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Home Macro Monday

AI: The Trillion-Dollar Innovation Niche Industries Are Yet to Tap Into

by Joan Aimuengheuwa
January 27, 2025
in Macro Monday
0
AI: The Trillion-Dollar Innovation Niche Industries Are Yet to Tap Into
Source: Techeconomy

Source: Techeconomy

UBA
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Imagine a country where 50% of mobile users shout “Hey Siri!” daily, not to settle arguments but to decide which pizza topping goes viral next. 

Or where businesses rush to leverage artificial intelligence (AI), with 64% believing it will make their operations more productive—perhaps finally answering why Dave from accounting hasn’t submitted that report. 

AI, far from being a buzzword, has become the backbone of innovation, with the global AI market projected to balloon to $826.70 billion by 2030, growing at a CAGR of 27.67% from 2025 to 2030.

Nonetheless, even with these numbers, the question of how we can ensure AI reaches its transformative state across industries, big and small, is still to be answered.

The truth is, AI is not just enhancing healthcare, finance, or manufacturing; it’s built to touch every corner of the economy. AI is expected to add $15 billion to Nigeria’s GDP by 2030 and drive 45% of total economic growth through product enhancements.

However, with nearly 40% of global jobs at stake, let’s see how AI can be a breath of new life into niche industries, rather than displacing them—sectors where AI hasn’t been fully leveraged but has huge changing power once well penetrated.

Why Niche Industries Matter

Niche industries, such as artisanal crafts, local fisheries, and cultural heritage preservation, may not grab headlines, but they are essential. These sectors:

  • Preserve unique cultural identities,
  • Support local economies, and
  • Satisfy specialised consumer demands.

However, these industries usually combat inefficiencies, limited scalability, and dwindling interest, particularly from younger generations. Focusing on AI—a tool that promises to modernise these sectors while retaining their essence.

How AI Can Bolster Niche Industries

  1. Handicrafts and Artisanal Goods

Challenges: Limited market reach, inefficient supply chains, and declining interest among younger generations.

AI Solutions: AI-powered e-commerce platforms can connect artisans with global buyers. Machine learning tools analyse consumer trends to recommend designs, while AI inventory systems reduce waste and optimise procurement.

  1. Traditional Agriculture

Challenges: Low productivity and vulnerability to climate change.

AI Solutions: Predictive analytics can optimise planting schedules and forecast weather patterns. AI can also identify resilient heirloom crops, promoting biodiversity and sustainability.

  1. Waste Management and Recycling

Challenges: Inefficiencies in sorting and recycling niche materials like e-waste.

AI Solutions: AI-powered robots can sort materials with precision, while machine learning models simplify recycling processes and predict market demand for recycled products.

  1. Cultural Heritage Preservation

Challenges: Loss of historical artefacts, languages, and oral traditions due to inadequate preservation.

AI Solutions: AI creates digital replicas of artefacts, transcribes ancient languages, and develops great VR experiences to bring history to life.

  1. Local Fisheries and Aquaculture

Challenges: Overfishing, unpredictable environmental changes, and low yields.

AI Solutions: Real-time analytics track fish populations and predict breeding seasons, while AI sensors monitor water quality and automate feeding processes, ensuring sustainability.

Deterrents to Adoption

Though we see obvious possibilities, AI adoption in these industries can be limited by:

  • Cost: High initial investment deters small businesses.
  • Technical Expertise: Lack of knowledge and training slows integration.
  • Cultural Resistance: Fear of losing traditional methods and human touch.

For AI to flourish in niche industries, these obstacles must be addressed.

Some industries are already leveraging AI to great effect:

  • Aquaculture: AI sensors are being used to monitor water quality and automate feeding for higher yields.
  • Artisanal Goods: AI platforms help artisans optimise supply chains and expand global reach.
  • Cultural Preservation: AI restores endangered languages, making them accessible for education and research.

Strategies for Revving AI Adoption

  • Affordable AI Solutions: Develop cost-effective tools targeting small businesses.
  • Education and Training: Provide industry professionals with the skills to use AI effectively.
  • Collaborations: Ensure partnerships between tech companies and niche industry stakeholders.
  • Policy Support: Governments should incentivise AI adoption through subsidies and tax breaks.

Balancing Innovation and Identity

AI doesn’t have to boom at the expense of tradition. The combination of cutting-edge technology with a deep respect for cultural heritage and localities can modernise niche industries without erasing their identity.

So, while adopting AI, we must learn how we can ensure this technology serves as a tool for empowerment rather than displacing not just jobs, but our heritage. We need collaboration, innovation, and a focus on equity, ensuring even the smallest industries benefit from this trillion-dollar scale-up.

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Tags: AIAI Marketartisanal craftscultural heritage preservationinnovationlocal fisheriesMacro MondayNiche IndustriesRecyclingwaste management
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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