Top 17 Software Business Ideas for Startups
Successfully transitioning into the future with growing businesses majorly depends on robust, thoughtful software. We consult many potential clients every day and realize that software development for startups is not only getting popular but essential to stay competent.
The software development market is expected to reach $1039 billion by 2027. Also, 87.4% of software development projects are for enterprise applications.
Top 17 Software Business Ideas
There are plenty of choices when looking to set up a digital startup. The ones that top the list are mentioned here.
ERP Software
Employee Resource Planning (ERP) software are becoming increasingly popular among large and small businesses. They help improve efficiency and streamline business processes.
If you asked what an ERP does, here’s your answer.
Manages inventory
Track and analyze customer requirements
Enhances accounting processes
Store all data at a central location
It’s a great way for businesses to prevent the confusion and hassle that comes with multiple systems. This could be used as a time-efficient and money-saving alternative for analysis and better decision-making.
42% of companies use an ERP system to support their supply chain operations. In 2022, 53% of IT industry experts said that ERP is going to be an investment priority.
Conclusion? Building an ERP system is great to support the growth and operations of your existing business. At the same time, offering an ERP system as a service is one of the best profit-yielding and expansive software startup ideas.
CRM Software
CRM (customer relationship management) software have one of the most rapidly booming markets for the coming years. The total market size is expected to reach US$82 billion by 2025.
CRM systems make it easier to track your existing and potential customers, manage marketing and sales by automating reporting and follow-ups. They record and track:
Customer information
Support requests
Sales history
It gives better insights into customer preferences, market activities, etc to help better decision-making regarding business expansion. 91% of businesses that have over 11 employees now use a CRM system. If you decide to build a CRM software of your own, the future looks bright.
AR/VR-based Travel Software
Travel and hospitality sector is also ascending towards the digital realms, making the best use of emerging tech to influence the choices of their customers. AR/VR technology takes travel and tourism services to the next level. From places to visit to hotel stays, this technology can give the travelers a pre-experience of everything they will do on their trips.
The number of AR users was predicted to reach 2.4 billion by 2023.
But how can you use AR/VR to garner customers and revenue?
Virtual demo tours to enhance customer experience
Give a real-time experience of tourist destinations (may include paid virtual tours)
Give a 360° view of the tour/stays and allow a try-before-you-buy facility for the customers during travel bookings and hotel room reservations.
If you were seeking ways to offer software as a service in the travel and tourism industry this could be one of the best B2B software ideas to work on.
Healthcare Software
With changing times, doctors, hospitals and other medical practitioners need good healthcare software for extending better services and managing data. Making the best use of the latest technologies, such software take healthcare services and management to the next level.
Take notes from winners like WebMD that made 8 gigantic acquisitions as of March 8, 2023; also, HealthTap with $76.52M valuation (it’s the latest post-money valuation) as of May 2013. Moreover, e-consultations, real-time diagnosis, and telemedicine are some of the most important trends to watch out for before building healthcare solutions.
The healthcare software market is expected to go beyond US$ 11 billion by 2025. Building thoughtful and robust healthcare applications as an extended service is a lucrative idea when considering software as a startup.
There is a wide range of healthcare applications you can build. If you need some cues on it,
Read Our Blog: Top 11 Healthcare Mobile App Ideas for Business In 2023
Project Management Software
Software offer an automated approach to project management and allow businesses to move beyond the limitations of traditional practices. A project management software helps authorities to plan projects, track their progress, and complete them within available resources and given timelines. It also facilitates better decision making by providing valuable insights into the various phases.
As per Garnter, around 85% companies already use a project management tool and the market valuation is expected to reach $7 Billion by 2026. Software like these are usually custom built based on industries, size, and type of business.
You can provide a versatile project management software as service when looking for a startup idea. It would also be great to build one for managing your projects internally.
Blockchain-based Stock Trading Software
Both Blockchain and fintech gained extreme popularity and grew exponentially over the past few years. The future for them also looks bright.
The blockchain development market is growing rapidly at 70% CAGR. It was expected to reach $17.21 billion in 2023. At the same time, the stock trading application market is expected to reach US$ 1,10,624.4 million by 2033. Thus using these together can help come up with a profit-yielding software startup.
ALSO READ: How to Build a Stock Trading App In 2023
AI-based Parking Space Finder
Finding parking spaces at public places is a hassle these days. A software that provides a reliable solution to this problem could become users’ favorite and earn you good profits.
The parking management market is expected to grow from $4.75 billion in 2023 to $7.40 billion by 2028 (at a 9.26% CAGR). It’s time that users have more options and better features than Google Maps, Parkify, SpotHero, etc.
e-Learning Platform
Online courses and e-learning resources are now highly preferred among students and working professionals. By 2027, 57 million people are expected to take up an online course. The e-learning market size is expected to grow at a 14% CAGR from 2023 to 2032. It’s an evergreen trend now and counts as one of the best software business ideas.
As per the first quarter report from Udemy, their total revenue increased 16% year-over-year to $176.4 million. There are many other popular platforms like Skill-Share and Coursera that you can seek inspiration from.
Business Communication Software
Many businesses do not trust regular methods of communication. They prefer special communication software that facilitates safe and secure communication among corporate team members.
AI-based e-Commerce Platforms
When you’re planning to launch a personalized startup, developing an AI-based e-commerce solution could go a long way. Artificial intelligence is all over the place and smart entrepreneurs shall use it to the best potential to attract revenue.
“By 2026, 24% ($8.1 trillion) of retail purchases are predicted to happen online”, says Forbes.
Also, the AI-enabled eCommerce market size is predicted to grow up to $16.8 billion by 2030, at 15.7% CAGR. Industry giants like Amazon, Alibaba, and more are already leveraging the benefits of this tech.
Data Leakage Detection Software
If you have experience with cybersecurity, this could be a great software idea. In the US, 1 in 8 accounts faced a data breach in the first quarter of 2023. Also, 80% of data breaches are motivated by financial gains.
Since detection is the first step to finding a solution, data leakage detection software can go a long way. Along with detecting data leakage, your software can provide other related services ensuring cybersecurity.
Food Inventory Software
If you want to start something that relates to the food and beverage industry, this can be your pick. A food inventory software will help automate inventory management at restaurants, hotels, and coffee shops.
The software can track food inventories, analyze requirements, notify when supply/stock is down and place orders when needed. Garner ideas from the industry’s popular ones like Restaurant365, MarketMan, etc. Inventory tracking software can save up to 30% if costs for users.
How to do that? Find a reliable development partner. P.S. We can be the one for you!
Invoicing Software
Whether large or small, businesses need to be efficient with tracking and handling their invoices. More than 389,168 companies use billing and invoicing tools. While every business wants to be on the top of their finances, a feature-rich invoicing system can help them.
You can build an industry-specific invoicing software to allow users to automate their billing tasks and help with more accurate accounts and records.
Automated Payroll System
(source: American Payroll Association )
Automated payroll system is another great idea for building a tech solution as a startup. These applications reduce the overall manual tasks and help in rolling out payments of employees accurately, on time, in a hassle-free way. Some of the most popular examples from the industry include Papaya Global, QuickBooks, etc.
Such software allow calculating total salary, tax amount, making deductions, keeping leave records; all at one place. Building a payroll software as a startup will definitely be a great idea. Make sure to get creative with functionalities and features.
Disaster Alert Software
Weather has now become more uncertain than ever. Thanks to global warming. Imagine leaving home for a professional meeting/ a fun trip and being stuck in a storm instead. No one wants that.
A smartly designed disaster alter software can save someone’s time, hassle, and their life. Not to mention, this is one of the most thoughtful ideas to build a software solution. if you were to pick one from this list.
Incident and emergency management market is expected to grow up to $163.6 Billion by 2027. Make your application feature rich. Let it predict weather conditions and give current updates based on users’ location. On the creative side, it can suggest safer locations, best and worst days for traveling, etc.
Tenant Finder Software
Finding suitable tenants is often tedious. A tenant finder software can help property managers, marketers, and third-parties connect with potential tenants. You can do a lucrative real-estate business without actually getting involved with properties.
The property management market is expected to grow over $15 Billion in 2023. Carefully plan and build a feature-rich platform for property owners, managers, and marketers where they can find tenants according to their specific preferences.
LegalTech Solution
While technology has made its place in all areas of life, legal services shall not be exempted. Combining the latest technologies and legal services to build a solution can be one best software development ideas for startups. The LegalTech market is expected to grow up to $69.7 Billion by 2032.
Law firms would appreciate more platforms that facilitate faster data processing and more accuracy. You can introduce features like document management, licensing services, etc.
Build a Software For Your Startup With Us
This is the best time to begin with a tech startup and watch it thrive. However, you must be careful about a lot of things. Growing businesses require smart decisions. Choosing your development partner is one of them.
Narola Infotech offers custom software development for startups and pre-operating companies. We have been in the industry for more than 17 years now and witnessed the change of trends. With 3000+ successful projects across 50+ countries, we create robust technological solutions for all verticals and industries.
Our enthusiastic and proficient team of experts can help you execute your tech startup idea perfectly. Discuss your software idea with us and let us come up with the best solution for you. Fill out the contact form below and we’ll revert back within 24 hours!
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