Unlocking value from identifying unmet customer needs
Sectors offering opportunities for effective white space strategies:
investment opportunities in target sectors to 2030.
White space strategy is a business strategy which targets an opportunity that didn’t previously exist, and is emerging thanks to a recent product launch. Because of this, white space strategies are often driven by a combination of technological breakthroughs and unmet market demands. A common example of white space strategies in action are mobile phone applications (apps), which scarcely existed before smartphones. After the emergence of the iPhone, the market ballooned to a figure of more than $100 billion in 10 years. Widespread smartphone use created new unmet desires for inventors. Smartphone apps were able to solve many problems for users, ranging from navigation, to filing taxes from your couch.
White spaces owe their name to the lack of sizable, established competition. There may be small players who are pioneering the space, but large competition is absent. M&A is a common path for companies looking to enter a new market. By acquiring the most promising pioneer in the space, acquirers can potentially cash in on the new innovation area. But with this comes risks: how to analyse the competencies of the target company operating in a technology area outside the acquirer's scope.
Investment opportunities in diagnostics and therapeutics to 2030
Opportunities in industry energy transition to 2030
The app market value 10 years after the iPhone's launch
White space analysis involves two main steps: analysing possible white spaces to identify areas with high-growth potential and identifying the best path to market entry and expansion. At CamIn, we believe in asking a series of detailed questions to perform a white space analysis. Leaders need to be able to ask a range of questions. These include identifying market demands, such as what demands for new products/services exist or will be emerging in the near future, both in your current market? Or any new market segments that you plan to enter? Other questions to consider are which emerging technologies can contribute to addressing consumers demands? And what new products/services could they enable? Leaders must also ask themselves which market segments have the highest growth potential and what products/services have the highest probability of satisfying market demands? The areas where they overlap are the most attractive white spaces.
The acceleration of innovation driven by technology is fuelling growth in white space opportunities. But white spaces need more than just technology alone to succeed. We’ve selected emerging white space opportunities across 14 sectors. From Industry 4.0 to circular economy, we believe these areas offer the chance to capitalise on demands recently enabled by innovation. They include: Energy transition, Future mobility, Sustainable manufacturing, Smart quality control and monitoring, Sustainable food, Sharing economy, Environmental sustainability, Customer experience, Patient care, Diagnostics and therapeutics, Future of connectivity and Digital services. Speak to CamIn to discover more white space opportunities.
