What is a Niche Market?
A niche market is a small, specialised segment of a larger market characterized by its own distinct needs and preferences. Rather than aiming to appeal to a broad audience, businesses targeting a niche market concentrate on serving a compact, clearly defined group of customers exceptionally well.
For instance, in the tech world, instead of developing general-purpose project management software for all businesses, a company might create a highly specialized tool designed specifically for indie game developers managing remote teams. This niche solution would address the unique challenges and workflows specific to that particular group.