Specialized markets, also known as niches, are markets that focus on a specific product or service. They are often smaller than the general market and target a specific group of customers. Niches can be found in many industries, such as retail, technology, and finance. They offer specialized products and services that are tailored to meet the needs of a particular customer base. Niches can be beneficial for businesses because they allow them to focus their resources on a specific area and provide a more personalized experience for their customers.