Tech

A Guide to the Different Technology Sectors

Understanding the distinctions between technology sectors is crucial as digital technologies evolve and industries become increasingly specialised. Do you know your Medtech from your Biotech? Or your Cleantech from your Agritech? Read on to find out.

These industries often combine technology with a specific domain, such as Fintech (Financial Technology), Medtech (Medical Technology), Cleantech (Clean Technology), and Contech (Construction Technology).

Here is a guide to the different types of technology sectors and what they each entail:

Fintech

Fintech is probably one of the most recognised terms and refers to the technologies within banking and the implementation of technology into a financial services company's offerings. These companies aim to improve their use and delivery to consumers using this technology. Fintech encompasses a broad range of applications and innovations, including mobile banking, digital payments, and robo-advisors. These are all a part of our daily lives and offer seamless financial interactions between consumers and businesses. One aspect of Fintech is the invention and use of cryptocurrency, which is a form of digital currency such as Bitcoin, while others cover insurance technology and wealth management platforms.

Some examples of Fintech companies in the UK include:

Starling Bank, a digital bank that is a licensed and regulated alternative to traditional high-street banks.
SumUp, a company that offers payment solutions for businesses, including point-of-sale (POS) systems.
iCapital, a platform that offers alternative investment solutions for users such as hedge funds and private equity firms.

Medtech

Medtech, or Medical Technology, refers to the application of technology to improve medical diagnostics, treatments, and overall patient care. It's important to note that this is separate from Healthtech, which in part focuses on consumer-facing solutions, like sleep monitoring apps, however the two can overlap significantly. Medtech spans many innovations, including medical devices, diagnostic tools, and biotechnology. This includes equipment and software such as thermometers, inhalers, MRIs, and wheelchairs.

Some examples of Medtech companies in the UK include:

OrganOx, a company that has developed a medical device to maintain human livers during transport and storage because they're used for transplants.
Automata, a company that has created an online platform and robotic devices to automate lab processes.
CMR Surgical is a company that has developed surgical robotics that are used in procedures for areas such as gynaecology.

Healthtech

Healthtech, or Healthcare Technology, is the technology that is used to improve the delivery, management, and overall quality of healthcare services. It involves a range of digital tools and platforms that aim to better patient care, streamline healthcare operations, and address issues such as accessibility and cost. Healthtech innovations include digital health apps, wearable devices (e.g. Fitbit smartwatches), and healthcare platforms.

Some examples of Healthtech companies in the UK include:

HealthHero, a service that connects patients to their GPs through online and video consultations.
Thriva, a company that provides home-based blood tests, with results generated in 48 hours.
Oviva, a company that provides support to diabetic patients by helping them to regulate their blood glucose and pressure.

Biotech

Biotech is where biology meets technology. It's the application of biological systems, organisms, or processes to develop products and technologies that improve our quality of life and address health issues. Biological systems and living organisms are used to try and improve many fields, including medicine, agriculture, and bioengineering. More specifically, it is tech that is used to combat diseases, reduce our environmental footprint and use cleaner energy.

Some examples of Biotech companies in the UK include:

CellCentric, a company that develops cancer therapeutics.
AviadoBio, a company that creates gene therapy treatments for neurodegenerative diseases.
F2G, a company that creates treatments against fungal diseases.

Cleantech

Cleantech, also called Greentech, refers to how technology drives ecological innovation. It is where products, services, and technologies aim to reduce environmental impact through the sustainability and efficiency of natural resources. Areas of Cleantech include renewable energy, such as solar power and wind power, electric vehicles (EVs), and waste management, as well as energy efficiency and water purification.

Some examples of Cleantech companies in the UK include:

Ripple Energy, a clean energy ownership platform that enables people to own large-scale onshore wind farms.
Hydrologiq, a company that uses hydrogen as a diesel replacement for off-road machinery.
Pod Point, a company that offers electric vehicle (EV) chargers, giving electric vehicle drivers access to thousands of charging bays across the UK.

Legaltech

Legaltech, or Lawtech, is the use of technology and software to provide legal services, better existing legal processes, and support those working in law. This covers tools and platforms that help lawyers manage legal tasks efficiently, which includes automating legal documents, providing legal research and utilising AI-powered contract analysis or e-discovery.

Some examples of Legaltech companies in the UK include:

Farewill, an online platform specialising in will-writing, and making the process more simple for those wanting to write a will.
Thirdfort, an AML platform that automates ID and document verification, anti-money laundering (AML) and Source of Funds (SoF) checks to allow law firms to save time.
Apperio, a budgeting software for teams working in private funds and law firms.

Agritech

Agritech is the technology that is used to solve problems in agriculture, farming, and the production and distribution of food. It can encompass precision agriculture which uses data analytics to optimise farming, and automated machinery. More specifically, this sector provides solutions for environmental threats, the increasing limitation of resources, and waste issues.

Some examples of Agritech companies in the UK include:

Fischer Farms, an agri-food company that grows a range of short-leaf products such as lettuce and is fully powered by renewable energy.
Hummingbird Technologies, a company providing services for on-demand aerial image capturing, image processing, and data analytics.
Breedr, a provider of livestock farm management system, which enables the user to track livestock data collected through electronic tags.

From Fintech's impact on our finances to Cleantech's role in looking after our environment, these technology sectors are spearheading the progress of every industry.