The advent of new technologies has led to the emergence of various applications of digital technology in many fields. Health, telecommunications, agriculture, commerce, finance and much more. The sectors involved in technology are many and varied. Which has led to the so-called Tech companies and also led to the invention of new terms and concepts and new sub-segments of economic activities.
The naming of most of these new segments was created by adding the suffix “tech” to the traditional definitions of existing terms. So we have different terminologies associated with the word “tech” implicitly referring to different areas of economic activity. We can quote words like FinTech, PropTech, InsurTech, WealthTech, RegTech, LegalTech etc.
Tech companies (often Start-ups) put new technologies at the service of their core business and rely on a technological process to offer goods or services.
Here are the different types of specialized companies that combine technology with their sectors of activity:
1. FinTech
A combination of “finance” and “technology”. The term “FinTech” describes innovative companies that use new technologies to provide financial services.
FinTech companies relate to the world of banking, insurance or financial services. It develops: trading services, online payment systems, lending, data-based decision-making, customer service via chatbots and personalized services based on artificial intelligence that learn from customer habits. Usually, FinTech startups offer their services online allowing their clients from all over the world to enjoy their services.
2. PropTech
PropTech: the combination of real estate and technology. It is a movement that serves the digital transformation of the real estate sector. It puts technology at the service of real estate by using new technologies to improve or reinvent the products and services of the real estate industry.
It is active in all areas of real estate. Such as: construction, marketing, operation, management, financing and renovation (construction using advanced technological tools, wealth management via the internet, real estate prospecting and brokerage via virtual reality, home buying and selling solutions, 3D modelling plans and online price estimation etc.)
3. InsurTech
InsurTech: a mix of “insurance” and “technology”. It is the insurance industry that has been reinvented through technological solutions. InsurTechs are transforming the insurance industry with the goal of improving customer experience and simplifying insurance policy management.
Insurance, finance and even real estate often go hand in hand. InsurTech is sometimes seen as a subcategory of FinTech or PropTech that focuses on more efficient management of insurance policies. However, InsurTech players work just as well on housing insurance management as they do on cars or health, which justifies using a proprietary term.
4. AgriTech
AgriTech, AgTech or AgroTech is the use of technology in agriculture and horticulture or even fisheries and breeding with the aim of improving performance and efficiency.
AgTech companies therefore strive to improve production or simplify management for farmers. For this they can call on, for example, agronomic drones, agricultural experiment platforms and the development of new types of seeds.
5. FoodTech
FoodTech brings together all innovative, digital, technological and entrepreneurial initiatives in the field of food. It is the alliance between the food and catering sector with new technologies. It therefore covers the entire chain, from production to consumption. Through processing and distribution with start-ups that innovate in the agrifood, food and catering sector.
These companies offer new ways of consuming, food delivery solutions, e-commerce solutions, automatic cookers, 3D food printing, restaurants that offer an augmented reality experience and personalized recommendations through personal assistants, etc.
6. Ed Tech
EdTech is defined by all companies that provide training or education services through new technologies. Startups active in EdTech focus on online courses that are accessible to everyone. Such as massive open online courses (MOOCs). These are training courses on the internet, live or delayed, enabling distance learning.
7. GreenTech
GreenTech (literally clean technologies), also called GreenBusiness or CleanTech, is the crossroads between the digital revolution and the green transition (ecological innovation). It lists all actions related to a green transition project based on new technologies.
GreenTech brings together actors who rely on advanced technology and engineering to reduce the impact of humans on the planet. This by building technologies that shape a new way of consuming and living with ecology at the center of their concerns.
GreenTech companies offer innovative services in the fields of energy, environment or sustainable development: recycling technologies, green energy (solar, wind, etc.), autonomous energy production and storage systems, alternative forms of energy consumption, energy-efficient or even self-sufficient buildings and the implementation of smart grids.
8. LegalTech : more efficient and cheaper legal services
LegalTech can be defined as an innovative digital start-up that combines law and technology by developing a range of dematerialized legal services. These start-ups develop tools to support or replace legal professionals. The aim is to automate the legal department in order to create a new relationship between the client and the lawyer in different areas of law (consumer law, company law, employment law, contract law, etc.).
LegalTech provides fast and efficient online legal offers. Which are easier to access, faster and also cost less such as: drafting online contracts, document templates, legal advice through online assistance, connection to a lawyer, business creation through generating articles associated with contract drafting and which are both related have on the creation of an online company as well as on the connection with a lawyer and dematerialized procedures for settling disputes (sending a notice of default or even a bailiff’s letter).
9. HealthTech
HealthTech refers to innovative companies that develop new products or new technologies in the field of human health.
HealthTech start-ups develop a wide range of solutions. Some include companies that offer online medical appointment scheduling and wearable equipment for collecting data on patients’ vital signs, diagnosing and treating disease, and providing medical prescriptions and follow-ups. These start-ups offer online services and connected objects.
HealthTech companies are challenged to save, prolong or improve lives. They can be divided into two sub-segments
BioTech (Biotechnology):
These are solutions that combine Life Sciences (biology) and technologies from various other disciplines such as physics, chemistry and computer science for scientific research. BioTech designates companies that develop new medicines, biological diagnostics, cosmetics or new treatments.
If health is the main outlet for BioTech (especially in the fields of oncology, infectious diseases and the central nervous system, genetics or even rare diseases, immunology and neurodegenerative diseases), medical solutions extend to other sectors such as the environment, agriculture, the industry, biofuels or the food industry.
MedTech (Medical Technologies):
MedTech refers to companies that develop new solutions based on new technologies for diagnosis, patient care and treatment and improvement of a person’s health.
MedTech includes equipment, devices, machines, software and tools to create better treatment such as: thermometers, inhalers, stethoscopes, prostheses, syringes, bandages, wheelchairs, medical imaging equipment, surgery equipment, organ equipment, diagnostic medical devices, online training services for medical personnel, MRIs, artificial respiration equipment, surgical robots, etc.
The technologies developed by MedTech companies combine a range of diverse skills and expertise such as engineering, robotics, IT, biology, etc.
Several other areas are also affected by technological transformation:
• AccounTech (accounting and technology)
• MadTech: (Marketing + Technology) specialized in marketing
• RetailTech: (Retail + Technology) specialized in the retail and/or mass distribution sectors
• Artech: (Art + Technology) specialized in the art sector
• AdTech: (advertising and technology) specialized in advertising
• FashionTech: (Fashion and technology) specialized in the field of clothing
• Etc.
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