vehicles and voice-based virtual assistants.
At the same time, we will see many startups creating impactful products in the fields of fintech, agriculture and healthcare to shake up the old incumbents, as they will be able to disrupt these sectors thanks to technological advances.
For example, we began to see the emergence of neo-banking startups capable of providing better banking, lending, and insurance services at a fraction of the cost than traditional banks using superior data science-based technology, AI and ML.
Likewise, we are seeing the emergence of a good number of startups in agriculture to enable farmers and traders to use the data to make better decisions about harvesting, selling and storing their crops, ultimately leading to better productivity and higher incomes.
Internet of things
During and after Covid, IoT is accelerating new trends such as working from home, digitization and smart living. With better connectivity like 5G and better smart device-based products, startups will truly innovate in hardware and software products in 2022.
We will see the trend that people will use smart IoT devices to connect, communicate and live their lives.
Smart home automation is a great example here where voice activated devices will make our lives easier and even transcend to become one device for all of our needs – whether you want to see a particular Netflix series on your smart TV or go shopping on Amazon. .
When Apple first introduced the iPhone, it created a multibillion-dollar parallel app economy and allowed developers and individual entrepreneurs to tap into the smartphone ecosystem to create products. and unique offers.
We will see a similar trend in IoT, where individuals and startups will use the capacity of IoT devices to deliver unique offerings to industry and consumers.
There are areas like smart city, home automation, and home security where deep tech startups will make positive changes.
We have started to see the impact of pollution caused by our activities. Some cities are so polluted and can’t breathe and some cities are struggling with flooding or water scarcity. And one of the main contributors is vehicle mobility and pollution.
India is now witnessing the electric mobility revolution brought by startups to provide affordable mobility on two wheels and soon to reach cars. Due to the awareness and rising fuel prices, consumers are also reacting very warmly to these products and this will attract many deep-tech startups to build smart electric mobility solutions in 2022.
This will open up opportunities in manufacturing, servicing these vehicles and at the same time building integrated solutions like smart charging facilities etc., and this sector is really going to be exciting for deep tech startups.
When blockchain first hit the news, many were quite skeptical of its long-term functioning and called it a hype, but time has proven that blockchain technology is here to stay and is advancing at a rapid rate.
Cryptocurrency, NFT, and decentralized finance use blockchain and attract the smartest minds of our generation to create products we had never heard of a few years ago.
Many startups using blockchain for healthcare and customer verification (KYC) have started providing services to businesses to streamline their process. The year 2022 will be interesting to see these blockchain startups thrive.
Overall, 2022 is shaping up to be an exciting year for high tech startups and we will see a big impact from these companies in our lives and our economy.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)