I doubt APO will be a good area to pursue because APO is an add-on component that is not on the short list of most...
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SAP customers right now. CRM is more heavily used and more of a priority, but BI-CRM integration projects are not plentiful right now. It could be a good niche, but your goal is to target an area where there will be a strong level of consulting demand. To me, of the three areas you listed, the one that stands out is SEM. Remember that SEM used to be a stand-alone product that SAP customers had to purchase separately, and as such, it wasn't as successful as many of us hoped. But as of NetWeaver 2004s (the engine that drives mySAP ERP 2005), SEM ships along with BW and is in fact part of the BI product.
I expect more and more companies to take advantage of this functionality now that it is part of the core, so I like that as a target area for you of the three you listed. Finally, you didn't note this option, but I'd also keep an eye on MDM. MDM is separate from BW and the market has not taken off, but it could be a hot area and it should be an interesting area to consult in.
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