With constant innovation being one of the primary determiners of a company’s success, organizations must continuously develop and execute software ideas for businesses that can better serve their customers amid ever-changing market trends and unpredictable future conditions.
Here are some software ideas your business can utilize to help it thrive despite disruptive circumstances.
Must-Know Stats About Software Development for Business
The global market of business software and services may increase with a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030.Â
This growth mirrors the increased volume of enterprise data and business process automation in the retail, manufacturing, and healthcare industries.
Companies that quickly adopt software ideas for businesses have a hand in this movement. Business software can bring numerous benefits, including profitability enhancements, inventory cost reductions, and data-driven decision-making.
With companies scrambling in this space, it’s in your best interest to build the next big software innovation before someone else in your industry does.
Small business owners reported a 47% increase in productivity, a 45% improvement in customer engagement, and a 45% sales increase when they adopted a new software in response to COVID-19.Â
The digital shift during the pandemic required small business owners to address reduced face-to-face interactions and changing consumer behavior. Here, adopting new software proved helpful for companies operating virtually.
Despite the cost of software development, software ideas for businesses can help increase efficiency by reducing redundancies and eliminating tedious tasks. In turn, IT teams have more time for highly analytical jobs.
Currently, there are about 26.9 million software developers in the world. (TrueList)
The fast-paced world requires organizational adaptability, pushing companies to constantly develop software ideas for businesses that support their functions.
However, studies have shown that simple application development can take 500 hours, while custom software may take up to 1,200 hours or more. Moreover, the rapid release of tech advancements calls for a diverse set of expertise.Â
As such, software developers are currentlyâ€”and will continueâ€”to be in demand. For example, you may need a large team to work on your software’s complex features. It would also help if people knowledgeable in different programming languages were to take care of custom software QA testing.
8 Groundbreaking Software Ideas for the Future
House choresâ€”such as carpentry, cleaning, remodeling, wiring, and plumbingâ€”may need the help of a professional. Unfortunately, younger generations are less likely to be handy regarding home improvement.
So, it comes as no surprise that the online on-demand home services market continues to expand. Projections for this industry amount to $4.75 billion, with a CAGR of 60.77% from 2021 to 2026. But what role does a handyman app play in this growth?
The app provides on-demand handyman services in various locations, such as skilled services for daily tasks and other minor repairs. More than that, developing this software idea for businesses gives local home repair and maintenance professionals and homeowners convenience.
AI-based Picture Translation App
An AI-based picture translation app can interpret foreign languages into someone’s native language. This software makes translating texts from images, objects, and files easier using AI tools. All the user needs to do is point the camera or scan the text on the photo.
This app can be valuable to those traveling abroad. And with business and leisure travels picking back up again after the pandemic, it is high time to develop this software. Plus, in 2021, the machine translation market amounted to $800 million, which may continue to grow with a CAGR of 30% from 2022 to 2030. Investing in this app can give your company a bigger piece of the pie.
Bicycle Maintenance App
One study has shown that 5 billion bikes may be used worldwide by 2050. With that, a bicycle maintenance app is a perfect software idea for businesses catering to bike repairs. Customers will no longer have to wait long for repair, as this app can provide the utmost convenience.
For example, customers can request a home bike repair service through the app instead of bringing their bikes to a physical shop.
AR-based Interior Design Software
Augmented reality (AR) makes interior designing easier, letting users overlay virtual components using a mobile device in real-world settings. If your business is a furniture store, you can customize your software to let users see how your products blend with other elements. Interior designers can also use this to let customers know how their designs will look in reality.
AR has a significant role in this type of software, as it helps speed up plan approval and transaction closing, streamline client communication, and cut purchase returns by 50%â€“70%. With that, the AR market may reach $88.4 billion in 2026, up from $22.5 billion in 2021, with a CAGR of 31.5%.
Speech-to-Speech Translation App
With a CAGR of 24.4%, the speech and voice recognition market may reach $28.1 billion by 2027, a significant increase from $9.4 billion in 2022.Â
Similar to the AI-based picture translator, this software can translate foreign languages, except it tackles speech instead of images.
This software can instantly translate conversations, which is helpful for cross-cultural exchanges. For example, journalists can use this technology to understand what their interviewee is saying if they are talking in another language. This functionality can help break down language barriers for more effective communication.
Live-selling is not a new concept. However, the strict travel restrictions at the height of the pandemic make it a popular alternative to going to physical stores to shop for products. Also known as live shopping, this activity is a common practice where merchants present their goods via live streamsâ€”typically on social mediaâ€”enabling customers to purchase their goods in real time.
It often has entertaining, educational, and informative components to keep customers engaged, including product demonstrations and tutorialsâ€”from clothing to makeup and specialized equipment.
However, most of the app solutions for live-selling are only integrated into existing platforms, which may not fully serve users’ needs. As such, apps specifically for live-selling can be another profitable software idea for businesses, especially since the live stream market may reach $35 billion in the U.S. in 2024.
Subscription Tracking App
On average, millennials had 17 paid subscriptions to media and entertainment at the height of the COVID-19 quarantine from December 2019 to January 2020. If someone forgets to cancel an unused subscription, subscription fees may rack up unnecessarily.Â
A subscription tracking app can help prevent this scenario by gathering all subscriptions in one place and giving alerts on price bumps or renewals. Automatic payment features can keep accounts updated, too.
Blockchain-powered POS software
Blockchain-powered POS software can eliminate inefficiencies and make audits easier than traditional POS systems.
For example, the software can accommodate customers with crypto wallets, allowing them to pay automatically. Statistics show that 40% of individuals aged 18 to 35 plan to use crypto payments in 2022, while 10% say they’ll use it regularly.
Enable Your Business for the Future
Uncertainty is one of the biggest challenges businesses of all sizes face. However, the continuous rollouts of technological advancements have made it possible to overcome the future’s obstacles.
Developing innovative software ideas for businesses is the key to leading the competition and staying relevant to evolving digital customer needs and priorities. Equip your business with a competitive advantage through customized software from Yondu. Schedule a consultation with our experts to bring your software ideas to life.