The Art of Investing in Technology: Key Considerations for Successful Portfolios

Investing in technology opens up a world of opportunities for growth and innovation. The next time you go to your favorite big-box retailer for a bit of tech, think beyond the item you are there to purchase. The item you are there to get is only one component in a collection of gadgets and tools that make up a not-inconsiderable investment.

Top 5 Strategies for Investing Wisely in Technology

That is why at least one of the products you buy should be a device and service to protect the other products you buy. Consumer electronics are high on the list of things thieves want to steal. They are easy to resale and difficult to trace. If you just recently set a large-screen TV box out on the curb, you can be sure that it has caught the eye of someone whose attention you do not want.

Fortunately, there are a number of DIY home security systems that allow you to protect your home with monitoring that costs as little per month as other companies charge per week.

Other products on the market offer similar ease of setup. Features, options, and pricing vary. It all depends on what you want and need. So whether home or apartment, be sure to protect your investment with a security system designed for the mobile, digital age.

1. Gaming

Among the products you will be securing is your gaming system. To get into AR/VR gaming, you are going to need a lot more than other types of games. You will be investing in a headset. And that headset may not be compatible with every system. The headsets are also rather expensive and represent no small investment by themselves.

You are going to need a powerful PC to drive these headsets. That $300 PC is not going to get the job done. You are going to have to plunk down $2,000 for a good rig and be prepared to go up to $5,000.

Once you have all the gear you need, you are going to want to clear out some space for you to stand up and move around. You will still have to pay $60 per game. Modern gaming is at a whole other level, but so is the investment. These are expensive purchases that will carry you for years, not months.

Comfortable chairs and headsets for gaming setup might be costly, but they ease you while you play for long hours. Fast processing speed enhances your gaming performance. You gain better focus and reaction time while playing shooting games.

2. Smart Home

There was a time when home automation had to be built into the home at the time of construction or else be a very expensive add-on with professional installation. But today, you can turn your home into a smart home one relatively inexpensive gadget at a time.

That said, a smart home makeover is still a major investment. There is no such thing as getting one smart home item. You need a special wifi hub for that item. It will be associated with a protocol, which in turn, has to be compatible with your smartphone.

Smart lights are more of an investment than just a few smart bulbs. And you will want those lights to be able to work with your alarm system, baby monitor, and motion sensors. All that has to work with your smart speakers such as an Amazon Echo or Google Home. The HomePod and other Apple products are yet another consideration. Making your home smart is a lot more than a handful of small gadget purchases.

Installing smart gadgets can benefit you in lowering energy consumption and consequently reducing bills. In a broader perspective, these automation systems can potentially reduce energy consumption by 10-15% by 2030.

Also Read: Keep Home Safe

3. Cloud Services

A major tech investment people don’t often think about is their choice of cloud service. These days, you can’t get the most from a Mac or iPhone without iCloud. You quickly start relying on it to store all your photos, documents, and entertainment. Once you get up to a terabyte of storage, it is a non-trivial matter to migrate it to a different service.

The same is true for Microsoft’s OneDrive. Over time, you pay a significant amount to cloud services that serve as a lock-in to a particular platform or set of apps.

4. Investing in Healthcare Industry

Investing in technology within the healthcare industry can be an exciting opportunity due to the potential for innovation, improved patient outcomes, and cost efficiencies. Here is the key area within the healthcare industry where tech investments are commonly made:

Telemedicine has seen significant growth, especially in recent years. According to the research, it has become an integral part of medical care after the COVID-19 pandemic, and its importance is growing every year in the US. Investing in telemedicine platforms and services, including virtual medical assistants, can be promising. These technologies enable remote consultations, virtual visits, and remote patient monitoring, enhancing access to healthcare and reducing costs. Virtual medical assistants play a crucial role in facilitating and automating tasks within telemedicine platforms, such as appointment scheduling, patient data management, and providing basic medical information to patients.

5. Invest in Blockchain Technology

Investing in technology related to blockchain can present unique opportunities across a variety of sectors. Blockchain technology has garnered a lot of attention as it has the potential to revolutionize the industry by providing transparent, secure, and decentralized solutions. Following are some blockchain areas where technology investments are typically made:

• Cryptocurrencies
• Blockchain Infrastructure
• Decentralized Finance (DeFi)
• Supply Chain Management
• Healthcare and Pharmaceutical Industry
• Energy and Sustainability

As with any investment, it is important to conduct thorough research, understand the particular technology and its potential uses, assess market conditions, and consider the risks involved.

Wrapping Up

Gaming, smart homes, cloud services, healthcare, blockchain, and more are more than just one-off purchases. You are making a long-term investment in your platform and ecosystem. So don’t just think about the selling price, think a little more. Your future self will thank you.