Andrew Zolli recently wrote in his piece in BusinessWeek,

And eventually, corporate managers will master these skills, at which point every consumer product will be permanently dipped in white acrylic, come with an ergonomic fly wheel, and embody a whimsical anthropomorphic cuteness.

Then what? To find the next deep wellsprings of innovation, you have to learn to listen to "weak signals"-fringe ideas today that will be common wisdom tomorrow.

He identifies three key areas as fringe ideas for innovation - 'ecology', 'gaming' and 'social networking'. One could also view these as emerging markets, that is, those that can be defined as emerging opportunity areas for innovation. Then, instead of the run of the mill understanding that emerging markets are countries or nations, lets look at them from the socioeconomic and geopolitical point of view. Now, we have 5 emerging markets:-

1. Geographic
Here is where BRIC, ASEAN, Mercosul et al get covered - the emerging markets of India, China, Brazil, Turkey, Egypt etc

2. Gaming and virtual worlds
This is an emerging market in its own right, witness only the amount of business being done on Second Life. Does it also include stuff like all the brand placement in "Talladega Nights" etc?

3. Social networking or "my life online"
This is the sweet spot where companies like Skype, Typepad and Google perceive as emerging markets, among others.

4. Sustainability
There is probably a better word for this emerging market, but ecology, the environment, global warming, climate change and resource contraints lead to the emergence of a market for 'green' products, services and messages.

5. Social development/ bottom of the pyramid
Dominic Basulto over at the BusinessInnovationInsider blog has an excellent summary of CK Prahalad's latest look at the opportunities in this space. Here is a snippet on innovating for this market,

Prahalad outlines the four conditions that must be present for similar types of breakthrough innovations to occur:

(1) The innovation must result in a product or service of world-class quality;

(2) The innovation must achieve a significant price reduction - at least 90% off the cost of a comparable product or service in the West;

(3) The innovation must be scalable: It must be able to be produced, marketed, and used in many locales and circumstances;

(4) The innovation must be affordable at the bottom of the economic pyramid, reaching people with the lowest levels of income in any given society.

And finally, while it may or may not be an emerging market in its own right, demographic changes in the western world point towards the 'greying' population, a segment that requires significant design and development insights in healthcare and lifestyle products.