Target Market:
Market Overview:
The market for custom software solutions is rapidly growing due to the increasing complexity of business operations and the need for tailored technology solutions. According to Gartner, the global software market is expected to reach $690 billion by 2025, growing at a compound annual growth rate (CAGR) of 5.5%. This indicates significant growth in the software industry, which includes custom software and IP licensing.
Driven by advancements in technology, easier access to information, and the increasing support for innovation, the number of inventors and entrepreneurs is on the rise, creating a growing demand for marketing and business development services. According to the Global Entrepreneurship Monitor (GEM) 2023 report, 43% of adults in the U.S. alone indicated intentions to start a business within the next three years, up from 35% in 2019. However, many of them still struggle with securing sufficient funding to bring their products to market. Forbes reports that over 90% of patented inventions never make it to market, largely due to the lack of funds needed for development, marketing, and scaling.
Competitive Analysis
While there are other companies offering similar services, our unique value proposition lies in our comprehensive approach and ability to provide tailored solutions for a wide range of clients. We offer custom software development, private labeling, and intellectual property licensing, providing a one-stop shop for businesses and inventors.
Social Media and E-Commerce Industry Analysis
Social media is valued at $219.06 billion and ecommerce at $6.3 trillion -values that are projected to increase exponentially over the course of the next few years, as the virtual market grows rapidly into emerging markets with projections reaching $8.1 trillion by 2026 (Forbes). As of 2023, there were 4.8-4.95 billion social media users globally, and is expected to reach 5.17 in 2024 and 7.18 billion in 10 years. As of 2023, there were 3.8 billion ecommerce users globally, and is expected to reach 4.1 billion in 2024 and 6.3 billion in 10 years. 45-55% of worldwide transactions were cashless in 2023, and is expected to reach up to 58% in 2024 and up to 80% in 10 years.
The social media industry has experienced exponential growth in recent years, with billions of people actively using various social media platforms on a daily basis. The ecommerce industry has also witnessed a surge in popularity, driven by the convenience and accessibility of online shopping. The convergence of social media and ecommerce has gained traction in recent years, with many businesses leveraging social media platforms to promote and sell their products. With the increasing popularity of cashless transactions and the growing reliance on social media for communication and entertainment, NerdWorld is well-positioned to capitalize on the market trends and capture a significant share of the market.
Social Media and Online Marketplace Users:
There are 4.95 billion active social media users and 2.3 billion ecommerce users worldwide, almost one third of the world’s population. Our target audience consists of tech-savvy individuals who actively engage in social media and online shopping. This demographic has a strong interest in interacting with friends and brands on social media platforms, as well as a desire for convenience and an engaging user experience. Our target market includes Gen Z social media enthusiasts ages 16-24, busy professionals ages 25-45, small business owners ages 25-55, influencers and content creators ages 18-35.
Marketing and Sales Strategy
To reach our target market, we will focus on the following strategies:
Conclusion
The market for technological solutions, marketing services for businesses and inventors, and social commerce is a growing and lucrative opportunity, . By offering a comprehensive solution that addresses the key challenges faced by our target market, we can position ourselves as a leading provider in this space.