1. Amid the COVID-19 pandemic, the mobile phone accessories market is projected to grow by an estimated USD $29.6 billion. This opportunity was found on ReportLinker, a search engine for economic and industry statistics. As COVID-19 has reinforced social distancing practices, society has become more digitized with many practices, such as meetings, being held via online platform like Zoom. Technology has also been a source of distraction for many consumers throughout quarantining periods. This has led to an increased usage of smartphones and influenced the mobile phone accessories market. I believe this information suggests that an opportunity exists because as mobile phone usage exponentially increases, there will be a greater need to supplement these devices with different accessories that make them more user-friendly and interactive. For example, a particular phone accessory would include protective cases. Since technology is so prevalent in society, particularly among younger ages, the prototypical consumer would be centered around the audience of consumers aged 15 to 24, who already spend an average time of four hours a day on their mobile phones. This opportunity, however, would relatively difficult to exploit because there are a lot of existing competitors and strong barrier to entry in the technology market.
I formed the belief that this opportunity exists due to personal experience. Throughout the current pandemic, I have found myself susceptible to societal trends, spending countless hours on my phone. Thus, I found this economic trend to be both relatable and realistic.
2. The global telehealth market is expected to reach USD $16.173 billion by 2024. This opportunity was found on Medgadget, a website about medical technologies. Although telehealth was already gaining traction among healthcare providers and patients due to the streamline of modern technology, this market has only substantially increased due to the current pandemic. As federal mandates have required non-urgent healthcare providers to close their offices and provide treatment to patients remotely. This has led to an increased demand for telehealth services. This information suggests that an opportunity exists because many healthcare providers will seemingly need to modify their business system in order to incorporate telehealth practices as part of their routine system going forward. I think the prototypical customer in this case would be most individuals employed within the healthcare industry, particularly therapists and counselors. This opportunity would be relatively difficult to exploit because this involves healthcare and technology, two industries that have a lot of competition and government regulations.
I formed the belief that this opportunity exists due to my sister-in-law, who is a licensed marriage and family therapist. Throughout the pandemic, she has primarily worked from home through telehealth and expressed to me that this will surely be more prevalent in the future. Having been exposed to this information first-hand made me recognize the implications of this trend.
3. The U.S. Food and Drug Administration has recently allowed minor ingredient changes without label disclosures amid the COVID-19 pandemic. This opportunity was found on Eater, a food and dining website that provides news about the restaurant industry. The FDA recently announced a new policy that allows food manufacturers to make minor ingredient substitutions without having to disclose such information on the ingredients list. This policy change comes amid the current pandemic and is meant to provide some flexibility to manufacturers in lieu of potential product limitations caused by COVID-19. This information suggests that an opportunity exists because many consumers will now need to further inspect their foods as such policies may allow for concerns among certain food communities. I think the prototypical customer would be individuals suffering from extreme dietary restrictions, such as food allergies, because minor ingredient changes can lead to serious health implications. This opportunity would be relatively difficult to exploit because this involves the FDA and different legal barriers.
I formed the belief that this opportunity exists because my roommate has serious dietary restrictions due to a peanut allergy. Since I have personally witnessed the severity of such an allergy (i.e. hives and swollen airways), I realized the ramifications that such a regulatory change could hold.
4. There appears to be an expansion in the definition of "personal information." This opportunity was found on RadarFirst, a management platform that explains data breach laws. The scope of what qualifies as personal information continues to expand, as many states are continuing to incorporate online credentials or biometrics to their legal definition of personal information. The manner in which a regulation defines personal information has influence on what may be considered a security breach---ultimately impacting privacy and security teams. This information suggests that an opportunity exists because many companies will now need to modify their privacy and security terms in order to avoid privacy risks or illegal security breaches. I think the prototypical customer would be individuals within the privacy sector of businesses, because they will be the ones facing the greatest scrutiny when it comes to handling of personal information. This opportunity would be relatively easy to exploit because increased legal services or consultation can be provided to properly advise companies when it comes to the handling of sensitive data.
I formed the belief that this opportunity exists because I have a strong fascination with the legal environment and how it affects the corporate world. I have also been particularly weary when it comes to providing personal information to online platforms or businesses, which made me interested in exploring this regulatory trend.
The regulatory change that I find to be super interesting on your post is the fact that U.S. Food and Drug Administration is allowing minor ingredient changes without having to inform the public. Like you mentioned in your post, this is a potentially dangerous regulatory change for many. Thank you for bringing it to my attention and for looking out for the health of the general public.
ReplyDeleteHey Michael,
ReplyDeleteI think you contributed some great thoughts here. In 2020, there have been a ton of new trends to talk about. Most of them have been influenced by the coronavirus in some shape or form. I think many of us talked about trends such as contact-free shopping, but this is the first information I've seen about the global telehealth market. Very interesting to read about!
Right away I really liked the phone opportunity, I can see this not only with phones but with other technology products, this affects me because I needed a new ipad amidst this virus but there was a risk that a store wouldn’t have it and wouldn’t know when it was getting more. I kind of wish you didn’t also do telehealth because I connect that with phones, like your first opportunity, just seemed two really similar opportunities.
ReplyDeleteHi Michael,
ReplyDeleteI am immediately drawn to your opportunity regarding telehealth. I remember a local hospital in Michigan offering telehealth services a few years back as a way to keep numbers in the ER lower and it seemed radical at the time, and to be honest didn't really take off. I think people who believe they have an emergency (whether or not they actually do) are looking to speak to providers in person. However, now with COVID restrictions, telehealth has become so popular across many specialities in healthcare and I am curious of this is a trend that will continue even beyond the release of stay at home orders. Although it seems efficient to have online visits, I feel that people often want to speak to their providers in person, and may settle for these modified visits only out of necessity. Curious your thoughts on this!
Hey Michael,
ReplyDeleteI think you did a really good job identifying opportunities that are prevalent in today's society. With regards to your mobile phone accessory market, I like how you utilized major sources that many people are already using throughout this pandemic, such as zoom. I also liked how with your personal information opportunity, you brought out the fact that people's information is so readily available for anyone to obtain on the internet and security should be a main concern.
Good Job!