It's no secret that the tech industry is booming. Globally, we expect the industry to reach $5 trillion by the end of 2021, and the number of jobs in this field will grow exponentially over the next decade. With more and more people relying on technology for everyday tasks, we have seen the demand for recruitment within development, product management, ux and data soar. But with so many different types of companies making up the tech industry as a whole and an ever-changing shift in how technology is used day to day, have you thought about tech sectors outside of your usual remit?
There are so many choices and technologies to learn that it can be overwhelming when trying to figure out which one will best match your skillset and personality type. Here's our rundown of the different fields and associated neologisms we've been hearing about. Would you know your MedTech from your HealthTech?
Financial Technology - Includes payments, investing, digital lending, cryptocurrency, and open banking.
We're sure you've heard of this one, but if you're new to the neologisms, fintech refers to new technologies within banking. Fintech is already disrupting the traditional banking sector, pushing banks into a new era of competition. This field is innovating and implementing new technologies that will allow the financial industry to offer more services at competitive prices. The use of fintech in modern society is ever-growing with companies who have revolutionized how we make payments to robo-advisors, helping people invest their money. These programs rely heavily on data analysis and software development skillset, making it a fast-growing job market and one we recruit for daily.
Medical Technology - Innovations used to assist the medical field include virus test kits, surgical robots, digital health trackers, and health data systems.
These products aim to diagnose, monitor, prevent, and treat diseases and other medical issues. Medtech overlaps heavily with healthtech, and the lines are arguably blurred depending on how a company decides to classify itself; however, we are hearing this term more frequently.
Healthcare Technology - Different from medtech in that it is based around consumer-facing solutions. Examples include sleep monitoring apps, invisible dental aligners, and healthcare plan services.
The healthtech industry has made a significant splash in recent years due to the impressive impact it has had on patient-led health management.
Healthtech is a constantly evolving field with many potential opportunities for tech specialists to shake up traditional healthcare methods.
Educational Technology - Advancements that assist in the education sector.
The use of technology in education has increased dramatically in recent years, all the more accelerated as a result of the current pandemic too. With an increase in digital resources, teachers are finding new ways to educate their students both inside and outside the classroom. It includes everything from lesson plans to apps, websites, games, smart boards and more.
Female Technology - Solutions focused on improvements in women's health.
Femtech is an innovative industry that many companies are adopting, though it remains a little under the radar. It relates to any tools aimed at female consumers' wellbeing. Including wearables or internet-connected medical devices; mobile apps for charting fertility and pregnancy/nursing care. It's an area of tech we think will become more apparent as companies address their gender balance and improve work provisions for female employees. Still, it remains a little underfunded and overlooked at present.
Marketing Technology - The creation, communication, and delivery of offerings. This covers email marketing, content management systems, customer relationship management software
For any business looking to reach its customers, martech is an essential tool. Companies can use marketing technology in many ways: it might help with customer acquisition or engagement; track how well things are going and what needs attention before investing more time/money into anything. This has led many marketers to become overwhelmed with the number of choices they have when selecting martech for their campaigns.
Advertising Technology - influencing buyer behaviour by promoting offerings
Linked to martech and at times integrated to provide one smooth MarAdTech process (though we're not sure this neologism will necessarily catch on). Singularly, adtech refers to the platforms that allow advertisers to produce adverts, target customers, measure the impact and manage the campaign.
Sexuality Technology - Advancements that improve, innovate, and enhance human sexuality.
Sex toys are the most well-known example of this, but it's not just about sex; sextech has so much more to offer than that. When we talk about sexuality in the broader sense, it also relates to health and wellbeing, education, personal safety, gender identity, dating, sperm testing apps, and sexual violence reporting. In this day and age and the job market for sextech will only keep growing.
Property Technology - Used to improve the speed, efficiency, and security of property transactions. This can overlap with both fintech and realtech.
Proptech is a newer industry that combines property management technology to create innovative solutions for property professionals.
It applies new technologies to the property market, making it more effective and efficient. Proptech innovations include tools designed to improve customer experience, reduce risk of fraud and save time for agents.
Regulatory Technology - In place to assist banks and financial institutions save both time and money. This industry has grown since the financial crisis in 2008.
Covering KYC requirements, fraud prevention, data management, and transaction tracking, regulators have been looking at this area for years and are now implementing it through various means. Examples include software that can automatically report on trader behaviour or data analytics programs used by banks when making loans.
Agricultural Technology - Assisting the world of farming and agriculture. The goal is to make things more productive, profitable, efficient, and environmentally friendly.
Examples include automated systems for irrigation and hydroponics, data-driven farming practices to improve crop yields and drones for scanning and surveillance. With a continual increase in global population yearly and the corresponding increase in food requirements to meet demands, we can see this field becoming a big contender in the war of tech buzzwords!
The tech neologisms we've mentioned are some of the more prominent industries we recruit for and some lesser-known ones we feel have the potential to go so much further in the next few years. Whatever industry you're interested in we are recruiting across the board for UX, Data, Product and Development roles.
What piques your interest? Contact us here to find out more.
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